Article
Grain storage silos market size analysis
Published: 03/11/2023
According to a new report, the worldwide grain storage silos market size is estimated at US$1,76 billion in 2023, and is expected to reach US$2,17 billion by 2028, growing at a compound annual growth rate of 4,2% during the forecast period of 2023 to 2028.
The growing demand for grain storage from the leading grain-producing countries in the world, namely the US, Russia, India, Brazil, and others, have driven the grain storage silos industry during the study period. Further, rising input costs and heavy investments required in grain storage led to a rise in demand for silos across all regions. According to the International Grains Council, the global wheat stock increased from 276 million metric tonnes in 2020, and the stock accounted for 278 million tonnes in 2021. This increase in the production of grains led to the market’s growth in the forecast period.
North America held the largest share in using silos for grain storage in 2020. As per the USDA, in the last ten years, on-farm storage increased by 1,6 billion bushels and off-farm storage by 2,2 billion bushels, registering a growth of 14 and 24%, respectively.
The recent imposition of tariffs by both the US and China on primary commodities led to the accumulation of grain surplus for US producers, resulting in 20% of the total available storage filled with soya bean, maize, and wheat. It is anticipated to further boost the need for more large storage silos across the country during the forecast period, as the existing ones are reaching full capacity. Click here for the complete report. – Yahoo Finance