Global Herbage Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value

"The Business Research Company recently released a comprehensive report on the Global Herbage Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The herbage market size has grown strongly in recent years. It will grow from $8.58 billion in 2023 to $9.34 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to historical consumer awareness, cultural and dietary shifts, historical medicinal use, historical agricultural practices, historical research and development..

The herbage market size is expected to see strong growth in the next few years. It will grow to $12.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to regulatory developments, growing herbal supplements demand, expanding research and development, shifting consumer preferences, global economic outlook.. Major trends in the forecast period include product innovation, cultural shifts and culinary trends, innovative product offerings, environmental sustainability focus..

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Market Drivers and Trends:

The growing dairy industry is expected to propel the growth of the herbage market going forward. The dairy industry refers to the production and processing of all milk products at dairy plants or dairy farms. In dairy industries, herbage is used to provide materials for grazing animals for higher milks productions. For instance, according to the Food and Agriculture Organization, an Italy-based specialized agency of the United Nations, global milk production reached approximately 928 million metric tons in 2021, which is a 1.3% increase compared to milk production in 2020. Therefore, the growing dairy industry will drive the herbage industry.

Product innovation is a key trend gaining popularity in the herbage market. Major companies operating in the herbage market are developing innovative products to sustain their position in the herbage market. For instance, in July 2022, Fyteko, a Belgium-based agricultural technology company, and Cerience, a France-based agronomist seed producer, launched NURSEED HC, a hydroxycinnamic oligomer, found in plant cell walls applied to forage seeds. The innovative seed treatment can help with the emergence of stressed seedlings and can also provide a good yield.

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Major Key Players of the Market:

Cargill Incorporated; Kreamer Feeds Inc.; Scratch and Peck Feeds; Country Heritage Feeds; ForFarmers; Green Mountain Feeds; Feedex Companies; SunOpta; Ranch-Way Feeds; MEGAMIX LLC; Aus Organic Feeds; Purina Animal Nutrition LLC; Koninklijke DSM N.V.; Evonik Industries AG; Alltech; Archer Daniels Midland Company; Badische Anilin- und Sodafabrik; Chr. Hansen Holding A/S; Danisco A/S; DuPont de Nemours Inc.; Elanco Animal Health Incorporated; Evialis; Kemin Industries Inc.; Novozymes A/S; Nutreco N.V.; Provimi Holding B.V.; Royal DSM N.V.; Trouw Nutrition International B.V.; Zoetis Inc.; Land O'Lakes Inc.; Monsanto Company; S&W Seed Company; Syngenta AG; The Mosaic Company; The Scoular Company; Tyson Foods Inc.; Wilbur-Ellis Company; Yara International ASA; Zen-Noh Grain Corporation

Herbage Market 2024 Key Insights:

• The herbage market will grow to $12.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Herbage Market Growth Driven By The Booming Dairy Industry
• Revolutionizing The Herbage Market Through Product Innovation
• Asia-Pacific was the largest region in the herbage market in 2023

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