The North American silo bags market is poised for significant growth, with a projected market value of US$76.9 million by 2033. This translates to a compelling Compound Annual Growth Rate (CAGR) of 5%, as per a recent analysis by Future Market Insights (FMI).
Silo Bags: A Convenient and Cost-Effective Storage Solution
Traditionally used for temporary on-farm storage, silo bags have emerged as a viable alternative to large, expensive warehouses. Their ability to provide temporary storage solutions for various agricultural products directly on farms makes them highly desirable for extensive supply chains. The rising demand for convenient packaging and storage applications is propelling the North American silo bags market.
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Market Driven by Smaller Sized Bags and US Dominance
- Small Silo Bags Lead the Way: The market for smaller silo bags, particularly those in the 60-meter to 75-meter range, is a key driver in North America. An FMI study reveals that these sizes collectively captured around 90% of the market share in 2022 and are projected to see continued growth at a CAGR of 4.7% and 5.1% respectively through 2033.
- US Market Takes the Lead: The United States is expected to dominate the North American silo bags market due to its leading role in agricultural production. Furthermore, the significant increase in US grain storage capacity over the past two decades has positively impacted demand for silo bags.
Future Growth Fueled by Innovation and Convenience
- Meeting Modern Farmer Needs: The new generation of farmers seeks features like flexibility, affordability, high performance, and minimal space requirements. This has led to a surge in packaging innovation and creative uses of silo bags. Improved materials and designs allow farmers to store their yields until the optimal time for final delivery.
- Technological Advancements: Technological advancements like the rotor bagger machine are enabling faster grain filling in silo bags. The introduction of such modern machinery, designed to work efficiently with silo bags, is anticipated to further fuel market growth.
Looking Ahead: Sustainability and Trade
- Eco-Friendly Materials Gain Traction: A growing trend in the market is the adoption of novel, eco-friendly materials to minimize polymer usage. This shift reflects the increasing focus on sustainable agricultural practices.
- Trade Expansion Creates Opportunities: The continuously growing volume of trade in food grains and other agricultural products presents significant future opportunities for the North American silo bags market.
Key Takeaways:
- The US is expected to hold a sizable market share due to the USDA (US Department of Agriculture) stating that agriculture and industries related to it did contribute 5.2% to the GDP in 2023 alone.
- Canada comes in second with Government of Canada being subject to production of oilseeds and grains reaching 90K thousand tons in the year 2021. The scenario is expected to remain unchanged going forward.
Competitive Landscape
- In March 2019, RKW Hyplast NV installed a multilayer extrusion line to expand its production capacity for silo bag production.
- In August 2021, it announced a seven-figure investment to enhance the production of highly recycled content plastic films at the Echte, Germany plant.
The Major Key Players Are:
- IPESA – Rio Chico S.A.
- GEM Silage Products
- RKW Hyplast NV.
- BagMan LLC
- Canadian Tarpaulin Manufacturers Ltd.
- Grain Bags Canada
- Blue Lake Plastics, LLC
- Grain Pro, Inc.
- KSI Supply, Inc.
- Temudjin Flex-Pack B.V.
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Key Segments:
by Length Type:
- 60 Meters
- 75 Meters
- 90 Meters
by Capacity:
- Up to 200 Metric Ton
- More than 200 Metric Ton
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
by Application:
- Grain Storage
- Dry Grains
- Wet or Humid Grains
- Rolled Grains
- Forage Storage
- Fertilizer Storage
- Dried Fruits Storage
- Wood Chips Storage
- Other Applications
by Country:
- The United States Market
- Canada Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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