The Silage Additives are added for the improvement in the quality of the silage as well as for the regulation of the process of conservation. Silage additives aid in the maintenance of the freshness of the forage at the time of nurturing. Further, they also help in increasing the performance of animals and animal fitness by increasing the forage quality.
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Market Underlying Factors
The Global Silage Additives Market was worth $480 million in 2016 and estimated to be growing at a CAGR of 3.85%, to reach $579.79 million by 2021. The increasing use of silage additives has its onus on the increasing popularity of farm practices which are sustainable in nature and the advancement in R&D pertaining to the preparation processes of cost-efficient silage.
Silage additives are increasingly being used for the production of corn which is majorly produced in the regions of the US and Europe. The inoculants are being driven by the globally increasing demand for organic acids and the uses of biological products in farming.
The Asia Pacific region with its large agricultural fields and increasing use of Silage Additives accounts as the fastest growing regions of Global Silage Additives market. Government policies in this region have aided farmers which have resulted in the growth of the market by the provision of subsidies and loan waivers. North America currently accounts for the largest share of the global market due to high consumer awareness and deeper market penetration.
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The major market contributors for the Global Silage Additives market are BASF SE (Germany), ADDCON (Germany), Novozymes A/S (Denmark), DSM N.V. (The Netherlands), Cargill Inc. (U.S.), Evonik Industries AG (Germany), Selko Feed Additives (The Netherlands), Volac International Limited (U.K.), Schaumann BioEnergy GmbH (Germany) and CHR. Hansen Holdings A/S (Denmark).
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