Silage Inoculants & Enzymes Market - Forecast(2023 - 2028)

Report Code: AGR 85973 Report Format: PDF + Excel

Silage Inoculants & Enzymes Market Overview

Silage Inoculants & Enzymes market size is forecast to reach $624.16 million by 2025 after growing at a CAGR of 5% during 2020-2025. Silage inoculants are additives containing anaerobic lactic acid bacteria that are used to manipulate and enhance fermentation in haylage and corn silage. The growth of the market is expected to be driven by the high demand for silage inoculants & enzymes from the animal husbandry.

Report Coverage

The report: “Silage Inoculants & Enzymes Market-Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of silage inoculants & enzymes Industry. 
By Type: Silage Inoculants (Homofermentative, Heterofermentative), Enzymes (Starch-Digesting, Fiber-Digesting)
By Species: Lactobacillus Species, Pediococcus Species, Enterococcus Species, and Others.
By Crop Type: Corn, Sorghum, Alfalfa, Clover, and Others. 
By Geography: North America, South America, Europe, APAC, and RoW.

Key Takeaways

  • North America dominates the silage inoculants & enzymes market owing to increasing demand from Agriculture sector. 
  • Increasing demand for animal products will drive the market in the forecast period.
  • High set-up cost of ensiling and unawareness of the benefits of silage is hindering the growth of the market in the forecast period.

Silage Inoculants & Enzymes Market Segment Analysis - By Type 

Homofermentative segment held the largest share in the silage inoculants & enzymes market in 2019. Homofermentative are the most common inoculants on the market. Initially, the main goal of using these inoculants was to preserve the quality of the ensiled plants as near to original levels as possible. Homofermentative bacteria accomplish this goal by decreasing pH, reducing dry matter losses to a minimal level (2–3%), reducing proteolysis (the breakdown of protein) and ammonia formation, and increasing lactic acid and dry matter. A fast decline in pH can also inhibit clostridial bacteria that produce butyric acid, a product of a bad fermentation that causes malodor. In addition, homofermentative bacteria have the potential to improve animal performance. When the inoculated silage produced a positive effect, the average increase in weight gain was expected to be 5%, while milk production increased 3%. The cause of this improvement in performance is not clear. 

Silage Inoculants & Enzymes Market Segment Analysis - By Species

Lactobacillus Species held the largest share in the silage inoculants & enzymes market in 2019. There are many species of lactobacillus. These are friendly bacteria that normally live in digestive, urinary, and genital systems without causing disease. Lactobacillus is also in some fermented foods like yogurt and in dietary supplements. Lactobacillus is most commonly taken by mouth to treat and prevent diarrhea, including infectious diarrhea and diarrhea linked with using antibiotics. Some people also take lactobacillus by mouth for general digestion problems, irritable bowel syndrome (IBS), colic in babies, inflammatory bowel disease (IBD), inflammation of the colon, stomach pain, constipation, and many other conditions but there is no good scientific evidence to support many of these uses. Lactobacillus can help to break down food, absorb nutrients, and fight off unfriendly organisms that might cause diseases such as diarrhea. These factor will drive the growth of lactobacillus market in the forecast period.

Silage Inoculants & Enzymes Market Segment Analysis - By Crop Type

Corn segment held the largest share in the silage inoculants & enzymes market in 2019 growing at a CAGR of 4%. Since corn are grown in almost all countries, the global demand for silage inoculants & enzymes high for them. On a global level, the total corn production has been increasing, and with the growth in cereal production and consumption, it has become important for producers to focus more on its yield and quality by using effective silage inoculants & enzymes. Corn silage has a higher sugar content and lower buffering capacity, allowing an easier fermentation with higher lactic acid, lower acidic acid and a lower ph. It is more difficult to improve the fermentation of corn silage. Corn plants standing in the field at harvest time are covered in naturally occurring lactic acid producing bacteria, making it more difficult for a commercial inoculant to dominate the fermentation. A benefit of a commercial silage inoculants & enzymes inoculant in corn silage is more likely in immature corn, overly dry corn and the day after a killing frost. Corn silage inoculants containing both Lactobacillus buchneri are different in that they are heterofermentative. They producing lactic acid earlier in the fermentation to reduce fermentation losses, and then acetic acid later in the fermentation to improve aerobic stability to stay fresher longer in the feed bunk.  The silage inoculants & enzymes reduces the growth of yeasts and makes the silage more resistant to spoilage and heating at feed out and improves silage bunk life. This factor will drive the growth of the silage inoculants & enzymes market in the forecast period. 

Silage Inoculants & Enzymes Market Segment Analysis - Geography

North America dominates the silage inoculants & enzymes market with a share of 41% followed by Europe and APAC. The economy of North America is mainly influenced by the economic dynamics of countries such as US and Canada, but with growing foreign direct investment for economic development of North America, the current scenario is changing. Countries in North America are witnessing high growth in the agricultural sector. The North America produces and sells a wide variety of agricultural products across the world. In terms of sales value, US leads the region as the largest producer of agricultural products, accounting for almost 11 percent of the national total, based on the 2012 Census of Agriculture. The coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine. The effect of COVID-19 hit the North American region cause a reduction in the production of agricultural products in the financial year 2020. Agricultural production are widely dispersed throughout the North America and there are currently no wide-spread disruptions reported in the supply chain. The demand and supply chain of silage inoculants & enzymes is divested in the region. The current lock down thought the region is also effecting the production and supply. The agriculture production is also reduces. This factor will hinder the growth of market for the year 2020, but when the situation became normal it will grow with a steady rate in the forecast period.

Silage Inoculants & Enzymes Market Drivers

Increasing feed grains and compound feed prices will drive the growth of the market in the forecast period

Silage inoculants & enzymes contains valuable nutrients which animals use to produce milk or meat. It’s important to retain them. The type and number of acid producing bacteria present in the pasture or crop will influence the amount of dry matter and nutrients it lose in the ensiling process. Silage inoculants & enzymes provide the right bacteria in ideal numbers for a fast, efficient fermentation. They help lock in nutrients and dry matter so the livestock can produce more milk or meat from every tons of pasture or crop it can ensile. Therefore, the increasing feed grains and compound feed prices, rising livestock population and decreasing grazing and pasture land area are some of the major drivers for silage inoculants and enzymes market globally.  

Silage Inoculants & Enzymes Market Challenges

Increase in the cost of silage inoculants & enzymes will hinder the growth of the market

Rising population, increasing standards of living in developing nations, limited availability of arable land, climatic changes, and export restrictions by various governments have led to a surge in demand for silage inoculants & enzymes. Significant increase in silage inoculants & enzymes prices have led to an increase in use of agricultural inoculants. This may hamper the production capability of agriculture land. This factor will hamper the growth of silage inoculants & enzymes market in the forecast period.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in Silage inoculants & enzymes market. In 2019 the market of Silage inoculants & enzymes has been consolidated by the top five players accounting for xx% of the share. Major players in the Silage inoculants & enzymes market are DDCON GROUP GmbH, E. I. du Pont de Nemours and Company, Archer Daniels Midland Company, Kemin Industries, and Chr. Hansen A/S, and Others.

Acquisition/Technology Launches/Product Launch

  • In March 2017, Lallemand Animal Nutrition acquired Nova Microbial Technologies, forwarding Lallemand’s mission to provide natural microbial products and services for optimized animal performance and well-being. This acquisition creates exciting opportunities for Lallemand Animal Nutrition and Nova customers and more importantly the livestock industries we serve.

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1. Silage Inoculants & Enzymes Market- Market Overview
    1.1 Definitions and Scope
2. Silage Inoculants & Enzymes Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Type
    2.3 Key Trends by Species
    2.4 Key Trends by Crop Type
    2.5 Key Trends by Geography
3. Silage Inoculants & Enzymes Market- Landscape
    3.1 Comparative analysis 
        3.1.1 Market Share Analysis- Top Companies
        3.1.2 Product Benchmarking- Top Companies
        3.1.3 Top 5 Financials Analysis
        3.1.4 Patent Analysis- Top Companies
        3.1.5 Pricing Analysis
4. Silage Inoculants & Enzymes Market - Startup companies Scenario Premium Premium 
    4.1 Top startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Silage Inoculants & Enzymes Market– Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top companies
6. Silage Inoculants & Enzymes Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Opportunities
    6.4 Porters five force model
        6.4.1 Steel Bargaining power of suppliers
        6.4.2 Steel Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Silage Inoculants & Enzymes Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Market life cycle
    7.4 Suppliers and distributors Analysis
8. Silage Inoculants & Enzymes Market– By Type (Market Size - $Million, KT)
    8.1 Silage Inoculants
        8.1.1 Homofermentative
        8.1.2 Heterofermentative
    8.2 Enzymes
        8.2.1 Fiber Digesting 
        8.2.2 Starch Digesting
9. Silage Inoculants & Enzymes Market– By Species (Market Size - $Million)
    9.1 Lactobacillus Species
    9.2 Pediococcus Species
    9.3 Enterococcus Species
    9.4 Other
10. Silage Inoculants & Enzymes Market– By Crop Type (Market Size - $Million)
    10.1 Corn
    10.2 Sorghum
    10.3 Alfalfa
    10.4 Clover
    10.5 Other
11. Silage Inoculants & Enzymes Market - By Geography (Market Size - $Million)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Colombia
        11.2.4 Chile
        11.2.5 Rest of South America
    11.3 Europe
        11.3.1 U.K
        11.3.2 Germany
        11.3.3 Italy
        11.3.4 France
        11.3.5 Russia
        11.3.6 Spain
        11.3.7 Netherland
        11.3.8 Belgium
        11.3.9 Rest of Europe
    11.4 Asia Pacific
        11.4.1 China
        11.4.2 India
        11.4.3 Japan
        11.4.4 South Korea
        11.4.5 Australia & New Zealand
        11.4.6 Rest of Asia Pacific
    11.5 RoW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Silage Inoculants & Enzymes Market- Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Silage Inoculants & Enzymes Market Share Analysis Premium
    13.1 Market Share by Country- Top companies
    13.2 Market Share by Region- Top companies
    13.3 Market Share by type of Product / Product category- Top companies
    13.4 Market Share at global level- Top companies
    13.5 Best Practices for companies
14. Silage Inoculants & Enzymes Market- List of Key Companies by Country Premium 
15. Silage Inoculants & Enzymes Market Company Analysis
    15.1 Market Share, Company Revenue, Products, M&A, Developments
    15.2 Company 1
    15.3 Company 2
    15.4 Company 3
    15.5 Company 4
    15.6 Company 5
    15.7 Company 6
    15.8 Company 7
    15.9 Company 8
    15.10 Company 9
    15.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Silage Inoculant Market, By Type Market 2019-2024 ($M)
1.1 Homofermentative Market 2019-2024 ($M) - Global Industry Research
1.2 Heterofermentative Market 2019-2024 ($M) - Global Industry Research
2.Global Silage Inoculant Market, By Specie Market 2019-2024 ($M)
2.1 Lactobacillus Specie Market 2019-2024 ($M) - Global Industry Research
2.2 Pediococcus Specie Market 2019-2024 ($M) - Global Industry Research
2.3 Enterococcus Specie Market 2019-2024 ($M) - Global Industry Research
2.4 Marker-Assisted Selection Market 2019-2024 ($M) - Global Industry Research
3.Global Silage Enzyme Market, By Type Market 2019-2024 ($M)
3.1 Fiber-Digesting Market 2019-2024 ($M) - Global Industry Research
3.2 Starch-Digesting Market 2019-2024 ($M) - Global Industry Research
4.Global Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 ($M)
4.1 Corn Market 2019-2024 ($M) - Global Industry Research
4.2 Sorghum Market 2019-2024 ($M) - Global Industry Research
4.3 Alfalfa Market 2019-2024 ($M) - Global Industry Research
4.4 Clover Market 2019-2024 ($M) - Global Industry Research
5.Global Silage Inoculant Market, By Type Market 2019-2024 (Volume/Units)
5.1 Homofermentative Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Heterofermentative Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Silage Inoculant Market, By Specie Market 2019-2024 (Volume/Units)
6.1 Lactobacillus Specie Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Pediococcus Specie Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Enterococcus Specie Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Marker-Assisted Selection Market 2019-2024 (Volume/Units) - Global Industry Research
7.Global Silage Enzyme Market, By Type Market 2019-2024 (Volume/Units)
7.1 Fiber-Digesting Market 2019-2024 (Volume/Units) - Global Industry Research
7.2 Starch-Digesting Market 2019-2024 (Volume/Units) - Global Industry Research
8.Global Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 (Volume/Units)
8.1 Corn Market 2019-2024 (Volume/Units) - Global Industry Research
8.2 Sorghum Market 2019-2024 (Volume/Units) - Global Industry Research
8.3 Alfalfa Market 2019-2024 (Volume/Units) - Global Industry Research
8.4 Clover Market 2019-2024 (Volume/Units) - Global Industry Research
9.North America Silage Inoculant Market, By Type Market 2019-2024 ($M)
9.1 Homofermentative Market 2019-2024 ($M) - Regional Industry Research
9.2 Heterofermentative Market 2019-2024 ($M) - Regional Industry Research
10.North America Silage Inoculant Market, By Specie Market 2019-2024 ($M)
10.1 Lactobacillus Specie Market 2019-2024 ($M) - Regional Industry Research
10.2 Pediococcus Specie Market 2019-2024 ($M) - Regional Industry Research
10.3 Enterococcus Specie Market 2019-2024 ($M) - Regional Industry Research
10.4 Marker-Assisted Selection Market 2019-2024 ($M) - Regional Industry Research
11.North America Silage Enzyme Market, By Type Market 2019-2024 ($M)
11.1 Fiber-Digesting Market 2019-2024 ($M) - Regional Industry Research
11.2 Starch-Digesting Market 2019-2024 ($M) - Regional Industry Research
12.North America Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 ($M)
12.1 Corn Market 2019-2024 ($M) - Regional Industry Research
12.2 Sorghum Market 2019-2024 ($M) - Regional Industry Research
12.3 Alfalfa Market 2019-2024 ($M) - Regional Industry Research
12.4 Clover Market 2019-2024 ($M) - Regional Industry Research
13.South America Silage Inoculant Market, By Type Market 2019-2024 ($M)
13.1 Homofermentative Market 2019-2024 ($M) - Regional Industry Research
13.2 Heterofermentative Market 2019-2024 ($M) - Regional Industry Research
14.South America Silage Inoculant Market, By Specie Market 2019-2024 ($M)
14.1 Lactobacillus Specie Market 2019-2024 ($M) - Regional Industry Research
14.2 Pediococcus Specie Market 2019-2024 ($M) - Regional Industry Research
14.3 Enterococcus Specie Market 2019-2024 ($M) - Regional Industry Research
14.4 Marker-Assisted Selection Market 2019-2024 ($M) - Regional Industry Research
15.South America Silage Enzyme Market, By Type Market 2019-2024 ($M)
15.1 Fiber-Digesting Market 2019-2024 ($M) - Regional Industry Research
15.2 Starch-Digesting Market 2019-2024 ($M) - Regional Industry Research
16.South America Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 ($M)
16.1 Corn Market 2019-2024 ($M) - Regional Industry Research
16.2 Sorghum Market 2019-2024 ($M) - Regional Industry Research
16.3 Alfalfa Market 2019-2024 ($M) - Regional Industry Research
16.4 Clover Market 2019-2024 ($M) - Regional Industry Research
17.Europe Silage Inoculant Market, By Type Market 2019-2024 ($M)
17.1 Homofermentative Market 2019-2024 ($M) - Regional Industry Research
17.2 Heterofermentative Market 2019-2024 ($M) - Regional Industry Research
18.Europe Silage Inoculant Market, By Specie Market 2019-2024 ($M)
18.1 Lactobacillus Specie Market 2019-2024 ($M) - Regional Industry Research
18.2 Pediococcus Specie Market 2019-2024 ($M) - Regional Industry Research
18.3 Enterococcus Specie Market 2019-2024 ($M) - Regional Industry Research
18.4 Marker-Assisted Selection Market 2019-2024 ($M) - Regional Industry Research
19.Europe Silage Enzyme Market, By Type Market 2019-2024 ($M)
19.1 Fiber-Digesting Market 2019-2024 ($M) - Regional Industry Research
19.2 Starch-Digesting Market 2019-2024 ($M) - Regional Industry Research
20.Europe Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 ($M)
20.1 Corn Market 2019-2024 ($M) - Regional Industry Research
20.2 Sorghum Market 2019-2024 ($M) - Regional Industry Research
20.3 Alfalfa Market 2019-2024 ($M) - Regional Industry Research
20.4 Clover Market 2019-2024 ($M) - Regional Industry Research
21.APAC Silage Inoculant Market, By Type Market 2019-2024 ($M)
21.1 Homofermentative Market 2019-2024 ($M) - Regional Industry Research
21.2 Heterofermentative Market 2019-2024 ($M) - Regional Industry Research
22.APAC Silage Inoculant Market, By Specie Market 2019-2024 ($M)
22.1 Lactobacillus Specie Market 2019-2024 ($M) - Regional Industry Research
22.2 Pediococcus Specie Market 2019-2024 ($M) - Regional Industry Research
22.3 Enterococcus Specie Market 2019-2024 ($M) - Regional Industry Research
22.4 Marker-Assisted Selection Market 2019-2024 ($M) - Regional Industry Research
23.APAC Silage Enzyme Market, By Type Market 2019-2024 ($M)
23.1 Fiber-Digesting Market 2019-2024 ($M) - Regional Industry Research
23.2 Starch-Digesting Market 2019-2024 ($M) - Regional Industry Research
24.APAC Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 ($M)
24.1 Corn Market 2019-2024 ($M) - Regional Industry Research
24.2 Sorghum Market 2019-2024 ($M) - Regional Industry Research
24.3 Alfalfa Market 2019-2024 ($M) - Regional Industry Research
24.4 Clover Market 2019-2024 ($M) - Regional Industry Research
25.MENA Silage Inoculant Market, By Type Market 2019-2024 ($M)
25.1 Homofermentative Market 2019-2024 ($M) - Regional Industry Research
25.2 Heterofermentative Market 2019-2024 ($M) - Regional Industry Research
26.MENA Silage Inoculant Market, By Specie Market 2019-2024 ($M)
26.1 Lactobacillus Specie Market 2019-2024 ($M) - Regional Industry Research
26.2 Pediococcus Specie Market 2019-2024 ($M) - Regional Industry Research
26.3 Enterococcus Specie Market 2019-2024 ($M) - Regional Industry Research
26.4 Marker-Assisted Selection Market 2019-2024 ($M) - Regional Industry Research
27.MENA Silage Enzyme Market, By Type Market 2019-2024 ($M)
27.1 Fiber-Digesting Market 2019-2024 ($M) - Regional Industry Research
27.2 Starch-Digesting Market 2019-2024 ($M) - Regional Industry Research
28.MENA Silage Inoculant & Enzyme Market, By Crop Type Market 2019-2024 ($M)
28.1 Corn Market 2019-2024 ($M) - Regional Industry Research
28.2 Sorghum Market 2019-2024 ($M) - Regional Industry Research
28.3 Alfalfa Market 2019-2024 ($M) - Regional Industry Research
28.4 Clover Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
2.Canada Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
3.Mexico Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
4.Brazil Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
5.Argentina Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
6.Peru Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
7.Colombia Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
8.Chile Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
9.Rest of South America Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
10.UK Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
11.Germany Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
12.France Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
13.Italy Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
14.Spain Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
15.Rest of Europe Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
16.China Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
17.India Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
18.Japan Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
19.South Korea Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
20.South Africa Silage Inoculants & Enzymes Market Revenue, 2019-2024 ($M)
21.North America Silage Inoculants & Enzymes By Application
22.South America Silage Inoculants & Enzymes By Application
23.Europe Silage Inoculants & Enzymes By Application
24.APAC Silage Inoculants & Enzymes By Application
25.MENA Silage Inoculants & Enzymes By Application
26.Archer Daniel Midland Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Chr. Hansen A/S, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.E. I. Du Pont De Nemours And Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Kemin Industry, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Volac International Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Addcon Group Gnbh, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Agri-King Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Biomin Holding Gnbh, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Lallemand Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Schaumann Bioenergy Gnbh, Sales /Revenue, 2015-2018 ($Mn/$Bn)