Food and Beverages
Global Forage Seed Market size estimated to reach $17,950 million by 2026
Global Forage Seed Market size is estimated to reach $17,950 million by 2026, growing at a CAGR of 7.8% over 2021-2026. Forage is a kind of plant that is mostly used by the dairy farmers for feeding animals. There are various types of forage plants such as chicory, ryegrass, alfalfa, timothy, clover, bent grass and many more. Silage is the final product of forage seed when it is conserved and stored. Forage seeds are also available in low cost than any other feeds such as wheat bran and oil seed. Tree legumes provides various advantages in agriculture and forestry such as forage for animal production, fuel wood and timber production and many more. Forage crops are used in the form of pasture, fodder, and silage. Rising awareness towards livestock health among people and increasing demand of meat and meat products is the major factor driving the growth of Global Forage Seed Market. Furthermore, increasing consumption of organic food and feed products, reduction of land for grazing of animals and growing development in feed industry is set to further enhance the overall market demand for Global Forage Seed Market for the period 2021-2026.
Key Takeaways
- In 2020, North America dominated the Global Forage Seed Market owing to growing consumption of dairy products and rising preference towards organic feed among consumers, thereby increasing the demand of forage seeds. Moreover, reduction of land for feeding animals increases the production of alfalfa which in turn driving the growth of Global Forage Seed Market.
- Rising awareness towards livestock health among people and increasing demand of meat and meat products are enhancing the growth of the Global Forage Seed Market.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Global Forage Seed Market report.
- Rising hesitation among farmers to pay for high quality crops is set to create hurdles for the Global Forage Seed Market.
Global Forage Seed Market Size, By Livestock 2020-2026 (USD Million)
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Global Forage Seed Segment Analysis – By Product Type
The Global Forage Seed Market based on Product Type can be further segmented into Alfalfa, Clover, Ryegrass, Chicory, and Others. The Alfalfa segment is the major segment generating revenue in 2020. This is mainly owing to its various properties such as high yield, extensive adaptation, disease resistance, and excellent feeding quality. Alfalfa is considered as the most versatile crop and owing to its high temperature adaptability production of alfalfa increases rapidly. Moreover, alfalfa helps to improve the digestibility of various livestock rising the demand of alfalfa for feeding livestock and thus rising market growth. The Clover segment is estimated to register the fastest CAGR of 8.1% for the period 2021-2026. Cloves are considered as valuable addition in forage seeds owing to its various benefits such as improved forage yield, amplified forage quality, decreased nitrogen fertilizers costs and enhanced forage growth distribution. These factors increases the demand of clovers in animal feed which in turn boosting the growth of Global Forage Seed market.
Global Forage Seed Segment Analysis – By Livestock
The Global Forage Seed Market based on Livestock can be further segmented into Cattle, Swine, Poultry, and Others. The Cattle segment registers for the highest Global Forage Seed market share in 2020. The quality of milk and meat products directly depends on the quality of feed given to the cattle, rising the addition of forage seed in cattle feed and expanding the production of forage seed. Moreover, forage seed helps to improve the quality of milk and boost the immune system of cattle which rising the use of forage seed among manufacturers. The Poultry segment is forecasted to register the fastest CAGR of 9.2% over 2021-2026. This is mainly owing to the fact that poultry animals require proper maintenance and nutrition to produce healthy and fresh meat that rising the demand of forage seed among poultry industry. Moreover, rising consumption of protein among consumers increases the need of forage seed in poultry industry and are thus propelling the growth of Global Forage Seed Market.
Global Forage Seed Segment Analysis – By Geography
North America dominated the Global Forage Seed Market with major share of 45% in 2020. This is owing to growing consumption of dairy products and rising preference towards organic feed among consumers and increasing the demand of forage seeds. Moreover, reduction of land for feeding animals increases the production of alfalfa which in turn driving the growth of Global Forage Seed Market. In U.S., about 23 million acres of alfalfa are produced every year which increases the demand of forage seed in this region.
However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to less availability of grazing land for cattle and growing preference of dairy products among Asian countries. In India, the production of chicken increases that rising the need of forage seeds and thus rising the market growth.
Global Forage Seed Market Drivers
- Rising Awareness Towards Health of Livestock
Growing awareness towards the health of livestock increases the preference of natural and organic animal feed which provides nutrition to animals is a significant factor driving the market growth. Moreover, the quality of dairy products are totally depend on the quality of animal feed which rising the production of forage seed for feeding animal that helps to provide nutrition to them which further help to product high quality product and therefore rising the growth of the Global Forage Seed Market over the period 2021-2026.
- Increasing Demand of Meat and Meat Products
The demand of meat and meat products increases which rising the production of forage seeds in animal feed among manufacturers is a major factor driving the market growth. According to Food and Agricultural Organization, the consumption of meat increases owing to rising needs of proteins among consumers which further boosting the growth of Global Forage Seed Market over the period 2021-2026.
- Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Global Forage Seed Market. The forage seed is highly international which shipped large volume of seeds. During pandemic, shipments are affected owing to lockdowns that created disruption in the supply chain and are negatively impacted the growth of Global Forage Seed Market.
Global Forage Seed Market Challenges
- Rising Hesitation among Farmers to Pay for High Quality Crops
The factors that are set to impede the growth of the Global Forage Seed Market are the growing hesitation among farmers to pay for high quality crops that is set to create hurdles for the Global Forage Seed Market.
Global Forage Seed Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Global Forage Seed Market. Global Forage Seed top 10 companies are Allied Seed, LLC., Brett Young, BASF SE, Dynamic Seeds Ltd., Central Garden & Pet Company, Barenbrug Seed Company, Northstar Seed Ltd., Hancock Farm & Seed Co. Inc., Foster’s Seed and Feed Ltd., Dow AgroSciences, LLC and others.
Development
- In February 2020, S&W Seed Company acquired Australian based pasture genetics Pvt. Ltd. This acquisition helps to strengthen the portfolio of pasture genetics seed product portfolio includes alfalfa, medic, clovers, vetch, forage cereals, as well as pasture and other grasses.
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