Press release
Future of the Forage Market: Emerging Opportunities, Market Dynamics, and Strategic Roadmap
Forage Market
The forage market size was valued at USD 773.12 million in 2022. It is anticipated to generate an estimated revenue of USD 1,261.13 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust compound annual growth rate (CAGR) of 5.0% over the forecasted timeframe of 2023-2032.
Market Introduction
Forage is a plant substance consumed by grazing livestock. Historically, the terminology forage has indicated plants consumed by animals instantly as pastures, crop leftovers, or crude cereal crops but is utilized more loosely to involve homogenous plants cut for fodder and carried to the animals, particularly as hay or silage.
The Poaceae are the most economically viable plant family offering staple foods from domesticated cereal crops, such as maize, wheat, rice, oats, barley, and millet for people and as feed for meat-producing animals. They offer through instant human intake roughly one-half (51%) of all dietary energy; rice provides 20%, wheat supplies 20%, maize (corn) 5.5%, and other grains.
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Market Drivers
The speedily growing existence of many kinds of detrimental illnesses in livestock and excessive innovation globally causes altering consumer inclination and a surge in demand for superior organic and natural forage, which is pushing the forage market demand.
The surfacing of many contemporary technologies and enhancement in forage seed genetics and the growing aggregate of government-approved repayment policies and initiatives, including subsidies and tax rebates, together with a surge in funding in the R&D sector to advance more improved and enhanced commodities and manufacturing methodologies, are some factors favoring market growth.
Regional Perspective
North America dominated the market in 2022 owing to the ongoing surge in the intake of dairy products and elevated inclination towards organic feed, together with surging production of alfalfa in nations such as the US and Canada due to the curtailment of land obtainable for feeding animals. Additionally, the growing augmentation in Oregon, where the forage grass is generated due to the growing demand for forage seeds initiated by the government, is propelling the market in the region.
The Asia Pacific forage market is projected to witness the fastest growth during the forecast period due to growing forage demand in the region because of elevated production of chicken and other meat commodities and a move towards consuming more dairy products.
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Competitive Landscape
The competitive landscape of the market is portrayed by fierce contention amidst key players struggling for market dominance. Some of the market participants in the market identified across the value chain include:
• Allied Seed LLC
• Cawood Scientific
• Dairy Land Laboratories
• CVAS Forage Lab
• Eurofins Scientific
• Intertek Testing Laboratories
• Dodson & Horrell
• Messy Feeds
• RJ Hill Laboratories
• Barenburg USA
• Cargill Incorporated
• Forage Genetics International LLC
• Standlee Premium Products LLC
• DLF Seeds A/S
• Servi-Tech Inc.
• Corteva Inc.
• SGS S.A.
Forage Market Report Highlights
📊 Legumes segment accounted for the largest market share in 2022 on account of its widespread adoption among farmers due to its ability to be growing in several climates and being cost-effective as well
📊 Stored storage segment held the significant market revenue share in 2022, which is mainly driven by continuous development in storage technology and systems allowing farmers to store products for longer period
📊 Poultry segment is projected to grow over the anticipated period, mainly due to the growing number of health-conscious consumers who are looking for organic products
📊 North American region dominated the global market for forage in 2022, owing to the quick adoption of improved production techniques and growing consumer awareness about the health benefits of the product
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Segmental Outlook
Forage Market, Crop Type Outlook (Revenue - USD Million, 2019-2032)
• Cereals
• Legumes
• Grasses
Forage Market, Product Type Outlook (Revenue - USD Million, 2019-2032)
• Stored Forage
• Fresh Forage
Forage Market, Animal Type Outlook (Revenue - USD Million, 2019-2032)
• Ruminants
• Swine
• Poultry
• Cattle
• Others
✅ Frequently Asked Questions (FAQs)
1. What is the projected market size of the global Forage Market?
2. Who are the leading players in the Forage Market?
3. Which regions contribute significantly to the global Forage Market?
4. What is the anticipated CAGR for the Forage Market during the 2023-2032 forecast period?
5. What are the key market segments within the Forage Market?
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