Market Research Future published a half cooked research report on the Global Silage Additives Market, which is estimated to grow at a CAGR of 3.2% during the forecast period 2017-2023 —
Silage preservation is used to reduce oxygen and increase acidity rapidly which helps to stabilize and preserve the forage which is further used to feed the livestock and improves the quality of nutrients in the feed. Silage additive market is examining growth based on high usage of silage as a biofuel feedstock for anaerobic digesters. Moreover, in North America, increasing awareness of animal protein and inclination of consumers towards meat consumption are driving the growth of the market. Owing to the increased consumer awareness and availability of latest technology equipment, North America is examined to be dominating the silage additive market.
Silage additive is one of the sources in improving livestock feeding and increase the nutritional level in animals. Therefore, increasing focus of consumers in improvising animal health is boosting the market. Moreover, increased consumption of biofuel is driving the silage additive market. Additionally, government regulation in Europe, North America and few regions of Asia Pacific is witnessed to be the major supporting factor in clean energy application which in turn is boosting the market of silage additives. However, this opportunity is increasing the number of new entrants in the industry which may hamper its growth during the forecast period 2017-2023.
All these factors will contribute to the estimated CAGR of 3.2% of silage additives during the forecast period 2017-2023.
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On the basis of additives, silage additive market is segmented by inoculants, acid additive, absorbents, nutrients and others. Among these, inoculants dominates the market as it comprise of anaerobic lactic acid bacteria which is used to increase the fermentation rate in silage. High cost of forage and the rise in the cost of feed inputs have raised the market for silage inoculants.
Based on the crop type which includes corn silage, alfalfa silage, clovers silage and others; corn silage is dominating the market. North America is projected to have high consumption of corn silage.
Additionally, on the basis of application; cereal and pulses are witnessing dominance over others. They together cover more than half the market of silage additive.
The major key players in the Silage Additives Market
• Archer Daniels Midland Company. (U.S.)
• ADDCON GROUP GmbH. (Germany)
• BASF SE (Germany)
• Cargill Inc (U.S.)
• Brett Brothers Ltd. (Ireland)
• Evonik Industries AG (Germany)
• LALLEMAND Inc. (Canada)
High focus on R&D is increasing the innovations in animal nutrients products. This is backed up by the changing lifestyle and inclination towards meat consumption among the consumers. Moreover, government regulations supporting clean energy have opened doors for the new entrants in this industry.
The global silage additives is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is projected to dominate the market followed by Europe. The rising awareness of animal protein among the consumers and availability of latest technologies for innovations in animal nutrient products are driving the market growth of North America. Furthermore, Asia Pacific is expected to witness growth during the forecast period 2017-2023 owing to rising industrialization of meat. China, India and Japan are the major markets contributing to the growth of Asia Pacific market.
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