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| Report Code: A12357 | Nov 2023 | Pages: NA | ||
| Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Silage Inoculant And Enzyme Market
Request Now !Silage inoculant contains bacteria that help dominate the fermentation process in silage and further aid in crop preservation. These inoculants can help improve the fermentation levels of enzymes involved in the process. Good quality silage inoculants are known to grow more quickly and efficiently. It results in low waste of dry matter, improved animal performance, and minimal energy loss of animals. Silage inoculants can boost silage quality and reduce silage shrinkage, which may lead to better meat or milk production performance. With silage inoculants, only a few of the silage's fibers and starch are broken down.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the biotechnology industry is expected to witness significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19.
However, COVID-19 is expected to have a significant impact on the silage inoculant and enzyme market, as the supply chain of raw materials required to manufacture them has been disrupted in many countries. In addition, the market growth of silage inoculants and enzymes is declining, as manufacturers of these products have slowed down their production due to the pandemic.
Top Impacting Factors
The prices of compound feed and feed grains are increasing day by day. Since silage enzymes help in crop preservation, they can serve as a more economical option for agriculturists and help them feed livestock. Therefore, this factor is positively influencing the growth of the silage inoculant and enzyme market.
In addition, with rise in livestock population and decrease in pasture and grazing land, it has become important to preserve feed crops, especially for the winter season. This factor is further boosting the growth of the global market.
In addition, increase in research and development investments in the animal feed industry by governments in many developed nations has boosted the growth of the market over the years.
However, the adoption rate for silage inoculants and enzymes is still quite low in developing nations of the world, which impedes the growth of the market.
Key Market Trends
North America dominates the silage inoculant and enzyme market, due to increase in popularity and adoption of processed corn silage. This popularity has been the result of larger farms and better availability of processing equipment for silage inoculants in the region.
Europe holds the second position in the silage inoculant and enzyme market, due to the growing industrialization in the livestock industry and unpredictable weather, which often leads to damaged crops.
Silage inoculants and enzymes have helped in the growth of agriculture, biotechnology, and food industries over the years. Ongoing research and development of high-quality silage inoculant and enzymes further contribute toward the market growth.
Key players of the market such as ADDCON GROUP GmbH and Kemin Industries are focused on partnerships & expansions, and mergers, and acquisitions to ensure their growth in the market.
Key Benefits of the Report
Questions Answered in the Silage Inoculant and Enzyme Report
Silage Inoculant and Enzyme Market Report Highlights
| Aspects | Details |
|---|---|
| By Inoculant Type |
|
| By Species |
|
| By Enzyme |
|
| By Crop Type |
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| By Region |
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| Key Market Players | Agri-King Inc., Micronbio-systems, Biotal, Ecosyl Products Inc., Addcon Group GmbH, Lallemand Inc., Archer Daniels Midland Company, Schamann BioEnergy GmbH, Winovazyme, Chr. Hansen A/S |
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