Silage Inoculants Market might be worth USD 160.80 million By 2030, The market should forecast a growth rate of 9.8% between 2022 and 2030
Market Research Future (MRFR) reveals that the Silage Inoculants Market size can reach USD 160.80 Million by 2030. Between 2022 and 2030, the market should project a growth rate of 9.8%, says MRFR.
The COVID-19 outbreak and the lockdown have had a detrimental impact on the agriculture industry, with the temporary shutdown of manufacturing facilities and weakened demand. There has been a decline in researches for cancer treatment, with higher focus on curbing the spread of SARS-CoV-2. However, players are focusing primarily on strengthening their supply chains and accelerating their operations to curb further revenue losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the silage inoculants industry can recover at a fast pace in the following years.
Growing Need to Address Environmental Issues During Agriculture to Augment Demand
Environmental aspects required for microbial activity including moisture, pH and temperature, facilitate fermentation of silage crops, and any changes in these can affect the palatability as well as the nutritional value. Therefore, achieving sufficient amount of lactic acid irrespective of the evolving conditions can be fulfilled by the use of silage inoculants, which can be a key growth inducer over the conjectured period.
Leading manufacturers are increasingly focusing on coming up with higher quality silage inoculants that help produce substantial profitability. Rampant demand for higher crop production along with animal feeds and the mounting need for effective storage also bolsters the demand for silage inoculants.
Surging Online Sales to Offer Lucrative Opportunities
Online distribution channels have become immensely popular over the years, with escalating online sales being a remarkable opportunity for the players in the market. The online medium brings down the marketing and distribution costs of the producers, which is it is witnessing significant demand.
Low Awareness Among Farmers to be A Major Challenge
Low awareness level regarding silage inoculants among growers and farmers and the wrong way of fermenting f forage owing to bad quality or efficiency of the silage inoculant can emerge as significant challenges in the ensuing years. Another challenge could be the soaring prevalence of compound feed as well as feed additives that weaken the demand for forage; thereby negatively affecting the consumption rate of silage inoculants.
Homo-Fermentative Segment Takes the Lead
Major types of silage inoculants are hetero-fermentative, homo- & hetero-fermentative and homo-fermentative. The homo-fermentative type segment has been in the lead since 2021 and managed to achieve a share of close to 60% in the same year.
Liquid Form to Witness Higher Demand
Silage inoculants are available in two forms, namely liquid and dry. In 2021, the liquid segment took the top spot and should be able to procure the fastest CAGR over the conjectured period.
Silage Inoculants Witnesses Extensive Applications in Legumes & Pulses
Key applications are legumes & pulses, cereals & grains, and more. The legumes & pulses segment will be growing at the highest rate of 5.8% between 2022 and 2030.
US to Grab the Leading Position as Corn Silage Production Soars
North America established itself as the most profitable market for silage inoculants in 2018 and can continue thriving to reach USD 41.15 million by 2030. The US stands as the highest gainer in the region, in view of the high awareness level and the large-scale production rate of corn silage. Significant per capita uptake of red meat as well as livestock products such as milk among consumers in the region also bolsters the market growth. As a result, the need for better animal performance with reduced agricultural wastes also augments the demand for silage inoculants in the region. Also, the huge number of renowned companies present in the region, who offer extensive product offerings also boost the market size. For instance, Kemin Industries Inc. (US) offers kemin silage inoculant or Kem LAC HD, which is a water-soluble silage inoculant that has a mix of a few lactic acid-generating organisms that help boost the fermentation of silage.
Asia Pacific to See Fastest Growth
The Asia Pacific market is on the way to procure the highest growth over the review period, since a number of international firms are trying to set up their production units in the region and enter acquisitions and joint ventures with the local players. Escalating industrialization rate in the livestock industry along with the unpredictable or unstable weather that result in damaged crops also benefit the APAC market for silage inoculants. Technology advances in silage inoculants including microbiological mixture of both hetero-fermenters and homo-fermenters to push the fermentation rate and the soaring knowledge level among growers and farmers are a few other encouraging factors in the regional market.
Companies Focus on Technical Advances to Elevate Their Market Positions
Vendors spend considerably on the latest production technologies as well as on R&D activities, which foster the competition landscape of the global market. These players also adopt a variety of strategies including partnerships, collaboration and merger to further establish themselves in the global industry. Apart from this, players are focused on product innovations and new launches to not only foster brand recognition but also gain a wider customer base in the fiercely competitive industry.
The key points covered in the study include the top challenges, barriers and drivers affecting the market size. MRFR outlines the base year, projected period as well as the size during the given period. The market study also comprises some of the key developments post the COVID-19 outbreak and the effects of the novel coronavirus on the market. Apart from comprehensive market segmentation, the report also throws light on the latest business scenario covering the expected as well as the historical value, in terms of volume and value, technological developments, and the top factors inducing market growth. Additionally, the major silage inoculant manufacturers and the key strategies adopted by them to stay relevant in the industry are also profiled in the MRFR report.
Scope of the Report
The scope of the report presents a detailed silage inoculants industry segment along with the silage inoculants application industry as well as the various silage inoculant products available in the global industry.
Global Silage Inoculants Market, By Type
Global Silage inoculants Market, By Form
Global Silage inoculants Market, By Application
|Market Size||USD 160.80 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Form, By Application, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Addcon GmbH (Germany), Agri-King Inc. (US), Biomin Holding GmbH (Austria), Josera GmbH & Co. KG (Germany), Micron Bio-Systems (US), Hansen (Denmark), Lallemand Inc. (Canada), Cargill Inc. (US), DuPont de Nemours Inc. (US), Mole Valley Farmers Limited (UK), Volac International Ltd (UK), Wynnstay Group Plc (UK), Schaumann BioEnergy GMBH (Germany), Wilhelm Schaumann GmbH (Germany), American Farm Products (US), Nutreco N.V. (Netherlands), Scotmin Nutrition (UK), Microform Ltd. (UK), Kemin Industries Inc. (US)|
|Key Market Opportunities||Surging Online Sales to Offer Lucrative Opportunities|
|Key Market Drivers||Growing Need to Address Environmental Issues During Agriculture to Augment Demand|
Silage inoculants market valuation would be USD 160.80 Million from 2022 to 2030.
Silage inoculants market CAGR would be 9.8% during the forecast period.
The legumes & pulses segment CAGR would be 5.8% during the forecast period.
The North American silage inoculants market valuation by 2030 would be USD 41.15 million.
The Asia Pacific region would be the fastest-growing among all the silage inoculants regional markets.