According to TMR’s report, the global silo bags market
is expected to witness robust growth. The market is projected to
register 6.5% CAGR during the forecast period 2017-2026. It is also
projected to bring in US$ 693.2 million revenue by the end of 2026.
In regards to application, silo bags are
expected to be largely used for grain storage during the forecast period
2017-2026. Geographically, North America is expected to remain dominant
in the global silo bags market during the forecast period 2017-2026.
Rising Demand for Cost Efficient Storage of Grains to Augment Product Demand
The global silo bags market is witnessing
growth due to the growth in awareness regarding wastage of grains at
the time of cultivation. The pressure on the production of agricultural
crops is increasing owing to the rising population. Hence, the demand
for silo bags is also growing as they can protect grain for a long time
and help in meeting the ever-increasing demand for grains.
The need for a cost-efficient solution
for storage of grains and animal fodder has led to extensive preference
for silo bags among farmers in the U.S. and Canada. The North America
silo bags market is expected to witness healthy growth rate owing to
small farmers demanding silo bags for short-term and affordable
packaging and storage purposes.
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Rising demand for convenience packaging
among new generation farmers has compelled the manufacturers of silo
bags to innovate in terms of optimum space requirements, storage
efficiency, high performance and flexible plastic sheets.
Stringent Environmental Regulations May Hamper Market Growth
Stringent guidelines issued by regulating
authorities concerning food and environment have consequential
implications on the silo bags market in North America. Stringent FDA
regulations regarding the use of harmful chemical substances, and also
various regulations for specific thickness, length and breadth for
manufacturing of silo bags has led to market preference for alternative
environment friendly products.
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