Market Leader - Silage Additives Market
The silage additives market is projected to reach a value of USD 2.00 Billion by 2022, at a CAGR of 4.40% from 2017 to 2022. The global market has been driven by the successful implementation of practices for sustainable agriculture, supportive regulations to encourage the research and production processes, and the mechanization of the livestock industry due to the growth in the dairy business across the globe. This has promoted the growth of the market in China, India, Australia, New Zealand, and Argentina.
Growth in investments in R&D capabilities of the key players for the development of combination products, along with the increased expenditure in identifying silage additives through cost-effective constituents, is expected to change the business landscape in the next five years.
Based on silage crop, the corn segment accounted for the largest share in 2016. This is attributed to the significant rise in the production of corn silage in the US, France, Germany, and the Netherlands and increase in the use of silage inoculants for silage in these countries.
On the basis of function, the silage additives market as a stimulating agent is projected to grow at the highest CAGR from 2017 to 2022. On a global level, the market for silage inoculants is expected to witness effective growth, which in turn offers more opportunities for the manufacturers during the forecast period.
On the basis of form, the dry segment is projected to grow at the highest CAGR in the silage additives market from 2017 to 2022. These formulations are mostly suited for silage inoculants and are increasingly adopted by farmers owing to their increased shelf life and ease in handling properties.
Based on type, the inoculants segment is projected to grow at the highest CAGR during the forecast period; this is attributed to the growth in product developments and innovations for corn silage in the US and European markets.
Asia Pacific is projected to be the fastest-growing market for silage additives between 2017 and 2022. Asia Pacific is a key market for silage additives as the region’s economy is heavily dependent on export supplies of dairy products. Trade barriers are hence expected to cause a widening trade scarcity, which is a serious issue for Asian trade blocs. To improve dairy exports, there is an increased focus on silage additives to maximize the usage of silage for livestock feed. Key players focus on research & development to innovate products conforming to regulations, which form the basis for the demand for silage additives in markets such as Europe, South America, and Asia Pacific.
Related Reports:
Silage Additives Market by Type (Inoculants, Organic Acids, Sugars, Absorbents, NPN Nutrients), Silage Crop (Corn, Alfalfa, Sorghum, Oats, Barley, Rye) Function (Stimulation, Inhibition), Form, and Region - Global Forecast to 2022
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