Global Grain Storage Facilities Market Set For 6.4% Growth, Reaching $2.17 Billion By 2028
Grain Storage Facilities Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How is The Grain Storage Facilities Market Performing?
The grain storage facilities market size has grown strongly in recent years. It will grow from $1.61 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate CAGR of 5.3%. The growth in the historic period can be attributed to increasing protection of grain from weather and pests, increasing employment, increasing scientific storage methods, increasing crop yields and production, and increasing awareness of environmental impact.
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What is Anticipated for The Grain Storage Facilities Market in Near Future?
The grain storage facilities market size is expected to see strong growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate CAGR of 6.4%. The growth in the forecast period can be attributed to transportation infrastructure, government policies, international trade dynamics, shifts in consumer preferences, and evolving safety regulations and standards. Major trends in the forecast period include the advancement of data analytics, the enhancement of security systems, the integration of grain storage systems, robust backup systems, and remote monitoring and control.
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What Drives The Grain Storage Facilities Market Growth?
The rise in crop consumption is expected to propel the growth of the grain storage facilities market going forward. The rise in crop consumption is due to shifting dietary patterns, economic development, efforts to enhance food security, agricultural innovations, increased use of crops for biofuels and industrial purposes, and climate change impacts. Grain storage facilities help in crop consumption by preserving the quality and availability of grains over time, reducing post-harvest losses, stabilizing market prices, and ensuring a steady supply of food throughout the year, which supports consistent and efficient distribution to consumers. For instance, in October 2022, according to a report published by the Department for Environment, Food, and Rural Affairs, a UK-based government organization, cereal straw production in 2021 reached 8.6 million metric tons, marking a 41% increase of 2.5 million metric tons compared to the 6.1 million metric tons produced in 2020. Therefore, the rise in crop consumption is driving the growth of the grain storage facilities market.
Which Companies Are Leading The Grain Storage Facilities Market?
Major companies operating in the grain storage facilities market are Cargill Incorporated, AGCO Corporation, Kepler Weber S.A., CTB Inc., Global Industries Inc., Ag Growth International Inc., GSI Group Inc., Behlen Manufacturing Company, CST Industries Inc., Sukup Manufacturing Co., SCAFCO Grain Systems Company, Sioux Steel Company, Agrosaw, Brock Grain Systems, Cimbria A/S, Symaga S.A., Tornum AB, Hanson Silo Company, Silos Córdoba S.L., Superior Grain Equipment, Westeel Ltd., Polnet Sp. z o.o., Mulmix S.p.A., Prado Silos.
What Innovations Are Emerging Within The Grain Storage Facilities Market?
Major companies operating in the grain storage facilities market are focusing on developing advanced solutions, such as innovative grain monitoring solutions, to enhance operational efficiency and ensure the quality of stored grains. Grain monitoring solutions are advanced technologies and systems designed to continuously track and manage grain conditions, such as temperature and moisture, to prevent spoilage and optimize storage efficiency. For instance, in April 2024, Embratel, a Brazil-based telecommunications company, launched Smart Silo, a solution designed for grain monitoring in agribusiness. It offers unique features such as real-time monitoring of critical storage parameters, automated alerts, user-friendly design, online self-diagnosis, and quality control assurance to enhance efficiency and profitability in agribusiness grain storage operations.
How is The Grain Storage Facilities Market Segmented?
The grain storage facilities market covered in this report is segmented –
1 By Type: Steel Silos, Metal Silos, Other Types
2 By Commodity Type: Rice, Wheat, Maize, Soybean, Sunflower, Other Commodity Types
3 By Application: Farm, Large Ports, Food Industry, Other Applications
Where Is The Grain Storage Facilities Market Growing The Most?
North America was the largest region in the grain storage facilities market in 2023. The regions covered in the grain storage facilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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