Press release
Canada Black Soldier Fly Market Is Estimated To Rise At A Healthy Rate From 2021 To 2031
The global Canada black soldier fly market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Black soldier fly is an insect, often confused for a wasp. It comprises of two wings and do not possess a stinger.
The Canada Food Inspection Agency approved the deployment of insects as an ingredient in feeds for selective poultry species. In 2019, the organization approved the deployment of 'Oreka Solutions' black soldier fly larvae which comprise protein-enhancing features in feed for trout, poultry, and salmonids.
The decision has proven beneficial in helping increase demand for black soldier fly for the production of different agricultural products, thereby in the growth of the overall market.
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The outbreak of the COVID-19 pandemic negatively affected the growth in the overall Canada black soldier fly market. With the imposition of social distancing regulations and lockdowns in different parts of the country, feed production units were forced to shut down temporarily or permanently.
This affected the demand for black soldier fly in Canada and led to reduced revenue-generating opportunities for leading market players.
Canada Black Soldier Fly Market - Trends and Opportunities
Increasing government support, in terms of funding and approval to favorable policies supporting the black soldier fly industry in the country is the key growth driver for the Canada black soldier fly market.
In 2021, Enterra Food Corporation was offered a CAD 6 million investment from the agriculture and agri-food industry under the 'AgriInnovate Program' to assist in increasing the manufacturing of food and food products, rich in nutritional content.
The funding has proven beneficial in helping Enterra Food Corporation build a commercial facility and adopt novel equipment to raise the production capacities and improve the overall efficiency.
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Also, increasing need to supply sustainable and healthy feed products from insect feed industry could help create revenue-generating opportunities for prominent Canada black soldier fly market players, in the coming years.
Protein meal product segment is expected to make largest revenue-based contribution to the overall market because of the rising demand for protein meals in the animal feed industry.
Canada Black Soldier Fly Market - Trends and Opportunities
The Canada black soldier fly market comprises several well-established players, many of whom have become successful owing to delivering the desired results regularly for a long time. These leading players are anticipated to account for a large share in the overall market, in the years ahead.
Collaboration with smaller players could help prominent Canada black soldier fly market players expand their market presence and increase their revenue shares.
R&D undertakings could be a key growth strategy for well-established Canada black soldier fly market players, in the coming years.
Some of the leading players in the overall Canada black soldier fly market include Oreka Solutions, Enterra Food Corporation, Snackyard BSF, InnovaFeed, and Protix.
Canada Black Soldier Fly Market - Regional Assessment
Continuous growth in the food products industry, particularly the animal feed product segment is anticipated to fuel the growth in the Canada black soldier fly market, in future.
The demand for animal feed products could witness an increase in Canada in the years ahead because of factors such as increasing number of manufacturing units in different parts of the country, producing animal feed products. This aspect could help in the growth of the black soldier fly market, in the region.
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Establishment of research and development facilities, which would continuously function to develop an improved understanding of the benefits of deploying black soldier fly, could propel the black soldier fly market in Canada, in the years ahead.
Growth in the market in Canada could help the country emerge as a leader in the global Canada black soldier fly market among all North America countries, in the coming years.
About TMR Research:
TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today's supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients' conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.
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