Forage Seed Market Size, Industry Analysis by Leading Key Players, Development and Forecast
Forage seeds are the edible parts of plants widely utilized for livestock feeding. Alfalfa, clover, chicory, ryegrass, lablab, and fescue are some of the popular forage seeds in the global market. They are available at low price compared to other feeds, such as wheat bran and oil seed. These forage seeds are supplied to seed cultivators and conditioners for further processing and conditioning to get purified seeds with increased level of protein and energy.
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The increase in need for healthy animals, propelled by the growth in demand for meat, eggs, and milk is estimated to boost the market during the forecast period.
The demand for forage seed is majorly driven by its high nutrient content, which helps to improve lactation, reproduction, and health of livestock. In addition, forage seeds are widely used to enhance milk production globally. Economic benefits with cultivating forage seeds, which include improving soil health and business flexibility, are further expected to drive the forage seed market. Irregular seed germination cycle, lack of favorable government policies for cereal crops, and insufficient funding in forage research is expected to hamper the market. Forage seed production does not involve addition of synthetic fertilizers and pesticides for forage crop growth and protection. The meat of the animals that are fed on forage is healthier and helps avoid obesity, cholesterol, cancer, fats, and hypertension. Thus, the rise in demand for organic meat to maintain a healthy lifestyle creates future opportunities for the forage seed market.
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The forage seed market is segmented into product, livestock, and geography. Based on product, the forage seed market is segmented into clover, chicory, ryegrass, alfalfa, and others. Based on livestock, the market is segmented into cattle, swine, poultry, and others. Geographically, the market is segmented into North America, Europe Asia-Pacific, and LAMEA.
Brazil has more than 200 million cattle and is one of the largest meat exporter country, representing 17% of the world market. The pasture areas in Brazil represent 75% of the agriculture area and annually 100,000 tons of forage seeds are marketed. Beef and milk cattle farmers adopt advanced technologies to get more kilograms of meat or liters of milk per hectare. Increase in demand for organic meat is further expected to boost the forage seed market during the forecast period.
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The major players operating in the global forage seed market 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., Fosters Seed and Feed Ltd., and Dow AgroSciences, LLC.
Key Findings of Forage Seed Market
North America is projected to maintain its lead position throughout 2022 and grow at a CAGR of 7.58%, in terms of revenue.
Poultry livestock segment occupied the highest share of the total market in 2015 and is anticipated to grow at a CAGR of 9.25% from 2016 to 2022.
Asia-Pacific is anticipated to be the fastest growing region with a CAGR of 10.11% during the forecast period.
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