Rising Demand for Fescue and Lablab Keeps Companies in Pursuit of Innovation in Global Forage Seed Market

A new Transparency Market Research report states that the global forage seed market stood at US$10.8 bn in 2014 and is predicted to reach US$17.5 bn by 2020. It is expected to expand at a CAGR of 8.40% from 2014 to 2020. The title of the report is “Global Forage Seed Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”.

According to the report, the forage seed market is predicted to experience steady growth due to the increasing demand for forage to feed livestock. In addition, other benefits of forage seed, including enhanced soil structure, crop rotation, soil erosion prevention, and risk diversification, are also predicted to raise the demand for forage seeds. The rise in the number of livestock, especially genetically modified animals, is further stimulating the demand for forage seeds. Furthermore, the economical prices of forage seeds have also impacted the market positively. The shift in the food habits of people and the increasing demand for meat and dairy products will raise the demand for livestock. Hence, farmers are feeding livestock with high-quality forages. This will further augment the demand for forage seeds in the forecast horizon.

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On the basis of product, the forage seed market is segmented into clover, alfalfa, chicory, ryegrass, and others including fescue, lablab, etc. Amongst these, in 2013, alfalfa led the market and was trailed by clover and ryegrass. The others segment including fescue and lablab is amongst the most swiftly developing segments and will expand at a 12.40% CAGR in the forecast horizon.

On the basis of livestock type, the market is segmented into cattle, pork/swine, poultry, and others including aquaculture. Amongst these, poultry constituted the biggest share in the market and was trailed in 2014 by the segments of pork/swine and cattle. As the demand for eggs and poultry meat is on the rise, poultry farms have started focusing on superior-quality forage seeds in order to enhance productivity.

On the basis of geography, the forage seed market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). In 2014, the U.S. stood as the biggest market for forage seeds in North America and is predicted to witness exponential growth in the forecast horizon. On the other hand, the Asia Pacific forage seeds market is a smaller market in comparison with the other regions but is predicted to grow exponentially in the forecast horizon.

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China within Asia Pacific is predicted to maintain its superiority in the market for forage seeds by 2020. In Europe, France will experience slower growth in comparison with other countries.As per the report, the prominent players dominant in the market for forage seeds include Dynamic Seeds Ltd., Brett young, Golden Acre Seeds, Moore Seed Processors, Pickseed Canada Ltd., Foster’s Seed and Feed, LLC, Allied Seed, Northstar Seed Ltd., and Hancock Farm & Seed Co., among others.

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This release was published on openPR.