Asia-Pacific Silage Additives Market was worth $153.6 million in 2016 and estimated to be growing at a CAGR of 4.42%, to reach $190.68 million by 2021.
Asia-Pacific is projected to be the utmost protruding and fastest growing market during the forecast period.Intact markets of Asia-Pacific region are the target of several major players. Both local and global companies are focused on growing the production capacity of as well as directing awareness operations to inflate their market.
Industrial development of meat and increase in the consumption of meat population is driving the market. Rapid hike in the cost of forage has led in pursuit of substitutes like silage additives.Grants on meat trades in countries like India are driving the producers to rise meat production thus fuelling the growth of dependent markets like silage additives. However, lack of awareness among farmers is obstructing the growth of silage additives market.
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Asia-Pacific market for Silage additives is segmented by type Inoculants, Acids and Organic acid salts, Enzymes, Adsorbents and Chemical Inhibitors. Based on application the market is bifurcated into cereal crops, legumes and other application types.
Cereal crops segment is further divided amongst Corn, Barley, Oats, Wheat and Sorghum. Legumes are sub segmented into Peas, Fababbeans, Alfalfa and Clover.
Ornamental Grass and Canola are other application types of silage additives. Inoculants have the major market share among the Silage Additives material type and is predicted to grow with the growing demand for silage additives in the livestock industry.
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Geographically the market is segmented into China, Japan, Australia, India and South Korea. Japan, India and China are the major markets in which India is projected to grow at highest CAGR due to increasing demand for meat.
Some of the major market players offering silage additives are BASF SE, ADDCON, Novozymes A/S, DSM N.V., Cargill Inc., Evonik Industries AG, Selko Feed Additives, Volac International Limited, Schaumann BioEnergy GmbH and CHR. Hansen Holdings A/S.
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