Global Forage Seed Market - By Product Type, Application and Geography - Market Shares, Forecasts And Trends (2017 - 2022)
The global forage seed market accounts for nearly 26% of the global seed market. The market value is expected to reach USD 20.12 billion by 2021, from USD XX billion in 2016, growing at a CAGR growth of 9.86% during 2016-2021.
The most common forage seeds available in the market are sorghum, maize, oats, alfalfa, clover, pearl millet, and grasses. Various hybrid forage seeds with high yield potential are available in the market. An increased demand for livestock products, including eggs, meat (beef, pork, and mutton), and milk is stimulating the growth of the global market. Among livestock products, the global demand for poultry meat is expected to increase by 170% during the period of 2000-2030, followed by milk (100%), mutton (80%), beef (70%) and pork 60%). The same has led to an abrupt increase in the livestock feed sector, which in-turn has increased the demand for forage seeds in the market.
Currently, Europe and North America are the largest forage seed markets, with 66% of the global share. Alfalfa is the largest traded seed among all the categories, and in the United States alone it accounts for 27% of the market value.
The global forage seeds market is driven by factors such as growing demand for dairy products, increased livestock production, and a rise in meat consumption, globally. Proper usage of quality forage seeds improves the quality and yield of animal feed, and in-turn helps in improving animal health and growth. The rise in cost of forage is another driving factor for the industry. Industrialization of the livestock sector is helping the forage seed industry to acquire a greater market share. Growth in the feed additive industry is fuelled by an increase in the meat consumption, thus leading to concerns over quality and safety of the animal and human health. An increased industrial production of meat tends to use better feed varieties to sustain constant demand. The main obstacle for the growth of forage seed industry is the lack of awareness among consumers. Another restraint is the favorable government policies for cereals crops, which is leading towards the decrease in area cultivated for forage crops. The growth opportunities for forage seed industry is high, and the demand for animal products is increasing at a much faster pace.
The global market for forage seeds can be segmented by crop type, product type, animal type and by geography. By crop type, the market is segmented into legumes, cereals, and grasses. Among forage crops, cereal forage seeds form the largest market segment, with XX% of the market share. Increased demand for poultry products, dairy, and beef products has accelerated the demand for high-quality forage seeds in the market.
By product type, the market is segmented into stored forage and fresh forage. The stored forage is segmented into silage and hay. Further, the market has been segmented by animal type into cattle, swine, poultry, and others. Currently, Europe is the largest market for forage seeds, followed by North America. The Asia-Pacific forage seeds market is expected to witness the fastest-growth during 2016-2021.
Major companies in the sector include:
Advanta Seed International
DLF International Seeds
Barenburg Seeds, USA
Golden Acre Seeds
Foster's Seed and Feed
Recent Industry Insights
â€œForage Genetics International has recently developed the first genetically enhanced alfalfa, HarvXtra. Research trials show a 16% increase in the relative forage quality (RFQ) and 16% higher neutral detergent fiber digestibility (NDFD), across cuttings. The company will launch the product by the spring of 2016.â€
Key Deliverables in the Study
Market analysis for the global forage seed market with competition analysis.
Market overview and identification and analysis of the macro and micro factors that affect the global forage seed market.
Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.
The report holds importance for the following stakeholders-
Enterprises operating in the industry
Traders and stakeholders operating in the sector
Investors/research institutions interested in the market
Supply chain analysis
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook