Global Hay Preservatives Market: Overview
- Hay preservatives are types of additives that are used to reduce the drying time of hay and to allow producers to pack hay with high moisture content
- Hey bales get spoiled at moisture content higher than 14%–18%. Hay preservatives reduce spoilage of hey caused by molds. These preservatives also reduce losses caused by heating after baling. The preservative amount depends on the moisture content of hay bale.
- The most effective preservatives include organic acids such as propionic acid and acetic acid. Use of preservatives is a cost-effective method to preserve hay for a long period of time.
Rise in Demand from Fodder Industry
- The global hay preservatives market is anticipated to expand at a significant pace during the forecast period. Increase in consumer awareness about preservative products and increasing demand for hey are key factors projected to drive the consumption of hay preservatives during the forecast period.
- Rising demand for hay bales from the fodder industry has driven the demand for hay preservatives. Uncertain environmental conditions are hampering the harvest of alfalfa and other types of hay, which drives the demand for products to preserve hay for a long time. This factor is driving the demand for hay preservatives across the globe.
- Growth of the global dairy & meat industry is also driving the demand for hay as an animal fodder. This, in turn, is augmenting the demand for hey preservatives.
- Key restraints of the global hay preservatives market include volatile prices of raw materials and increasing regulations on the global animal fodder industry
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Equine to Offer Lucrative Opportunities to Hay Preservatives Market
- Based on animal, the global hay preservatives market can be segmented into equine, dairy cow, livestock, and others. Equine is estimated to be the most rapidly growing segment of the global hay preservatives market, followed by the dairy cow segment, during the forecast period.
- Growth of dairy and meat industries across the world is driving the global hay preservatives market
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Organic Acids Segment to Hold a Major Share of Global Hay Preservatives Market
- Base on product, the global hay preservatives market can be divided into organic acids, microbial additives, ammonia-based, and others. Organic acids, such as propionate (propionic acid) and acetate (acetic acid), are widely preferred as hay preservatives in the fodder industry. Ammonium propionate is preferred over propionic acid, due to its less caustic content.
- Microbial hay preservatives are not as effective as organic and ammonia-based preservatives
North America to Hold a Major Share of Global Hay Preservatives Market
- In terms of region, the global hay preservatives market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for a prominent share of the global hay preservatives market in the near future, owing to increased consumer awareness and risen research and development activities in the region. The U.S. holds a key share of the market for hay preservatives in North America.
- The hay preservatives market in Europe is anticipated to expand at a significant rate during the forecast period. Favorable regulations for fodder industry fuel the market in the region.
- The Asia Pacific market witness lucrative growth opportunities, due to growing dairy and meat industries in the region. However, consumption of hay preservatives in the region is limited, due to lack of awareness about the product.
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Key Players in Global Hay Preservatives Market
The global hay preservatives market was moderately consolidated in 2019. Prominent players operating in the global hay preservatives market seek to enter into partnerships for the development of innovative products. Key players operating in the global market are:
- AgroChem, Inc.
- Nuhn Forage Inc.
- Harvest Tec,
- Kemin Industries
- Pestell Minerals Ingredients
- Wausau Chemical Corporation
- Profitable Farming Company Ltd
- Univar Solutions Inc.