Global Forage Feed Market - 2022-2029
Forage Feed Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).
Forage is the important plant material eaten by livestock. Forage feed includes grass, legumes, silage, hay, and various extracts from harvested crops. Forage feed offers nutrition to various livestock like poultry, ship, goad, cattle, horse and many others. The demand for forage feed is increasing rapidly due to the increasing livestock population, wealth and urbanization. Livestock is one of the growing businesses in agriculture, which is likely to present tremendous growth opportunities for the global forage feed market.
Market Dynamics: The rising demand for milk across the globe is expected to drive the market growth
Milk consumption is increasing due to the growing prosperity and worldwide investments in dairy product development. According to the data from USDA, the worldwide milk consumption was approximately 190 million tons in 2020. In most developing countries, smallholders produce milk, and milk products contribute to household livelihoods, food security and nutrition. Milk provides relatively quick returns for small-scale producers and is an important source of cash income. Most people do milk business in agriculture. Cattle are given nutritional forage that increases milk production. For dairy cattle, forage is the most important factor and the major source of cattle roughage and fiber. Animal's health depends on the quality of forage provided to cattle. Good forage helps to maintain the nutritional value of cattle. Good forage quality helps to increase the quality and quantity of milk. It propels the growth of the global forage feed market in the years to come.
The global forage feed market's expansion is expected to be influenced by the growth in the livestock population and the rise in the demand for high-quality feed products. Forage feeds offer energy, fiber, and essential protein to livestock animals. It has led to increased output and the saving of costs incurred due to the addition of supplement additives and additional protein.
Market Segmentation: Stored forage segment accounted for the highest share in global forage feed market
In 2021, the stored forage segment had the highest revenue share of more than XX percent. Stored forage is preserved for one year and especially for the summer season. It is essential to harvest forage at the appropriate time, based upon nutritional quality, forage yield and climatic conditions, and then to store it properly to reduce losses. Silage is mostly known as forage for cattle. Farmer’s cut grasses and legumes, chop them while still moist, and put them in silos to ferment so they can be preserved. Forages are especially important for ruminant animals like cows. They are the major source of the fiber which cows need to stay healthy.
Geographical Penetration: North America is the dominating region during the forecast period
In 2021, North America had the highest revenue share of almost XX percent. Texas is the country in the US with the highest percentage of cattle, 13.82%. As the cattle population increases in the United State region, demand for the forage feed is also expected to increase. The United States has 9.35% of cattle compared to the whole world. The United States produced more than 5,000 tons of green chop production and more than 1,000 thousand tons of silage production in 2021. Unites states contributed to more than 15,000 thousand tons of total forage production. Along with forage production, meat production is also increased, so the demand for forage feed is high in the North American region. As the US remained the world’s largest animal feed producer and exporter in 2020, the top 10 largest animal feed manufacturers in the US are expected to continue dominating the animal feed production and export exports in the global market.
The forage market in Asia-Pacific is expanding, owing to the demand for dairy and dairy products and the increased meat consumption in the region. India and China are the major countries in the forage market in this region. India ranks first in milk production around the globe. India will produce 209.96 million tonnes of milk in the year 2021. The cow population increased by 18 % last year. Major Key players of India are focusing on forage harvesters to increase the milk output. For instance, CLASS agriculture machinery launched Jaguar 25 single row forage harvester.
There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are ADM, Triple Crown Nutrition, Lucerne Farms, Al Dahra ACX Global Inc., NWF Agriculture, and Standlee Premium Products LLC, among others. Key players are trying to find advanced solutions for feed forage. For instance, In Sept 2020, ADM animal nutrition introduced an Equine supplement specialized for the horse. Forage first GS provides needed nutritional support for optimal gastric health. Its unique blend of ingredients supports a healthy gastric pH while helping protect and strengthen the stomach lining. This supplement provides an elevated zinc level, an essential mineral needed for maintaining a healthy intestinal barrier and is crucial for tissue healing. In July 2020, ADM animal nutrition launched NutriPass L Encapsulated Lysine. Encapsulating lysine made it possible for producers to supply a balanced, cost-effective diet by reducing higher-cost protein ingredients in the ration. In November 2019, ADM opened a new animal nutrition facility in Vietnam. This facility provided feed for swine, poultry and rabbits. Some major companies follow a merger and acquisition strategy to expand the company. For instance, in 2021, Wilbur-Ellis Nutrition acquired the forage pellet business of Ametza LLC. The company manufactured and sold forage pellets for the livestock and companion animal markets through major retailers in the United States.
COVID-19 Impact Negative impact on the global forage feed market
The global forage feed market has slightly declined due to the Covid 19 pandemic. Feed forage supply is completely dependent on agriculture. Due to the coronavirus disease crisis and the global lockdown measures, unprecedented agri-food systems disruptions and food safety and security disruptions have occurred. The covid pandemic badly affected agriculture sub-sectors like the forage feed sector. In March, April and May, 2021 there were major disruptions to processing facilities for cattle, hogs and poultry. In response to these disruptions, there were significant price variations that accompanied the disruptions, and significant production deviations from the pre-COVID-19 baseline developed. Moreover, production and marketing channel disruption negatively impacted on feed forage market. Also, the unavailability of labor for processing operations adversely affects the market.
The global forage feed market report would provide an access to approximately 53 market data tables, 44 figures and 170 pages
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