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.
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.
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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.
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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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.
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