ASSESSING THE FINANCIAL FEASIBILITY OF MAGGOT FARMING: A CASE STUDY OF NYAMPIH
Keywords:
Organic Waste Management, Maggot BSF, Financial Feasibility Analysis, Capital Budgeting Analysis, Capital Budgeting Risk Analysis
Abstract
The increasing amount of organic waste in Indonesia, which accounts for almost 50% of the total waste generated poses a significant challenge in waste management. This problem is worsened by the limitations of existing waste management models, particularly their real-world impact and economic benefits. The purpose of this study is to assess the financial feasibility of Black Soldier Fly (BSF) maggot farming as an innovative solution to Indonesia's organic waste problem. BSF maggots not only reduce organic waste but also generate economically valuable products such as animal feed and organic fertilizer. This study aims to assess the financial feasibility of a Black Soldier Fly (BSF) maggot farming project undertaken by Nyampih, a waste-management startup based in Sumedang, West Java. The study utilizes internal data from Nyampih's financial plan, company reports, and interviews, along with external data from government data, industry benchmarks, and relevant research. The analysis is limited to ten-year projections and focuses on financial feasibility. This study finds that the project is feasible and potentially profitable, with a net present value (NPV) of IDR 2,905,018,264.74, an internal rate of return (IRR) of 41.20%, a payback period of 3.88 years, a discounted payback period of 4.87 years, and profitability index of 5.77. However, the project has financial risks, particularly concerning the sales and price of maggot flour, which is projected to have the highest sales volume and price. Operating costs, COGS, and dried maggot sales and pricing also show sensitivity to NPV fluctuations. This emphasizes the importance of continuous monitoring and adjustment of marketing strategy, product proportions, pricing strategies, and cost structures to align with actual market conditions.References
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Illuminate Asia. (2021, November 4). Indonesian Sustainability Attitudes and Attitude-Behaviour ... Illuminate Asia. https://www.illuminateasia.com/blog/articles/detail/sustainability-in-grocery-choices-how-indonesia-fares-on-a-global-stage-and-the-emergence-of-an-attitude-behaviour-gap
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Kementerian Lingkungan Hidup dan Kehutanan. (2022). SIPSN - Sistem Informasi Pengelolaan Sampah Nasional. Sipsn.menlhk.go.id. https://sipsn.menlhk.go.id/sipsn/
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McKinsey & Company. (2008, March 1). Enduring Ideas: the 7-S Framework. McKinsey & Company. https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/enduring-ideas-the-7-s-framework
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Osterwalder, A., Pigneur, Y., & Clark, T. (2010). Business model generation : a handbook for visionaries, game changers, and challengers. John Wiley & Sons.
Patrick, M., & French, N. (2016). The Internal Rate of Return (IRR): projections, Benchmarks and Pitfalls. Journal of Property Investment & Finance, 34(6), 664–669. Emerald. https://doi.org/10.1108/jpif-07-2016-0059
Peterdy, K. (2022). SWOT analysis. Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/management/swot-analysis/
Pitayachaval, P., Chittrakool, K., & Arjharn, W. (2017). Integration of Business Model Canvas (BMC) and Quality Function Deployment (QFD) to design product. 2017 4th International Conference on Industrial Engineering and Applications. https://doi.org/10.1109/iea.2017.7939182
PPID KLHK. (2018, May 23). KLHK Dampingi Pemerintah Daerah Tuntaskan Amanat Presiden Agar Indonesia Bersih Sampah 2025. Ppid.menlhk.go.id. https://ppid.menlhk.go.id/berita/siaran-pers/4229/klhk-dampingi-pemerintah-daerah-tuntaskan-amanat-presiden-agar-indonesia-bersih-sampah-2025#:~:text=Target%20Indonesia%20Bersih%20Sampah%202025
Pratama, R. A., Wahyono, S., Sahwan, F. L., Suryanto, F., Suprapto, Tilottama, R. D., Parlina, I., Prasetiyadi, Diyono, Sarkiwan, & Gustave Arreza. (2023). The challenges in sustaining waste banks in Serang City: How far the circular economy can go? IOP Conference Series: Earth and Environmental Science, 1201(1), 012007–012007. https://doi.org/10.1088/1755-1315/1201/1/012007
Rahmawati, A., Amin, Rasminto, & Dola, F. (2021). ANALISIS PENGELOLAAN SAMPAH BERKELANJUTAN PADA WILAYAH PERKOTAAN DI INDONESIA. JURNAL BINAGOGIK , 8(1), 2579–4647.
Rahmawati, E., Mujianto, Amir, A., Sukarno , T. D., & Suprapedi. (2023). Rural waste management model in creating an inclusive economy. IOP Conference Series, 1180(1), 012005–012005. https://doi.org/10.1088/1755-1315/1180/1/012005
Singh, M. (2012). Marketing Mix of 4P’S for Competitive Advantage. IOSR Journal of Business and Management, 3(6), 40–45. https://doi.org/10.9790/487x-0364045
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Published
2025-02-13
How to Cite
Intan Nurhaliza. (2025). ASSESSING THE FINANCIAL FEASIBILITY OF MAGGOT FARMING: A CASE STUDY OF NYAMPIH. Journal of Social and Economics Research, 6(2), 1045-1070. https://doi.org/10.54783/jser.v6i2.582
Section
Articles
