Forage Feed Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 03/17/2015 -- Forage feed refers to food that is consumed by grazing animals. Traditionally, forage only meant plants such as crop residue, pasture, or immature cereal crops that were eaten by animals. However, as the global forage feed market grows to provide quality feed to livestock, there is a variety of forage feed in the market that is being sold through retailers. Companies are looking at ways to enhance forage feed in order to increase its nutritional value, resulting in increased milk production at dairy farms.
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Today, manufacturers produce forage feed out of green feed, herbaceous legumes, grass, tree legumes, silage, and hay. Forage feed not only contributes to the benefit of livestock production and their output, but it also helps in conserving the environment to a great extent. Forage feed is a vital aid to production of food crop by conserving soil, wildlife, landscape, curbing pollution, and reclaiming and revegetating degraded areas. It also acts as a source of high quality proteins for many pharmaceutical and medical products.
The global forage feed market is segmented on the basis of products, type of livestock, and region. The product segment of the global forage feed market includes fresh forage, stored forage, and others. Depending on the livestock, the global forage feed market is fragmented into pork or swine, poultry, aquaculture, cattle, and others. Geographically, the global forage feed market is divided into North America, Europe, Asia Pacific, and Rest of the World. The best kind of forage is fresh forage as it provides the livestock with high quality nourishment and is considered to be palatable feed. Stored forage such as hay is chopped and packed in plastic bags.
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Increasing Meat Consumption Fuels the Global Forage Feed Market
The global forage feed market was valued at US$85.06 billion in 2013 and will reach US$162.87 billion by 2019, growing a CAGR of 11.4% from 2013 to 2019. In terms of volume the forecast growth rate is a CAGR of 9.2%. This high growth rate is largely fueled by increasing meat consumption across the globe, rising awareness about the health benefits of forage feed for animals, and growing farm animal population.
Forage Feed Substitutes Hinder the Growth
Despite the presence of strong growth factors, the global forage feed market has a tough road ahead. The availability of a wide range of substitutes is the biggest threat to this market. Due to lack of funds and support from governments, poultries prefer these substitutes over high quality forage feed; thus stealing the limelight from the forage feed market in certain regions. Additionally, lack of funds for research and development activities in the global forage feed market is also hindering the growth of this sector.
Asia Pacific Holds the Biggest Market Share
In terms of region, Asia Pacific leads the global forage feed market with a share of 41.51% in 2013. The biggest contributors to this growth are countries such as Japan, India, China, and Japan. The Asia Pacific region is expected to register a growth rate of 11.8% during the forecast period, making it the best performing regional segment of the global forage feed market. Europe closely followed Asia Pacific in 2013 with a market share of 28.1% in terms of revenue generation.
Some of the key players of the global forage feed market are The Pure Feed Company Limited, Cargill Incorporated, Triple Crown Nutrition Inc., Standlee Hay Company Inc., Baileys Horse Feeds, Semican Inc., and J. Grennan and Sons. The action plans of these companies will decide the future growth of this market in the global economy.
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