The need to provide optimal protection for agricultural products is costly for North American farmers and workers in the agricultural industry. To achieve this purpose, silo bags are likely to suffer losses on the demand side due to rising raw material prices. According to Future Market Insights’ latest report on the North American silo bag market , rapid price fluctuations for raw materials such as polyethylene film are restraining silo bag production.
Over the next few years, subject to the monotony of this scenario, North America’s silo bags are unlikely to soar with steady momentum, with revenue growth of 4.8% CAGR.
Nevertheless, the decline in demand for silo bags across North America is not solely driven by volatility in commodity prices. Future Market Insights’ “Silo Bag Market: Global Industry Analysis and Opportunity Assessment, 2022-2026” report predicts that stringent environmental regulations related to industrial use and large-scale production of plastic films are limiting cost-effective production of silos. Pants.
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Silo bags made from raw materials such as polyethylene or polypropylene film are another burden on regulators, with disposal of waste silo bags leading to environmental degradation. Key findings from the report show that by 2026, more than 90% of North American silo bag revenues will come from polyethylene bag sales, further exacerbating environmental regulatory conditions.
According to the report, silobag consumption in the US and Canada will show a 4.4% CAGR. The market size in 2016 is estimated at USD 31.8 million and is expected to exceed USD 50 million by the end of 2026. Demand for 75 meter silo bags continues to remain high during this forecast period and will generate revenues of over USD 25 million by the end of 2026. Additionally, more than two-thirds of the market value is accounted for by silo bag sales. For grain protection.
Demand for silo bags is also expected to gain traction in feed applications, from which revenue is projected to grow steadily at a CAGR of 5.1%. The report further predicts that the US will account for more than 80% share and Canada’s silo bags market will gain traction, exhibiting a CAGR value of more than 5%.
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Another factor expected to stifle North American silobag growth is aggressive competition for higher margins. The major silo bag manufacturers in the region are offering product lines with additional features to help them navigate the fiercely competitive market.
The overall profitability of basic silo bag sales is constructed and distorts demand inflow. The report outlined the major players in the North American Silo Bags market including Grain Pro, Inc., IPESA – Rio Chico SA, GEM Silage Products, RKW Hyplast NV, Grain Bags Canada, Blue Lake Plastics, LLC., BagMan LLC. Canadian Tarpaulin Manufacturers LTD., Temudjin Flex-Pack BV and KSI Supply, Inc.
Questions about the findings of these studies may be sent to analysts at Future Market Insights at press@futuremarketinsights.com.
About Future Market Insights Packaging
FMI’s Packaging Division provides in-depth historical analysis and detailed forecasts of the global packaging market. From packaging materials to designs and formats, FMI has an exhaustive market research database, providing unique offers and strategic recommendations to its clients. With a repository of more than 750 reports, the team comprehensively analyzed the packaging industry in more than 70 countries. The team evaluates every node in the value chain and provides end-to-end research and consulting services. Contact us to find out how we can help