Depth Research of Silage Additives Market Forecast
The silage additives market is anticipated to reach a value of US$ 2.4 billion in 2023 and US$ 4.0 billion by 2033. During the forecast period, silage additive sales are anticipated to increase significantly at a CAGR of 5.5%.
Inherent concerns pertaining to sustaining product quality and improving dietary value are the key complications, challenging the feed processing industry. Silage additives are often considered suitable options due to their high nutritional value and long-shelf life.
With some of the key players now using clean labels as catchwords for advertising, silage additives sales are poised to surge in the coming years. The demand for combination product types will rise at 6.4%, helping them emerge as the most attractive product category.
“Some of the emerging countries have been adopting various initiatives to expand silage production areas. The rising demand for dairy and animal products and increasing focus on feed quality will remain chief drivers of the market,” said a lead FMI analyst.
Furthermore, in order to support in the fermentation process, numerous silage additives have been used to increase the nutrient and energy retrieval in silage often with consequent enhancements in animal performance. This has been aiding overall expansion of the market.
Who is winning?
Several top manufacturers of silage additives are concentrating on providing silage additives at an optimum price, owing to their increasing demand among consumers. Different companies have implemented integrated production approach to deliver cost-effective products in the market. Their efforts are aimed at expanding their footprints, while adding on to their production capacity.
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