Market Scenario
Market Research Future (MRFR) asserts that The Silage Inoculants Market size can reach USD 160.80 Million by 2030. Between 2021and 2030, the market should project a growth rate of 9.8%
The growing focus on enhancing feed utilization is propelling the market growth across the globe. Silage can be defined as a plant material which has undergone fermentation and is generally used as a cattle field. The key aim of silage production is to increase the preservation of the original nutrients in the forage crops for feeding the livestock. It is one of the sources of biofuel and is added to the forage in order to control the fermentation of silage and stimulate the hygiene and nutritive value of the silage.
Market Potential and Pitfalls
Silage inoculants are essential for the nutrition of the animals as they help to improve the quality of the silage and also control the preservation process in order to be used for feeding livestock. With the surging focus on enhancing the feed utilization coupled with improvising the health of the animals, the silage inoculants market is likely to boom during the appraisal period. The surging consumption of biofuels is further stimulating the growth of the market, especially in the developed economies. As the demand for meat is surging owing to the continuously expanding population, cultural trends, and changing lifestyle, the market is predicted to witness an upsurge during the forecast period.
The government is highly involved in promoting clean energy which is considered a major factor is encouraging the market growth. The high focus on RD is further leading to the development of innovative products in animal nutrients which is highly supporting the market growth across the globe.
On the contrary, the proliferation of new entrants in the feed inoculants sector can pose a threat to the growth of the market. The dearth of awareness regarding the silage inoculants among the livestock farmers coupled with the improper fermentation of forage owing to the low efficiency of the silage inoculants is some of the top factors deterring the market growth globally.
Global Silage Inoculants Market: Segmental Analysis
The global silage inoculants market has been segmented on the basis of bacterial species and crop type.
By mode of bacterial species, the global silage inoculants market has been segmented into enterococcus, lactobacillus, and pediococcus. Among these, the lactobacillus segment is predicted to dominate the global market due to the high efficiency towards fermentation. Moreover, as lactobacillus helps to maintain the aerobic stability of forage, the segment is likely to boost.
By mode of crop type, the global silage inoculants market has been segmented into sorghum, alfalfa, clover, corn, and others. Among these, the alfalfa crop segment is estimated to dominate the global market due to the surging use in the animal feed preparation.
Regional Insights
Geographically, the silage inoculants market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, North America is predicted to command for the major share in the global market. The growth has been ascribed to the surging demand for animal protein which has exerted pressure on the livestock farmers. The situation has created new opportunities for the manufacturers of the silage inoculants. Moreover, the growing government focus on the reduction of feed cost and growing productivity of animals is further enabling the market to reach out to a wider range of audiences in this region.
The Asia Pacific region is estimated to experience the fastest growth rate. The growth can be attributed to surging meat consumption and meat products in the expanding population. The advancing technology in silage inoculants like the microbiological combination of homo and hetero-fermenters is likely to improve the rate of fermentation and also increase awareness among the growers and farmers. Such factors are estimated to fuel the market growth.
Industry Updates
March 14, 2019: Levucell SC Titan Levucell SB Titan\ along with Lallemand Animal Nutrition have recently announced that it is expending the capacity of the production of its dedicated yeast production plant in Poland in order to face the expanding market demand for its protected live yeasts.
Competitive Dashboard
The prominent players operating in the silage inoculants market comprises E. I. du Pont de Nemours and Company (U.S.), Cargill Inc. (U.S.), Biomin Holding GmbH (Austria), Agri-King Inc. (U.S.), Brett Brothers Ltd. (Ireland), ADM Animal Nutrition Inc. (U.S.), Chr. Hansen Holding A/S (Denmark), ForFarmers N.V. (the Netherlands), Volac International Ltd. (U.K), and Kemin Industries Inc. (U.S.).
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