Worldwide Silage Inoculants Market is expected to grow at a CAGR of 4.2% from 2018 to 2023

Market Overview:
Silage inoculants are used to reduce oxygen and increase acidity, which helps in stabilizing and preserving the forage to feed the livestock. Additionally, silage inoculants market is observing an exponential growth based on the high usage of silage as a biofuel. Silage inoculants are one of the sources used for improving livestock feed that enhances the nutritional level in animals. Additionally, increased consumer focus on improving animal health is boosting the market growth. Moreover, increased consumption of biofuel is driving the silage inoculants market. Additionally, government regulation in Europe, North America, and few regions of Asia Pacific is projected to support the clean energy application, which, in turn, boost the silage inoculants market growth.

Moreover, in North America, increasing awareness of animal protein and inclination of consumer preference towards meat consumption are driving the growth of the market. Owing to the increased consumer awareness and availability of latest technology equipment, North America is expected to dominate the silage inoculants market. However, lack of consumer awareness regarding silage inoculants and increasing number of new entrants in the industry are considered to be the major challenges to this market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.2% of silage inoculants market during the forecast period 2017-2023. 

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Major Key Players:
The major players in silage inoculants market

I. du Pont de Nemours and Company (U.S.)
Agri-King Inc. (U.S.)
Biomin Holding GmbH (Austria)
ADM Animal Nutrition, Inc. (U.S.)
ForFarmers N.V. (the Netherlands)
Hansen Holding A/S (Denmark)
Kemin Industries, Inc. (U.S.)
Volac International Ltd. (U.K)
Cargill Inc. (U.S.) and
Brett Brothers Ltd. (Ireland)

Segment:
Silage inoculants are segmented on the basis of bacterial species, which includes Lactobacillus, Enterococcus, Pediococcus, and other bacterial species. Among all, the Lactobacillus species segment is dominating the market owing to high efficiency towards fermentation.

Silage inoculants are segmented on the basis of crop type, which includes alfalfa, sorghum, corn, clover, and others. Among all, the alfalfa crop segment is dominating the market owing to increased use in animal feed preparation.

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Regional Analysis:
The global silage inoculants market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the global silage inoculants market due to increasing consumption of silage inoculants due to the increasing population and demand for enhanced animal feed products. Additionally, the major key players are actively involved in research & developments to develop products conforming to North American regulations for silage inoculants.

Furthermore, in Asia Pacific region, India, China, and Japan accounts for a major market share owing to increasing demand for animal feed to meet up the increasing demand from the consumers.

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This release was published on openPR.