Wednesday, 03 May 2023 09:03 AM
Company Update
NEWARK, DE / ACCESSWIRE / May 3, 2023 / FMI predicts the net worth of total silo bags to be sold in North America in the year 2023 to be US$ 46.2 million. Driven by the growing demand for efficient packaging and storage applications, the North America silo bags market may register a 5% CAGR through 2033. As per the FMI analysis report, the North America silo bags market value is expected to reach US$ 76.9 million by 2033.
In light of the growing trade and export of food grains and other agricultural produce, the demand for silo bags is rising in North America. Considering rising output, one of the foremost problems encouraging the sales and use of silo bags stems from grain losses. Commercial entities operating in North America food grains and agricultural produce widely use silo bags creating a huge market for it.
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Silo bags allows cost savings for small farmers in terms of permanent storage facilities along with reducing the harvest logistics. So, besides commercial agro-industries, the demand for silo bags in small pockets of farming communities represents a significant market share.
Key Takeaways from the North America Silo Bags Market Study Report
- FMI estimates the United States silo bags market to hold 83.7% market and reach a valuation of US$ 64.4 million by the end of 2033. Further, during this period it is expected to witness an average year-on-year growth rate of 4.9% in sales of silo bags.
- FMI team finds that in 2022, Canada's silo bags market contributed to almost 16.3% of the total revenue generated by the North American market. This regional market is further projected to expand by 5.4% year-over-year and reach a valuation of US$ 12.5 million by the end of 2033.
- Among the different materials used for the making of silo bags, polyethylene is most widely used in North America's industries. As per the survey, this PE segment contributed to a revenue share of nearly 92.7% almost dominating the overall silo bags market in 2022. Meanwhile, the polypropylene or PP material segment is expected to witness a high growth rate owing to its uses in certain specific applications.
- Based on different applications or products requiring silo bags, food grains constitute the dominant segment of the market in North America. In 2022, the food grain storage application segment contributed to a two-third revenue share of the overall silo bags market in North America.
- In 2022, the demand for the 60-meter and 75-meter lengths of silo bags in North America stood at almost 90%. According to the report, these two segments are expected to expand at an annual average rate of 4.7% and 5.1%, respectively during the forecast years.
Competitive Landscape for the North American Silo Bags Market Players
The overall North American silo bags market is highly fragmented, and the large competitors own a less significant portion of it. The main market participants are IPESA - Rio Chico, GEM Silage, RKW Hyplast, BagMan, Canadian Tarpaulin, and Grain Bags Canada. So, these top businesses are resorting to partnerships, mergers, and the introduction of new products as important marketing methods.
The adoption of silo bags among farmers in the North America region for products besides food grains is expected to be an important growth factor. Also, the sales of silo bags to other countries, particularly in Latin America, are poised to favor manufacturers in North America.
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Key Segments Covered by North America Silo Bags Industry Survey Report
North America Silo Bags Industry Segment by Length Type:
- 60 Meters
- 75 Meters
- 90 Meters
North America Silo Bags Industry Segment by Capacity:
- Up to 200 Metric Ton
- More than 200 Metric Ton
North America Silo Bags Industry Segment by Material Type:
- Polyethene (PE) Silo Bags
- Low-Density Polyethylene (LDPE) Silo Bags
- High-Density Polyethylene (HDPE) Silo Bags
- Polypropylene (PP) Silo Bags
- Other Silo Bags
North America Silo Bags Industry Segment by Application:
- Grain Storage
- Dry Grains
- Wet or Humid Grains
- Rolled Grains
- Forage Storage
- Fertilizer Storage
- Dried Fruits Storage
- Wood Chips Storage
- Other Applications
North America Silo Bags Industry Segment by Country:
- The United States Market
- Canada Market
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Table of Content [TOC]
1. Executive Summary | North America Silo Bags Market
2. Market Overview
3. Market Background
4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Length
6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material
7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Key Countries Market Analysis
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