The silo bags market is expected to experience significant growth in the coming years, with a projected value compound annual growth rate (CAGR) of 6.1% from 2022 to 2032. The market is estimated to be worth US$ 387 million by the end of 2022 and is anticipated to reach a valuation of US$ 700 million by the end of the forecast period. This growth can be attributed to the increasing awareness about grain wastage during cultivation, which has led to a rising demand for intelligent packaging solutions like silo bags.
Packaging plays a crucial role in preventing wastage, facilitating transportation and storage, and meeting consumer preferences for bags. Silo bags are being used to protect grains from external damage, especially as cultivable land is diminishing.
The global silo bags market is being driven by the need to address grain wastage, as it hampers overall crop production. With the world’s population expected to grow, there will be significant pressure on agricultural crop production, and silo bags can help meet the increased demand by protecting grains.
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The integration of blockchain technology shows promising potential for revolutionizing silo bags. This technology enables efficient global transportation of food and reduces food wastage.
It also facilitates access to information on food grains and post-harvest storage processes from remote locations. Companies are investing in intelligent and innovative packaging solutions to achieve better outcomes. Additionally, the adoption of sanitization measures by organizations in the silo bags market, such as complying with government instructions, ensures the safety of packaging units from harmful viruses.
Key Takeaways:
- The silo bags market is expected to grow at a CAGR of 6.1% from 2022 to 2032, reaching a valuation of US$ 700 million by the end of the forecast period.
- Increasing awareness about grain wastage during cultivation is driving the demand for intelligent packaging solutions like silo bags.
- Silo bags protect grains from external damage, which is crucial as cultivable land decreases and the global population increases.
- Blockchain technology holds potential for improving the efficiency of silo bags by enabling global food transportation, reducing wastage, and providing access to information on food grains and storage processes
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Silo bags Regional Outlook
In terms of geography, the global Silo bags market has been divided into five key regions — North America, Latin America, Europe, Asia-Pacific and the Middle East. The Asia Pacific region is expected to dominate the silo bags market during the forecast period. The presence of developing economies like China and India will bolster this market.
Also, Australia is expected to have massive impact on the Global Silo bags market as agriculture is one of the most important means of sustenance in the country. It is expected that the Latin America region will witness a decent CAGR by the end of the forecast period.
On the other hand, Europe and North America are expected to witness slower growth as compared to the Latin America. Similarly, the Middle East and Africa region is also expected to register sluggish growth throughout the forecast period.
Silo bags packaging Market: Key players
Some of the key players in the global Silo bags market are Silo Bag India Pvt. Ltd., Silo Bags International Limited, The Context Network, LLC, HYPLAST N.V, Grain Bags Canada, The Panama Group, Richiger, and Silo bag grain, etc. The companies are focusing on launching products in emerging economies where the agriculture sector is very strong.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
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Silo bags: Market Segmentation
The global Silo bags market is segmented on the basis of storage and the capacity of the bags.
Based on the storage, the global silo bags market is segmented into:
- Dry grains
- Wet grains
- Rolled/crushed grains
- Forages
- Fertilizer
- Dried fruits
- Wood chips
- Others
Based on the capacity of bags, the global silo bags market is segmented into:
- Upto 200 mt
- Above 200 mt
