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Silage Additives Market Share, Growth, Trends, And Forecasts 2018-2023

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Silage Additives Market was worth $517.67 million in 2018 and estimated to be growing at a CAGR of 3.85%, to reach $625.3 million by 2023. Silage additives have been used to increase the ensiling procedure with successive enhancements in animal performance. Its advantages have created an opportunity for Silage Additives Market.

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Silage additives are essential in animal nutrition as they are worth to increase silage quality and regulate the conservation process so that by the time of nurturing it has maintained as many of the nutrients existing in the original fresh forage as possible. That in turn enhances the animal performance and fitness; consequently, refining the yield and value of food from animal origin. Silage additive thus help make superior forage into good quality silage.
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The demand for meat has accelerated due to the continuous increase in population, lifestyle variations, and cultural inclinations. Industrialization of animals and meat production is driving factor of the market. Increase in demand for animal protein all around the globe has applied pressure on livestock farmers for better quality and quantity. This condition has created an opportunity for silage additive producers. However, less efficiency of silage additives in comparison with other additives is likely to obstruct the growth of the market.

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Global market for Silage additives is segmented by type Inoculants, Acids and Organic acid salts, Enzymes, Adsorbents and Chemical Inhibitors. Based on application the market is bifurcated into cereal crops, legumes and other application types. Cereal crops segment is further divided amongst Corn, Barley, Oats, Wheat and Sorghum. Legumes are sub segmented into Peas, Fababbeans, Alfalfa and Clover. Ornamental Grass and Canola are other application types of silage additives. Inoculants have the major market share among the Silage Additives material type and is predicted to grow with the growing demand for silage additives in the livestock industry.

Geographically the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. Asia-Pacific is the fastest growing market in silage additives during the forecast period. The Guidelines from Government in this region to decrease imports of meat & escalate home production and funding to livestock farmers is projected to give increase to livestock industry.

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Some of the main silage additives market players 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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