BASF, CHR Hansen and Cargill are Eyeing the Top Spot in the Global Silage Additive Market

BANGALORE, August 14, 2015 /PRNewswire/ --

Mordor Intelligence is pleased to announce the publication of the report on Global Silage Additive Market on August 14, 2015. This report discusses the market in detail.

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The report is a study on the global silage additive market along with in-depth analysis of the African, European, North American, South American and Asia-Pacific regional markets as well.

Silage additives market, being a livestock demand driven market, is poised to reach $646 million by 2020. In simple words, the silage additives market is directly proportional to the livestock industry. As the livestock industry is growing, the silage additives industry is also growing at a rapid pace.

Silage additives are gaining popularity among the livestock farmers, as they are a cost effective alternative for forage. Due to heavy pressure to supply with healthy products and animal protein, livestock farmers are depending on silage additives. Global silage additive market in 2015 is $534 Million and expected to cross $646 Million by 2020 with a CAGR of 3.8%.

Industrialization of livestock and meat industry are driving factors of the market in developing countries. The continuous rise in population, change in lifestyle and a cultural trend shift, are major reasons for the exponential growth in global animal and dairy-based food consumption. The increasing meat demand has led to increased utilization of compound feed and silage feed additives. Product innovation and growth in the developing economies would provide future opportunities.

Inoculants are used to ensure the proper lactic acid content in fermentation. At a market share of 84%, LAB is a major inoculant leading the market. Due to different optimal conditions of growth, LAB has diverse usages. Inoculants market in 2015 is $ 223 Million and expected to cross $ 274.8 Million by 2020 with a CAGR of 4.3%.

Get the full report here: Global Silage Additives Market

Application of acids and organic acid salts help in restricting growth of undesirable bacteria. Major types of acids consumed here are formic acid and propionic acids. The market for this category is expected to grow at a CAGR of 3.8%.

Corn silage is expected to grow at a fastest CAGR of 4.6% during the forecast period. European Union is the world leader in barley production. The barley silage market is expected to be a $38million market by 2020. Among the legumes alfalfa ensiling process is easy and is widely used.

European countries are leading the market with a share of 44% of global silage additives market; rise in awareness for animal health is the major driving factor for the market. Asia-Pacific silage additive market is expected to rise at a CAGR of 4.1% during 2015-2020 and is slated to be the most prominent and fastest growing market globally. The semi-matured market of North America is relatively modern and highly regulated in central parts of the region.

According to Mordor Intelligence research and analysis, majority of global market share is concentrated between six major players- BASF, Lallemand, ForFarmers, Volac, CHR Hansen and Cargill. Usage of cooperative strategies among few close competitors and upward vertical integration are some of the other effective strategies adopted by the important players in the industry.

The report is segmented by Type, by Application on animals and by geographic regions. Market size and forecast are provided for each of these regions in the report.

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SOURCE Mordor Intelligence LLP