North America Silage Inoculant Market - Growth, Trends and Forecasts (2020 - 2025)

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

The United States is the major market for silage inoculants among the North American regions followed by Canada and Mexico. It recorded revenue of USD 23.1 million in 2016 and is expected to grow at a CAGR of 4.5% during the next five years. Silage making is being traditionally practiced by the larger agricultural sector in the U.S. They convert failed crops into silage to overcome the production costs. Alfalfa, corn, and sorghum are the major silage crops harvested in the U.S.A. Considerable growth in the industrial production of livestock, in order to meet the increased demand for meat, was witnessed in the region. Therefore, the need for improved animal performance, with agricultural wastes has led to a growing market of silage inoculants in this region.