Silage Inoculant Market was worth USD 270.75 million in 2018 and estimated to be growing at a CAGR of 4.10%, to reach USD 331 million by 2023. Silage Inoculants are the microbial inoculants. They improve silage quality and control the preservation process of forage, ensuring maximum nutrients retention at the time of feeding. Silage improves animal performance and health; subsequently improving the yield and quality of food from animal origin. Silage vaccines are used to treat cultures with sufficient water- and moisture-soluble carbohydrates. Silage fermentation is a very uncontrollable process that leads to nutrient losses in silage. Silage vaccine is slowly catching the attention of consumers as it is a cost-effective solution. The market for vaccine silage is developing significantly due to the increase in livestock.
Market Drivers and Restraints:
The growth of the global market for silage vaccines is driven mainly by factors such as the increase in global meat consumption, the increase in the mass production of meat, and the improvement in silage quality. Global population growth also supports the growth of the worldwide meat market and ultimately increases the demand for silage vaccines. Factors such as a lack of knowledge about silage vaccines in livestock farmers and inadequate feed fermentation due to the reduced efficiency of silage vaccines in the fermentation process of silage crops are slowing market growth. The growing demand for compound feed and feed additives is another crucial factor limiting the growth of this market.
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Report segmented as
- Lactobacillus Plantarum
- Pediococcus pentosaceus
- Enterococcus Faecium
- Lactobacillus buchneri
- Lactobacillus Brevis
- Propionibacteria Freundenreichii
- Cereal Crops
- Pulse Crops
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America accounted for the largest share in the global Silage Inoculant market, accounting for around 26% of the worldwide market. The Asia-Pacific region is expected to offer lucrative growth opportunities, owing to the considerable increase in meat production, growing industrialization in the livestock industry, and unpredictable weather leading to more damaged crops.
Important Market Players:
Some of the major companies dominating this market are Cargill, ADM, Dupont, Volac, Nutreco, Lallemand, ForFarmers, CHr.Hansen and others. Existing companies such as ADM and Nutreco have been actively involved in the acquisition of regional players to strengthen their market presence. Key strategies, such as investments in R&D are being employed by major companies to meet the growing Silage Inoculant demand.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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