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Global $3.02 Billion Silage Additives Market Analysis and Forecasts to 2029
Global Silage Additives Market
Dublin, June 19, 2024 (GLOBE NEWSWIRE) -- The "Global Silage Additives Market: Analysis By Form, By Type, By Application By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global silage additives market value stood at US$2.29 billion in 2023, and is expected to reach by US$3.02 billion by 2029. The market is expected to grow at a CAGR of 4.70% over the projected period of 2024-2029.
The global silage additives market is relatively consolidated, with few players accounting for high market shares, and majority of market revenue, especially in developed markets such as North America and Europe. Major companies operating in the market have a wide product portfolio, strong distribution networks, and significant investments in research and development, giving them a competitive edge in the global silage additives market.
The global silage additives market encompasses economic activity surrounding the development, production, distribution, and consumption of additives including inoculants, acids, enzymes, and absorbents, among others, that are added to silage for the purpose of improving its quality, storage, and overall feeding value for livestock.
Global silage additives market demonstrated a consistent growth, primarily driven by increased emphasis on improving feed utilization and animal health, higher demand for processed food, rapidly expanding livestock industry in many developing countries such as China, India, Brazil, South Asia, etc., rise in the consumption of meat population, growing demand for dairy products, variable weather patterns and climate swings, expanding utilization of meat, and a sudden hike in the cost of forage resulting in growing use of alternatives like silage additives.
North America is the largest region of global silage additives market as a result of large meat eating population, increasing number of cattle farms, rise in need for high quality animal proteins, increase in awareness regarding the usability of silage as a substitute for fresh fodder or hay, increasing livestock production, rising pressure from the government to increase local production of meat and reduce costs incurred on meat imports, growing production of corn silage, and presence of major market players such as American Farm Products Inc., Lallemand Inc., Kemin Industries, Inc., Corteva, Inc., etc., in the region.
Asia pacific is the fastest growing region of silage additives market owing to rapid population growth, growing livestock industry, increasing demand for high quality dairy products, rising per capita expenditure for food products, increasing adoption of advanced forage preservation methods like silage by farmers to ensure optimal animal nutrition, changing dynamics of dietary preferences with an increasing inclination towards protein-rich diets, and presence of regional manufacturers offering customized solutions tailored to local crop varieties in countries like China and India.
In addition, constant increase in the animal feed demand, growing mechanization and commercialization of livestock industry in many developed and developing countries, increasing adoption as biofuel feedstock and growing focus of farmers on enhancing feed utilization and improvising animal health is further expected to drive the global silage additives market over the forecast period.
Market Segmentation Analysis:
By Type: The report provides the bifurcation of the global silage additives market into six segments on the basis of type: inoculants, organic acids, sugar, enzymes, preservatives, and others.
Inoculants are the largest and fastest growing segment of global silage additives market owing to increasing demand for heterofermentative inoculants, cost-effectiveness and adaptability of inoculants across different silage conditions and crop types, rising cost of conventional feed ingredients like grains incentivizing farmers to get the most out of their forages, well-established safety profile of inoculant bacteria, growing need to improve livestock productivity and efficiency, and ease of use & compatibility of inoculants with other additives.
By Form: According to the report, the global silage additives market, on the basis of form, can be divided into two segments, namely, liquid and dry.
Liquid silage additives market is the largest and fastest growing segment of global silage additives market as a result of increasing focus on animal health and performance, regulatory support for the use of liquid additives, positive shift in farmers and producers preferences towards the use of liquid form due to their perceived ease of use and effectiveness in improving silage quality, increasing adoption of precision agriculture techniques, growing focus of farmers on reduced dry matter losses, hassle-free integration of liquid additives into existing silage management practices, and ease of handling & improved aerobic stability associated with liquid silage additives.
By Application: The report has segmented the global silage additives market into three applications, namely, cereals, pulses, and other applications.
Cereals is the largest segment of global silage additives market, driven by growing demand for animal products, high yield potential of cereals compared to other crops, increasing use of corn silage due to their high nutritional and energy content, growing focus of farmers on maximizing animal productivity, rapid expansion of the livestock industry, particularly in regions like Asia-Pacific and Latin America, and added flexibility provided by cereals in terms of harvesting time, allowing farmers to optimize the timing based on factors such as weather conditions and crop maturity.
Pulses is the fastest growing segment during the forecasted period of 2024-2029, driven by rising popularity of pulses as silage crops, increasing focus on sustainable farming practices with pulses being a nitrogen-fixing crop, rising use of pulses as a cost-effective source of protein compared to other protein sources like soybean meal, local availability of pulses in many regions, and ongoing advancements in silage inoculants specifically designed for pulses.
Key Attributes:
Report Attribute | Details |
No. of Pages | 135 |
Forecast Period | 2024 - 2029 |
Estimated Market Value (USD) in 2024 | $2.4 Billion |
Forecasted Market Value (USD) by 2029 | $3.02 Billion |
Compound Annual Growth Rate | 4.7% |
Regions Covered | Global |
Market Dynamics
Growth Drivers
Increasing Meat and Dairy Production
Growing Focus on Animal Health and Nutrition
Widespread Adoption of Silage as a Substitute For Fresh Fodder
Favorable Government Policies and Initiatives
Increased Need for Improved Silage Preservation
Challenges
Exorbitant Cost of Silage Additives
Growing Environmental Concerns
Market Trends
Surge in Use of Precision Application Technology
Provision Of Customized Solutions For Crop Varieties
Increasing Demand for Sustainable Silage Additives
Growing Adoption of Microbial Inoculants
Ongoing Technological Advancements
Companies Featured
BASF SE
Dsm-firmenich
Corteva, Inc.
Wynnstay Group PLC
Kemin Industries, Inc.
Volac International Ltd.
Lallemand Inc.
Novonesis (Chr. Hansen A/S)
ESSECO GROUP (ADDCON GmbH)
American Farm Products Inc.
Schaumann BioEnergy Consult GmbH
For more information about this report visit https://www.researchandmarkets.com/r/xzi51t
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