Global Silage Inoculant Market - Growth, Trends and Forecasts (2017 - 2022)
Inoculants are used to control the fermentation process of silage and to enhance their quality. Rise in the cost of feed inputs and high cost of forage have generated market for silage inoculants. The products are slowly gaining the attention of livestock farmers as a cost-effective solution against feed additives. Proper fermentation of silage benefits the animal performance by boosting their immunity and improving the feed conversion ratio. Market for silage inoculants will be around $225 million by 2015 and expected to cross $275 million by 2020 with a CAGR of 4.3% during the period of 2015-2020.
Factors like lack of awareness about the silage inoculants among the farmers, and the improper fermentation of forage due to less efficiency of silage inoculants, are restricting the growth of this market. Additionally, the increase in popularity of the compound feed & feed additives is barricading the consumption of forage; thereby, affecting the inoculants consumption. Asia-Pacific is a potential region with investments coming from major players in the market.
Among Inoculants, Lactic Acid Bacteria (LAB) holds more than 40% of the silage inoculants market. In this segment, Lactobacillus plantarum has the major share of 26% as they exhibit more efficiency in fermentation. Lactobacillus buchneri is a probiotics bacteria, which is effective in maintaining the aerobic stability of forage and in controlling heat during the fermentation process. Silages treated with Lactobacillus bucherni are more effective than Lactobacillus plantarum. Lactobacillus bucherni is expected to grow at the fastest CAGR compared to others with increasing demand for the product.
When the grain crops fail due to early frost or hail damage, the farmers turn the failed crops to silage. Most farmers prefer this strategy to cover the production costs and to achieve a profitable venture. Silage Inoculants are mainly used in treating the crops with sufficient water-soluble carbohydrates and moisture content. Alfalfa holds the major share among all the crops, followed by clove and maize.
The growing industrialization in livestock industry, unpredictable weather leading to more damaged crops and increased awareness among the farmers are the reasons driving the Asia-Pacific silage innoculants market. The market in the region is forecasted to grow at the fastest CAGR of 4.6% with rising awareness and popularity of the product. Europe and North America are the major consumers of silage inoculants due to the current trend of converting damaged field crops to forage crops and rise in cost of feed raw materials.
The key companies in the market are Biomin, Cargill, Lallemand, Chr.Hansen, Danisco. The most preferred strategies of the key players is to achieve competitive advantage and to expand the business units in various geographical areas by joint ventures, expansions and acquisitions. The key players are also focusing on agreements and partnerships with local players and distributors to cater to more consumers. Introducing new effective products through investments in R&D is another strategy to stay ahead of the competition.
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Market analysis for the Global Silage Inoculants Market, with region specific assessments and competition analysis on a global and regional scale.
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