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Assessing Major Growth Opportunities Of Silage Inoculants & Enzymes Market During 2020
Silage inoculants are used to increase the fermentation rate in silage and enzymes and to break down some of the fibre and starch in the silage. The silage inoculants & enzymes market is projected to exhibit a growth potential (4.0%) in the next five years., Factors such as increasing feed grain and compound feed prices, increasing livestock population, decreasing grazing and pasture land area, and increasing demand for livestock production are increasing the market globally. However, high set-up cost of ensiling and unawareness of the benefits of silage are a few restraining factors for this market, especially in the Asia-Pacific and Latin American region.
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The global market is projected to reach $489.05 Million by 2020, at a CAGR of 4.0% from 2015 to 2020. It is projected to grow significantly for the next five years in almost all parts of the world, especially in the North American and European countries. High rate of adoption of silage inoculants & enzymes and increasing demand for animal products are projected to drive the market
The silage inoculants & enzymes industry has many players (small, medium, and large) however the industry is dominated by a few. ADDCON GROUP GmbH (Germany), E. I. du Pont de Nemours and Company (U.S.), Archer Daniels Midland Company (U.S.), Kemin Industries (U.S.),and Chr. Hansen A/S (Denmark) collectively accounted for a cumulative share of about 77.8% in 2014 in the silage inoculants & enzymes market. Other players include companies such as Volac International Ltd. (U.K.), Agri-King Inc. (U.S.), Biomin Holding GmbH (Austria), Lallemand Inc. (Canada), Schamann BioEnergy GmbH (Germany) which together accounted for 22.2% share in 2014 in this market and also have a strong presence in the market.
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