Forage consists of grasses, herbaceous legumes, tree legumes, silage, green feed and hay. Nearly 200 plant species have been known as forage crops. The market for forage is segmented as fresh forage and stored forage.
Albany, NY -- (SBWIRE) -- 12/06/2016 -- According to the Food and Agriculture Organization of the United Nations, around 26% of the world's land area and about 70% of the agricultural area is covered by grasslands, which contribute to the livelihoods of millions. Grasslands are a source of goods such as food and forage. The global forage feed market has been experiencing significant expansion over the years. This can be attributed to the surge in global meat consumption, growth in farm animal production, and increasing awareness about the health benefits of forage feed in animals.
The research report maps all the important aspects of the forage feed market. It covers prominent market trends, market projections, retail distribution, forage feed companies data in terms of volume and value. Furthermore, the report presents a snapshot of the most significant product innovations in the forage feed market that will influence the market during the forecast period of 2013 to 2019.
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Overview of the global forage feed market
Forage feed is that part of a plant that features the stem and leaves. Grazing animals typically feed on this part to obtain nutrients. Grass and leguminous plant varieties fall under the category of forage crops. Besides feeding foraging animals such as sheep cattle, goats, and buffalos, these are also used to conserve land and to prevent soil erosion. The report states that the global forage feed market is anticipated to grow at an 11.4% CAGR in terms of revenue and at a 9.2% CAGR in terms of volume during the forecast period.
By product-type, the global forage feed market is classified into storage forage, fresh forage, and others. The main types of livestock covered in the forage feed market are poultry, cattle, port or swine, aquaculture, and others.
Storage forage feed dominated the global market of forage feed and contributed to 41.5% market share in 2013. The poultry livestock sector is the second-leading livestock segment in terms of revenue and accounted for a market share of 33.1% in 2013. The poultry segment was followed by pork/swine sector, which generated 29.1% market revenue in 2013.
Geographically, Asia Pacific is the leading regional forage feed market with a 34.2% share of the total revenue in 2013. China, Japan, and India are pushing forward the Asia-Pacific market and the region will experience an 11.8% CAGR during the forecast period. The next important regional market in 2013 was Europe with a 28.1% market share. Though several sectors in the global forage feed market promise good growth in the coming few years, the market will be suppressed by inadequate funding for research compounded by a greater demand for substitutes.
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Companies mentioned in the research report
The global forage feed market is dominated a few key players. These include: Standlee Hay Company, Inc., Triple Crown Nutrition, Inc., Baileys Horse Feeds, Cargill, Incorporated, The Pure Feed Company Limited, Semican Inc., and J. Grennan and Sons.
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