Silage additive is one of the sources in improving livestock feeding and increases the nutritional level in animals. Therefore, increasing focus of consumers in improvising animal health is boosting the market growth. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Silage Additives Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR 3.2% while achieving good growth rapidly in the forecast period.
Silage is a plant material, used as cattle feed, that has undergone fermentation .The primary goal of making silage is to maximize the preservation of original nutrients in the forage crop for feeding the livestock later. Silage is also one of the sources of biofuel. Silage additives are added to the forage to increase the nutritive value and improve the hygiene of the silage. Silage being an animal feed ensures improved quality in the meat processors and various products derived from livestock. Also, increasing consumption of meat has stimulated the market of silage additives. Moreover, it has created tremendous opportunities for innovative products in animal nutrition.
Silage additives 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 market. 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.
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Some of the key players profiled in the global silage additives market are Archer Daniels Midland Company. (U.S.), ADDCON GROUP GmbH. (Germany), BASF SE (Germany), Cargill Inc (U.S.), Brett Brothers Ltd. (Ireland), Evonik Industries AG (Germany), LALLEMAND Inc. (Canada)
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The global silage additives market is segmented into North America, Europe, 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. Additionally, rise in demand for animal protein in the region has exerted pressure on livestock farmers. This situation has generated an opportunity for silage additive manufacturers. Increasing focus of governments on feed cost reduction and boosting animal productivity is driving silage additive market in these regions.
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.