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Silage Additives Industry Future Growth, Trends, Worldwide Business Opportunities, Region, Forecast
Silage Additives Market Overview
Silage Additives Market are important for animal nutrition as they are means to improve silage quality and control the preservation process, so that it can be used further for feeding livestock which is supporting the market growth. Increased focus on enhancing feed utilization and improvising animal health are driving the growth of Silage Additives Industry. Additionally, rising consumption of biofuels is driving the growth of silage additive market especially in the developed countries.
Moreover, increasing demand for meat consumption due to incessant rise in population, changing lifestyle and cultural trends is boosting the market of silage additives. Industrialization of stock and animal protein industry followed by growing requirement of animal protein is a key factor in the growth of silage additives market.
The major key players in the Silage Additives Market
Archer Daniels Midland Company. (U.S.)
ADDCON GROUP GmbH. (Germany)
Cargill Inc (U.S.)
Evonik Industries AG (Germany)
BASF SE (Germany)
Brett Brothers Ltd. (Ireland)
LALLEMAND Inc. (Canada)
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Based on additives, Silage Additive Market is segmented by inoculants, acid additive, absorbents, nutrients and others. Among these, inoculants dominate the market as it comprise of anaerobic lactic acid bacteria which is used to increase the fermentation rate in silage. High cost of forage and the rise in the cost of feed inputs have raised the market for silage inoculants.
Based on the crop type which includes corn silage, alfalfa silage, clovers silage and others; corn silage is dominating the market. North America is projected to have high consumption of corn silage.
Global Silage Additives Market is segmented into Europe, North America, Asia Pacific, and rest of the world (RoW). North America is projected to dominate the market followed by Europe. The rising awareness of animal protein among the consumers and availability of latest technologies for innovations in animal nutrient products are driving the market growth of North America. Furthermore, Asia Pacific is expected to witness growth during the forecast period 2017-2023 owing to rising industrialization of meat. China, India and Japan are the major markets contributing to the growth of Asia Pacific market.
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