With an estimated valuation of approximately US$ 47.2 million in 2023, the North American silo bags market is poised for steady growth, projected to exhibit a Compound Annual Growth Rate (CAGR) of 5% until 2033, according to FMI’s analysis. The comprehensive report anticipates a substantial increase, forecasting the market’s value to reach US$ 76.9 million by the conclusion of 2033. This projection reflects the continued demand for efficient and flexible storage solutions in agriculture, highlighting the pivotal role of silo bags in addressing the evolving needs of the farming industry in North America.
Packaging is amongst the vital constituents in the present-day scenario owing to need for aversion of wastage of grains. As such, the customers are showing inclination toward silo bags. They are available in customized format. In other words, the bags’ length is dependent on quantity of the material to be stored along with packaging purposes.
Grain wastage does hinder the crops’ overall production. Plus, population explosion is likely to make way for tremendous pressure on agricultural crops’ overall production. Silo bags do help in increasing the life-span of crops as well. Plus, silo bags do proffer comfort of ‘supple storage’ at a proper location when it’s not possible to go for permanent storage.
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Saving the crops would certainly help in growing North America Silo Bags market as quantitative frequency would be increasing. These factors are expected to accelerate North America Silo Bags Market in the near future. Eco-friendliness is another factor that North America revolves around.
Future Market Insights has walked through these facades with future perspectives in its latest market study entitled ‘North America Silo Bags Market’. The team of analysts and consultants is there to execute with its eagle’s eye view in primary, secondary, and tertiary modes of research.
“Growing awareness regarding grains’ wastage at the time of cultivation is expected to take North America Silo Bags Market by storm in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from North America Silo Bags Market
- 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.
What does the Report bag?
- The research study is based on length (60 meters, 90 meters, and 75 meters), by material (polyethylene (PE) (LDPE (Low-Density Polyethylene) and HDPE (High-Density Polyethylene), and PP (Polypropylene)), by application (grains (dry grains, wet/humid grains, and rolled grains), forages, fertilizer, dried fruits, and likewise), and by country (Canada and the US).
- USA holds more than 80% of the market share and the status quo is expected to remain the same even going forward.
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Key Segments Covered by North America Silo Bags Industry Survey Report
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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