(I-BusinessNews.Com, May 30, 2021 ) Global Forage Seed Market size was valued at $17.95 Billion by 2019 and is anticipated to grow at a CAGR of 7.8% during the forecast period 2020-2025. The Global Forage Seed Market growth rate is attributed to the growing concerns among consumers regarding gut health and the growing consumption of dietary supplements is anticipated to bring new opportunities. Forage seeds are available at a lower price compared to other feeds, such as wheat bran and oilseed. Thus, growth in demand for forage feed used to feed livestock primarily drives the market. Forage seeds do not rely on synthetic fertilizers and pesticides, which help improve and maintain soil quality.
The economic benefits of cultivating forage seeds, such as crop rotation and risk diversification, further contribute to the growth of the forage seed market. Demand for organic foods is on an increase as there is a rise in the awareness for health consciousness among the people. The meat of animals feed on forage is healthier, which helps avoid obesity, cholesterol, cancer, fats, and hypertension. This is anticipated to create future opportunities for the forage seed market. However, the unwillingness of farmers to pay for high-quality seeds, time-consuming cultivation, as well as the changing climatic and soil conditions are likely to hinder the market growth over the forecast period 2020-2025.
Global Forage Seed Market Segment Analysis – By Product Type
On the basis of product type, alfalfa segment accounted for major share in 2019. This segment has high rate of adoption in the forage seed market owing to increase in demand for organic food. The rapid growth of poultry is poised in subsequent years owing to rise in demand for organic food. This application has the potential to generate high returns owing to rise in adoption of forage seed. Increase in adoption of cattle and pork market is anticipated to rise with highest market share and is identified as one of the lucrative markets for investment.
On the contrary, Clovers segment is poised to grow at a higher CAGR of 8.0% in the forecast period 2020-2025. This is owing to the fact that the clovers are valuable additions to much forage owing to improved forage yield, amplified forage quality, decreased nitrogen fertilizers costs and enhanced forage growth distribution. These lead to increased animal performance and livestock enterprise profitability thereby, boosting the segmental growth.
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Global Forage Seed Market Segment Analysis – By Livestock
On the basis of livestock, the cattle segment accounted for the largest segmental revenue of the forage seeds market in 2019 owing to the fact that the quality of milk and meat products depends on the quality of feed fed to the cattle. Forage seeds are added to the cattle feed by livestock producers to ensure optimum production and performance. They help to improve the milk quantity and enhance the immune system of cattle, leading to greater feed efficiency.
However, the poultry feed segment is poised to hold the highest growth rate of the livestock segment over the forecast period 2020-2025. This is attributed to the fact that poultry animals require proper nutrition to produce healthy and fresh meat and eggs. As a result, poultry farmers focus on feeding their chickens with a mixture of grains such as alfalfa seeds and forage clover.
Global Forage Seed Market Segment Analysis – By Geography
North America is the major region dominating the global forage seeds market with a market share of 42.16% in the year 2019 owing to the increasing consumer demand for dairy and animal products is resulting in an increased demand for forage seeds in the region. The consumption of forage seeds is poised to increase in the region during the projected period owing to the rising demand for cattle feed and the need for organic food products which is poised to positively impact the forage seed market size and share in the region.
However, Asia Pacific is projected to be the fastest-growing market for forage seeds during the forecast period 2020-2025. The Asia Pacific market experiences the maximum consumption of forage seeds owing to the rising demand for animal feed, reduction in the availability of grazing land, and increase in demand for dairy products.
Global Forage Seed Market Drivers
Growing demand of meat and meat products
The Global Forage Seed market is poised to receive upswing owing to the fact that countries, such as India, China, Brazil, and Russia are among the world’s fastest-growing economies; a rise in per capita income is anticipated to shift dietary preferences toward protein-rich diets. Globally, there is an increasing population trend in supporting the growth of the world meat and seafood market. Increasing life expectancy, limited availability of land and water resources for animal feed production, and increasing use of these resources for food and ethanol production are increasing the demand for animal feed in the global meat industry. Hence the more consumption of meat is to drive the global future forage seed market during the forecasting period 2020-2025.
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Global Forage Seed Market Challenges
Unwillingness of farmers to pay for high-quality seeds
Despite several drivers, the unwillingness of farmers to pay for high-quality seeds, time-consuming cultivation, as well as the changing climatic and soil conditions are likely to hinder the market growth over the forecast period 2020-2025.
Global Forage Seed Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Global Forage Seed Market. In 2019, Global Forage Seed Market share is fragmented by the top ten players present in the market. Global Forage Seed Market 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.
Acquisitions/Product Launches
In March 2018, KWS Saat S.E. introduced maize forage varieties which consist of enhanced properties of maize such as high kernel content, improved diary production by cows and improved yield on the consumption of this maize forage variety.
In December 2017, Grassland Oregon, a seed company based in Salem, Oregon, launched FIXatioN Balansa and Frosty Berseem clovers, making them available to producers in Canada. Both varieties are capable of withstanding temperatures as cold as -26°C and -5°C, respectively.
Key Takeaways
North America dominated the Global Forage Seed Market with a share of 42.16% in the year 2019.
The factors such as increased demand for dairy products coupled with reduction in the available grazing land are amongst the major factor projected to impel growth of Global Forage Seed Market.
Rising concern regarding the enhancement of soil health, resulting in improved yield and evolving new technologies and improvements in seed genetics are the key factors owing to the growth in the segment during forecast period 2020-2025.
Related Reports :
A. Oilseeds Market
https://www.industryarc.com/Report/17801/oilseeds-market.html
B. Forage Feed Market
https://www.industryarc.com/Research/Forage-Feed-Market-Research-511145
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