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New report: Silage inoculants market worth $69.16 million by 2021

New report: Silage inoculants market worth $69.16 million by 2021

Asia-Pacific Silage Inoculant Market was worth $55.23 million in 2016 and estimated to be growing at a CAGR of 4.60%, to reach $69.16 million by 2021.

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Silage Inoculants improve silage quality and control the preservation process of forage ensuring maximum nutrients retention at the time of feeding. Silage improves the animal performance and health; subsequently improving the yield and quality of food from animal origin.

Silage Inoculants are used in treating crops with sufficient water soluble carbohydrates and moisture content. Fermentation of silage is a very uncontrollable process which leads to nutritional losses in the silage.

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Silage inoculants products are slowly gaining attention of consumers as it is a cost effective solution. The Silage Inoculant market is developing at a significant rate due to the increase in the livestock population.

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The growth of the Asia-Pacific Silage Inoculant market is mainly driven by reasons such as the rise in the meat consumption, adoption of intensive farming system, and improvement in quality of silage. Increasing population in this part of the world is also supporting the growth of the Asia-Pacific meat market, ultimately increasing demand for the silage Inoculants.

Volatile economies and lack of awareness are the major restrictive factors for the Asia-Pacific market.

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The Asia-Pacific Silage Inoculant market is segmented based on type and application. On the basis of type, the global Silage Inoculant market is segmented into Lactobacillus plantarum, Pediococcus pentosaceus, Enterococcus faecium, Lactobacillus buchneri, Lactobacillus brevis, Propionibacteria freundenreichii, and others.

On the basis of application, the market is segmented into Cereal crops, Pulse Crops, and others. Among Inoculants, Lactobacillus plantarum has the major share of 24% as they exhibit more efficiency in fermentation.

However, Lactobacillus bucherni is expected to grow at the fastest CAGR because of higher efficiency. In the application segment, Cereal is the most widely applied crop with silage inoculants.

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The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. This region offers substantial opportunities for the Silage Inoculant market, with China and India being the most populous countries in this region contributing to the increasing demand.

China leads the market in this region. This region accounts for about 22% of the global market and is expected to be the most fastest growing market during the forecast period.

Indonesia, Vietnam, and Malaysia, are some of the promising players in this market.

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Some of the major companies dominating this market are Cargill, ADM, Dupont, Volac, Nutreco, Lallemand, ForFarmers, CHr.Hansen and others. Existing companies such as ADM and Nutreco have been actively involved in acquisition of regional players to strengthen their market presence.

Key strategies such as investments in R&D are being employed by major companies to meet the growing Silage Inoculant demand.

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