Silage Additive Market Insights, Industry Analysis, Trends and Forecasts Report 2031
Silage Additive Market - An Overview
The
global silage additive market is expected to witness slow growth during the
forecast period between 2021 and 2031.
Silage
additives are primarily used to decrease fermentation losses and help in
improving the nutritional efficiency of grains. They are used to decrease the
oxygen level and increase the acidity levels in lactic acid, which is used to
preserve forage grass.
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Silage
additives are added to increase the nutritional value of silage and could be
used as a substitute for fresh fodder or hay in the coming years. It helps in
improving meat quality and other products that are obtained from livestock.
The
COVID-19 pandemic negatively impacted the global silage additive market. The
silage additive production was impacted owing to the lack of raw materials,
usually obtained from supply chain activities, which were disrupted due to the
coronavirus outbreak.
However,
the reduction in cases and availability of vaccines could lead to the
resumption of regular supply chain activities, which could revive silage
additive production and help fuel the growth in the overall market.
Silage Additive
Market - Regional Assessment
The global silage additive market is divided into
North America, Europe, Asia Pacific, and rest of the world.
Asia Pacific is anticipated to witness maximum
growth in the global silage additive market in the coming years. The
modernization of the meat industry, and a rising meat eating population, in
countries such as India and Japan are expected to drive the silage additive
market, in this region.
North America is anticipated to witness strong
growth in the global silage additive market, in future. An increase in demand
for animal protein in countries such as Canada and the U.S is anticipated to be
the key growth driver for the silage additive market.
Also, an increasing initiatives undertaken by
governments to reduce feed cost could drive the growth in the silage additive
market, in North America.
Europe is expected to witness moderate growth in the
silage additive market in future. The rest of the world is expected to witness
slow growth in the silage additive market, in the coming years.
Silage Additive
Market - Trends and Opportunities
Increasing consumption of meat among consumers is a
key growth driver for the silage additive market.
Also, a growing population of consumers, who are
health-conscious and as a result, consume food products rich in protein is
expected to drive growth in the silage additive market, in the coming years.
In addition to this, government support for farmers
to encourage the use of silage additives, by offering funding and subsidies is
expected to fuel the growth in the silage additive market, in the upcoming
years.
The increasing competitiveness in the animal feed
industry and the growing popularity of organic farming are expected to help
grow the silage additive market, in future as well. Technological advancements
to silage additives could also propel the silage additive market, in years to
come.
Silage Additive
Market - Competitive Landscape
The global silage additive market is consolidated,
with the presence of very few established players. These players are expected
to hold a large share in the overall silage additive market, in future.
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Prominent players could establish research and
development centers in different parts of the world that would exclusively work
on developing improved quality of products. R&D undertakings could emerge
as a key growth strategy for silage additive market players, in the coming
years.
There could also be collaborations between the established
players and the smaller players in the silage additive market, which could help
the established players expand their market presence and increase their revenue
share.
Some of the key players in the silage additive market include
BASF SE, Archer Daniels Midland Company, and ForFarmers.
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