Silo Bags Market is projected to register a CAGR of 4.4% During 2016 - 2026

Posted by sonali on January 29th, 2018

The need to provide optimal protection for agricultural produce is coming at a great price for North American farmers and agroindustrialists. Serving this purpose, silo bags are likely to lose out in terms of demand, owing to rising prices of raw materials. Future Market Insights’ latest report on North America’s silo bags market indicates that undulating prices of raw materials such as polyethylene films is curbing the production of silo bags. Contingent upon the monotony of this scenario in the years to come, North America’s silo bags is less likely to soar at a steady momentum, and will probably exhibit revenue growth at 4.8% CAGR.

Nonetheless, the decline in demand for silo bags across North America is not solely orchestrated by volatility of raw material prices. Future Market Insights’ report, titled “Silo Bags Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” predicts that strict environmental regulations associated with industrial use and large-scale production of plastic films is restraining a cost-effective production of silo bags. Silo bags, made from raw materials such as polyethylene or polypropylene films, are another burden on such regulatory authorities as dumping waste silo bags leads to environmental degradation. Key findings of the report indicate that through 2026, more than 90% of North America’s silo bags revenues emanate from sales of polyethylene bags, which further aggravates the environmental regulatory conditions.

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The report reveals that in terms of volume, the consumption of silo bags in the US and Canada will exhibit a 4.4% CAGR. In 2016, the market has been estimated to be valued at US$ 31.8 Mn, and is expected to exceed a little over US$ 50 Mn by 2026-end. During this forecast period, the demand for 75-meter silo bags will remain high and bring in more than US$ 25 Mn in revenues towards the end of 2026. Also, over two-third of the market’s value is accounted by sales of silo bags for protection of grains. The demand for silo bags is also predicted to gain traction for forage applications, revenues from which are expected to soar steadily at 5.1% CAGR. The report further projects that US will dominate with more than 80% share, while Canada’s silo bags market will gain traction by showcasing a value CAGR above 5%.