Emerging Markets and Untapped Regions Offer Potential Scope for Market Growth
Northrook, IL -- (SBWIRE) -- 03/24/2020 -- The report "Forage Analysis Market by Target (Nutrients (Vitamins, Minerals, Crude Protein, Fiber, and TDN), Dry Matter, and Mycotoxin)), Livestock (Cattle, Equine, and Sheep), Forage (Ration, Hay, and Silage), Method (Wet Chemistry and NIRs), and Region - Global Forecast to 2023", The global forage analysis market is estimated at USD 515.5 million in 2018 and is projected to reach USD 661.1 million by 2023, at a CAGR of 5.1% during the forecast period. The market is driven by factors such as outbreak of livestock diseases and customized testing services that have emerged as cost & time effective solutions. The use of quality forage directly results in increased immunity and health of the livestock. Therefore, farmers and forage manufacturers focus precisely on the quality of forage.
Based on the forage type, the market has been segmented into hay, silage, and ration. The ration segment dominated the market in 2018, and this trend is projected to continue through the forecast period from 2018 to 2023. Ration is the most frequently used forage for in-house dairy cows and equine. A healthy ration should be highly rich in proteins, minerals, vitamins, carbohydrates, and fat. Hence, it is important to analyze the nutrient level of ration.
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On the basis of livestock, the forage analysis market has been segmented into cattle, equine, and sheep. The cattle segment dominated the global market in 2018. Cattle are the major source of end-use products such as milk and meat. Quality forage helps to improve forage conversion and absorption and strengthens the immune system of animals . Therefore, to attain quality livestock products, farmers and companies are focusing on forage analysis.
On the basis of target, the market has been segmented into nutrients, mycotoxins, dry matter, and others. The nutrients segment dominated the global market in 2018. Nutrients are essential, as they play an important role in optimizing the growth and performance of livestock. Different types of tests are performed to test the nutrient levels in forage. Therefore, manufacturers and farmers are increasingly conducting forage analysis in order to provide the required level of nutrients to livestock.
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North America is projected to account for the largest share of the global forage analysis market by 2023 , owing to the presence of a large number of forage analysis laboratories and awareness regarding animal nutrition among farmers and forage manufacturers. The key players in the region are Cargill (US) and CVAS (US). Asia Pacific is projected to be the fastest-growing region in the global market during the forecast period, owing to the rising demand for quality dairy and meat products as well as the expansion of the forage industry in this region.
This report includes a study of forage analysis, along with the product portfolios of leading companies. It includes the profiles of leading companies such as SGS (Switzerland), Eurofins Scientific (Luxembourg), Intertek (UK), Cargill (US), and CVAS (US).
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