A recent report published by Infinium Global Research on the silo bags market provides an in-depth analysis of segments and sub-segments in the global as well as regional silo bags market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional silo bags market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global silo bags market. According to the report, the global silo bags market is projected to grow at a CAGR of 6.25% over the forecast period of 2020-2026.
The global silo bags market was valued at USD 464 million in 2019 and is projected to reach USD 703million by 2026, growing at a CAGR of 6.25% from 2020 to 2026. Packaging plays a vital role in attracting customers to any product offered by manufacturers. Furthermore, the packaging is also used for protection and bulk material shipping. One such kind of packaging is silo bag packaging. Silo bags are 2.4 to 3.6 meter lengthened and flexible plastic bags. The length of these silo bags depends on the quantity of material to be stored and the machine used for packing purposes. Moreover, silo bags provide protection from UV rays and increase the shelf life of the items. These bags are also being used to protect grains from any kinds of external damage. All these characteristics make them an alluring item in the market. In addition, as the cultivable land is decreasing, the demand for silo bags is progressively increasing.
The rising demand for convenient packaging, lesser cost investment, lesser space requirement, and ease of handling are the factors boosting the silo bags market significantly. Furthermore, silo bags are used for the storage of agricultural items such as food grains, crops, etc. apart from fodder and feed. The increasing demand for agricultural items and the decrease in the manufacturing of feed and fodder crops are projected to accelerate the demand for silo bags. Moreover, the governments of numerous countries are taking steps to reduce food wastage, maintain food grain quality during storage for that many loss reduction programs are helping farmers to store food grains for a long time are also driving the growth of the market during the projection period. On the other hand, the presence of alternatives having better storage capacity like bunkers, containers, and ditches are expected to hamper the growth of the global silo bags market in the near future. The COVID-19 outbreak has intensified the challenges that agriculture faces. The augmented need for food security was one of the important concerns for nations across the world. Furthermore, disruptions in the global supply chains have further highlighted the importance of having more local providers, which could upsurge the resilience of smaller farms and increase sustainable sourcing of farm produces. Food & beverages and healthcare are some of the industries, which did not witness a decline in demand, as consumers demanded the same amount of food products or pharmaceuticals in spite of the epidemic. Nevertheless, a dramatic decline in the demand from food service, restaurants, and institutions was witnessed. This shows the anxiety that consumers will spend less in the coming months, as the economy slows and unemployment worsens. It also reflects concerns about food security and slowdown in agro-allied industries
Among the geographies, the Asia Pacific region is expected to hold the largest share in the global silo bags market. The presence of emerging economies like China and India will augment this market. Also, Australia is anticipated to have an immense impact on the global silo bags market as agriculture is one of the most important means of sustenance in the country. Furthermore, North America is expected to hold a significant share in the silo market owing to a rapid increase in small farmers and the rise in demand for storage purposes for a short duration. In addition, affordable packaging, increase in innovation, and development in packaging are the major pouring factors for the region in the global silo bags market.
The report on the global silo bags market covers segments such as length type, material type, and application. On the basis of length type, the sub-markets include 60 meter, 75 meter, and 90 meter. On the basis of material type, the sub-markets include polyethylene (pe), and polypropylene (pp). On the basis of application, the sub-markets include grain storage, forages storage, fertilizers storage, dried fruits storage, and others.
The report provides profiles of the companies in the market such as RKW SE, Panama Group, RPC Group Plc, Silo Bag India Pvt. Ltd., Grainpro, Inc, Plastar S.A., Canadian Tarpaulin Manufacturer, Up North Plastics Inc, PlastikaKritis S.A., and KSI Supply.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the silo bags market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.