North America Silage Inoculant Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Silage Inoculant Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The North American silage inoculant market is projected to record a CAGR of 4.8% during the forecast period (2022-2027).

In 2020, the COVID-19 outbreak disrupted the cattle and feed industries' supply chains and the entire feed input value chain, from raw material acquisition to processing, packaging, and distribution.

The demand for silage inoculants is linked to the demand for animal feed. North America is the major market for silage inoculants globally. The region holds around one-fourth of the total global market share. North America is the highest revenue-providing region with a huge market share of 25% and a high growth rate of 4.2%. The North American market is modern and highly regulated, especially in central parts of the region. Increasing government support for the feed industry may help the silage inoculants market grow sustainably.

North America Silage Inoculant Market TrendsGrowth in Industrial Production of Livestock

The per capita consumption of red meat and livestock products like milk across the region has increased rapidly, as they are considered an important source of nutrition/protein by consumers in different countries. This growth has resulted in increased production of high-quality livestock products and high demand for livestock. In response to globalization and the increasing demand for animal-sourced food, the North American livestock sector witnessed a robust growth rate in the past couple of years. Industrial-scale livestock production makes optimum use of high-quality feed to improve efficiencies in the production process, improve feed conversion ratios, and enhance animal muscle mass and protein content. With the adoption of industrial-scale livestock production by several farmers, the application of silage inoculants in feed has been enhanced to maintain the quality of the livestock. This increasing application is supported by several product launches by international players.

United States Dominates the Market

United States is the major market for silage inoculants in the North American region, followed by Canada and Mexico. Silage making is traditionally practiced by the larger agricultural sector in United States. Failed crops are converted into silage to overcome the production costs. Alfalfa, corn, and sorghum are the major silage crops harvested in United States. There was considerable growth in the industrial production of livestock to meet the increased demand for meat in the region. Therefore, the need for improved animal performance with agricultural wastes boosted the silage inoculant market in the region.

North America Silage Inoculant Market Competitive Analysis

The North American silage inoculant market is highly concentrated, with few large players acquiring a major part of the market share. ADM Animal Nutrition, Cargill, Agri King, Chr. Hansen Holding AS, and Corteva Agriscience are the major companies with a significant presence in North America as well. Expansion, product launches, and partnerships are the major strategies adopted by the market players.

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