The global silo bags market is poised to be worth around US$ 712.2 Mn by 2026 and expected to grow at a CAGR of 6.4% during the forecast period 2019 to 2026.
LOS ANGELES, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Silo Bags Market (By Length Type: 60 Meters, 75 Meters, 90 Meters; By Material Type: Polyethylene (PE), Polypropylene (PP), Others; By Material Type: Grain Storage, Forages Storage, Fertilizers Storage, Dried Fruits Storage, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
The growth of the silo bags market is essentially driven by the rising demand for convenient packaging, lesser cost investment, lesser space requirement, and ease of handling influence the market significantly. The growing demand for agricultural items and decrease in manufacturing of feed and fodder crops are anticipated to accelerate the demand for silo bags. However, presence of alternative having better storage capacity like bunkers, containers, ditches is anticipated to hamper the growth of the global silo bags market in the forthcoming years.
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North America dominated the global corrugated boxes market in the year 2018. Various features of silo bags such as protect product against insects, increase shelf life of food grains, flexible, storage, provide UV protection, cost effective, and provide better capacity storage. These features are propelling the regional market growth. Presence of large population are increasing demand of food, producers are integrating sensors in silo bags that can provide humidity level, real time information on temperature, and other information that is essential to keep food grains in a good quality. Additionally, various leading market player are investing huge amount of money in the research & development of silo bags utilizing an environment friendly raw material, water proof silo bags are enhancing growth of global silo bags market in the forthcoming years.
The Europe region is anticipated to exhibit a second largest share in the silo bags market. Moreover, government are taking steps to minimize food grain wastage and helping farmers to store food grains for a long duration. Rising awareness among people regarding wastage of food grains during cultivation, production, post-harvest handling, and during storage. But, availability and development of post-harvest storage solution like silo bags have solved the problem of food wastage during storage to some extent. This anticipated fueling the growth of global silo bags market in the region during the forecast period.
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Asia-Pacific is anticipated to project the highest CAGR over the forecast period. Increases in demand of food grains due to presence of huge population, presence of large number of small farmers are propel the market size. Government are taking steps to make people aware about wastage of grains during cultivation, during storage, post-harvest handling and proving storage facilities to farmers to store grains for long duration. Many manufacturing companies of silo bags are investing funds in emerging market because of presence of huge customer base, growing GDP.Long storage capacity are helping farmers, public and private warehouse sectors to sell at a proper time and earn highest profit. Moreover, the large scale of agricultural activities carried out in countries like India and China are further expected to boosts the demand for corrugated boxes in the region over the forecast period.
Polyethylene has dominated the material type segment in the year 2018 and the segment is registered to maintain its dominance over the forecast period from 2019 to 2026. Polyethylene is made by radical polymerization of ethylenemonomers, ziegler- natta and metallocene catalyst are utilized to carry out polymerization of polyethylene. Polyethylene is most preferred material type for silo bags. Due to the features of polyethylene like recyclable, flexible, no chemical reaction with stored material, and versatile are further expected to raise the segment over the forecast period.
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Grain storage segment dominated the silo bags market on the basis of application in the year 2018. The major factors that are driving the growth of this segment are the rising demand for long term storage, cost efficient, protection from UV rays, increase shelf life of grains, protection from external damage, increase in awareness regarding the environment, and reduce grains wastage, even government of various countries are launching programs to minimize grains wastage during cultivation, post-harvest process and providing storage solution of food grains for long duration, ease of handling helping manufacturer to plan supply in an effective wayis expected to enhance the dominance of the grain storage segment in the global market during the forecast period.
Some of the leading competitors are Panama Group, Grain Bags Canada, Richiger, HYPLAST NV, Silo Bags International Limited, Context Network, Silo Bag India Pvt. Ltd, Gain Pro, KSI Supply, and Silo Bag Grain
Some of the key observations regarding silo bags industry include:
- In May 2019, Panama Birva Agro Pvt. Ltd., a Pune based group has setup a food grains park in Latur, develop an innovative and economical way of storing food grains in bulk. The aims is to provide the storage services to clients, including private processors and government corporations.
- In June 2016, State run Food Corporation of India (FCI) has signed a contract with Adani Group for the manufacturing of silo bags to store wheat, at an estimated cost of around Rs80 crore.
- In January 2016, Madhya Pradesh has produced 56 lakhs MT of wheat, state cabinet at a meeting chaired by Chief Minister Shivraj Singh Chouhan has decided to store wheat in silo bags. This task has assigned to Madhya Pradesh Warehousing Corporation on a pilot basis.
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