Market Insight
Global Forage Seeds Market is anticipated to accrue revenues at a CAGR of 9.3% over the forecast period. Low availability of arable land for production of forage crops is one of the major drivers of the market. Agricultural lands are tested for viability and determination of survivability over a period of time. The emphasis given to livestock health amid the growing demand for lean meats among the populace can bode well for the market. This can be attributed to the rise in disposable income levels of consumers and awareness of soil quality.
Forage seeds are seeds made up of stems and plant leaves which are consumed by livestock. Forage seeds are also being developed for the cultivation of forage crops owing to their ability to leave the soil intact. In addition, consumption of these seeds can save costs required for additional dietary requirements. The global forage seeds market report by Market Research Future (MRFR) considers drivers, challenges, and opportunities for the period of 2020 to 2023 (forecast period). The COVID-19 pandemic and its impact on production, supply chain, and distributors has been considered in the report.
Massive demand for organically grown crops will take precedence as the demand for food grows globally. This is evident with a large section of the population moving to urban areas for employment and future settlement. But hesitation among farmers to pay for premium quality seeds can impede the market growth.
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Competition Outlook
Dynamic Seeds Ltd., Ampac Seed Co., Advanta Seeds Limited, Land O Lakes Inc., DOW Agrosciences LLC, Barenbrug Holding B.V., Monsanto Company, Allied Seed, LLC, Northstar Seed Ltd., E.I. du Pont de Nemours and Company are key players of the Global Forage Seeds Market.
Segmentation
Global Forage Seeds Market is segmented by crop types and livestock.
Based on livestock, forage seeds are segmented into poultry, cattle, swine, ruminant, and others. The cattle segment accounted for the highest consumption of forage seeds. The growth of this segment is its use in cattle feed due to increase in milk quantity and improved immunity of the livestock. But the swine segment is anticipated to showcase one of the highest growth rates during the forecast period.
Global Forage Seeds Market is segmented by crop types into cereals, legumes, grasses, and others. Among them, legumes are dominating the market followed by grasses. Alfalfa, which is a herbaceous legume, contains nearly 15-22% crude protein and vitamins. Owing to the high protein and vitamin content, it is primarily used for feeding livestock such as cattle, goats, sheep, and other farm animals. It can improve their digestive health and improve the quality of livestock production.
Regional Analysis
North America, Europe, Asia Pacific, and Rest-of-the-World (RoW) are regions analyzed for the prospects of the global forage seeds market.
Europe is touted to lead the global market till the end of the forecast period. Germany and the U.K. are one of the biggest poultry producers. In addition, abundance of land available for cultivation of forage crops and vast swathes of land available for grazing can bode well for the regional forage seeds market.
APAC is expected to register a solid growth rate over the forecast period owing to the huge demand for organic poultry, meat, and other dairy products. Government initiatives for promoting the use of forage seeds as animal feed can work in favor of the market. The massive demand for meat and meat products and awareness among consumers will augur favorably for the global forage seeds market.
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