Silo Bags Market is Expected to Surge US$ 1,783.5 Million during the Forecast Period 2023 to 2033 | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
According to Future Market Insights, the increasing need for fertilizer has significantly boosted the silo bags market. With the ongoing expansion in fertilizer demand, the global silo bags industry is poised for growth. Furthermore, the research report delves into industry leaders, market positions, the competitive environment, and regional perspectives.
NEWARK, DEL, Aug. 27, 2023 (GLOBE NEWSWIRE) -- Size of the worldwide Silo Bag Market is anticipated to surge at a CAGR of 6.6% from 2023 to 2033. According to projections, the market would be worth US$ 1,783.5 million by 2033, up from US$ 938.3 million in 2023. It had a value of US$ 872.0 million at the end of 2022, and in 2023, it is expected to rise by 7.6% year over year.
Even after taking great care, silo bags sometimes get damaged during application or inspection. Wild animals such as foxes and crows can also tamper with this film.
Special silo tapes called bag or repair tapes are strong on-site helpers in case of damage. They can also be used in case of any tear or puncture to silo bags.
Due to their ability to quickly fix tears and holes, they are in great demand by silo bag users in the North American market. KSI Supply, INC. and RKW Hyplast NV are a couple of key players who came up with this innovative idea and leading it to great success.
Rising demand for convenience packaging is also expected to drive the global silo bags industry. New-generation farmers expect flexible plastic sheets, low cost, high performance, and less space requirement.
It could result in creativity and frequent innovation in packaging. Increasing demand for smaller (60 m to 75m) size silo bags might propel the global silo bags industry. This adds to the ability of farmers to wait until a more convenient time for processing, handling, and final delivery of grains.
Due to technology up gradation, various machine types, such as rotor bagger machines, are used to fill grains in silo bags. It has a grid at the end of the sealed bag, helping build up pressure while filling the crop. Other baggers are farm bagger hoppers and auger, grinder hoppers & bagger, and truck with tunnel (truck bagger).
Key Takeaways from Silo Bags Market Study:
The silo bags market registered a CAGR of 5.1% during the historical period from 2017 to 2022.
The United States silo bags industry is anticipated to offer an incremental opportunity of US$ 167.8 million in the evaluation period.
China silo bags market is estimated to provide an incremental opportunity of US$ 64.3 million by 2033.
The linear low-density polyethylene (LLDPE) material segment is expected to surge with a CAGR of 6.8% in the forecast period.
The 3 layer segment is expected to hold around 48.6% of the silo bags industry share in 2033.
“The surplus can be efficiently and conveniently stored in silo bags until it can be shipped or sold. By doing this, farmers will be able to take advantage of good market conditions and help reduce post-harvest losses. It is anticipated to create new opportunities for leading silo bag vendors.” – Says a lead analyst at Future Market Insights (FMI).
Adoption of Sustainable Agricultural Practices to Increase Adoption of Eco-friendly Silo Bags
Growing focus on sustainable agriculture has led to increased adoption of eco-friendly silo bags. Eco-friendly silo bags are made from biodegradable, compostable, or recyclable materials. They also have a lower environmental impact compared to traditional plastic silo bags.
For example, a few manufacturers have started producing silo bags made from biodegradable materials. These are mainly derived from renewable resources such as cornstarch or sugarcane. These bags can be composted after use, reducing the amount of waste in landfills.
Another example is the use of recycled plastic in silo bags, which helps reduce plastic waste in the environment. By using eco-friendly silo bags, farmers can contribute to sustainable agriculture practices and reduce their environmental footprint.
Competitive Landscape
To ensure the safe storage of grains for extended durations, silo bag producers might concentrate on developing bags with premium materials and increased durability. Manufacturers can meet various demands of farmers and grain producers by providing a variety of bag sizes and capacities.
Adding UV protection and specific coatings to these bags can lengthen their lifespan and shield the grains inside from outside influences. To make bags more effective and user-friendly, manufacturers can spend money on research & development to improve bag design, materials, and manufacturing techniques.
A few producers might have concentrated on creating biodegradable silo bags or those made of eco-friendly materials in response to rising environmental concerns. Real-time monitoring of grain conditions and a decreased risk of spoilage can be made possible by integrating monitoring systems & sensors inside these bags.
For instance,
RKW HydroSpun GmbH was purchased by the AGRO Group, based in Bad Essen, in April 2022. It will start making spun bond nonwovens on its own.
North America Silo Bags Market Share: The North American silo bags market is estimated to be valued at about US$ 47.2 million in 2023. As per the North America silo bags market analysis by FMI, it is projected to follow a CAGR of 5% until 2033.
Europe Bulk Bags Market Size: The rising demand for shipping industrial chemicals and mining products in bulk with safety has led to increasing manufacturing of bulk bags such as antistatic bags cross corner bag and among others.
Bags Market Trends: Global demand for bags is expected to rise at a yearly growth rate of 3.0% Y-o-Y to US$ 49.2 Billion in 2032
Jumbo Bags Market Growth: The global jumbo bags market would surpass a valuation of US$ 6.1 billion in 2023. It would further expand at a CAGR of 4.2%. Jumbo bags sales are predicted to exceed a valuation of US$ 9.9 billion by 2033.
Reflective Air Bags Market Demands: The global reflective air bags market is currently valued at US$ 7.8 Billion in 2023 and to expand at a CAGR of 6.1%. Owing to the advances in packaging the market is likely to propel to US$ 14.1 Billion by 2033.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.
