The silo bags market is poised for significant growth, projected to achieve a noteworthy CAGR of 6.1% from 2022 to 2032. Starting with a value of US$ 387 million in 2022, the market is estimated to reach a substantial valuation of US$ 700 million by the end of the forecast period. This growth can be attributed to increasing awareness about grain wastage during cultivation, driving the demand for intelligent packaging solutions like silo bags.
Packaging plays a critical role in preventing wastage, facilitating transportation and storage, and meeting consumer preferences for bags. Silo bags have emerged as a solution to protect grains from external damage, especially as cultivable land faces challenges of scarcity.
The global silo bags market is primarily driven by the pressing need to address grain wastage, which has a significant impact on overall crop production. As the world’s population continues to grow, agricultural crop production faces mounting pressure, making the role of silo bags crucial in safeguarding grains and meeting the increased demand.
The integration of blockchain technology presents promising potential in revolutionizing the silo bags industry. This technology offers efficient global food transportation and significantly reduces food wastage. Moreover, it facilitates access to crucial information on food grains and post-harvest storage processes, even from remote locations. Companies are actively investing in intelligent and innovative packaging solutions to achieve better outcomes and cater to evolving market needs.
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In addition to promoting efficiency, organizations in the silo bags market are adopting sanitization measures to comply with government instructions, ensuring 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.
- Rising awareness about grain wastage during cultivation drives the demand for intelligent packaging solutions like silo bags.
- Silo bags protect grains from external damage, addressing challenges related to limited cultivable land and the increasing global population.
- Blockchain technology holds promise in enhancing efficiency by enabling global food transportation, reducing wastage, and providing access to crucial information on food grains and storage processes.
- Sanitization measures adopted by organizations in the silo bags market ensure the safety and quality of packaging units.
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.
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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.
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
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