Global Forage Seed Market to Reach US$17.5 bn by 2020
Albany, NY -- (SBWIRE) -- 10/20/2016 -- Forage seed market is expected to experience steady growth throughout the forecast period. Forage seeds are widely used for livestock feeding to increase their protein, energy, and reproduction level. In this report, the forage seed market is categorized into alfalfa, clover, ryegrass, chicory among others including lablab, fescue. Increasing demand of forage crops for livestock feeding is one of the major factors fueling the demand for forage seeds globally. Alfalfa held the largest market share in 2013 followed by clover and ryegrass. Others including lablab, fescue is the fastest growing segment, growing at a CAGR of 12.4%. The forage seed market has experienced diversified trends across different regions including North America, Europe, Asia Pacific and RoW. Geographically, North America held the largest market share in 2013, and is expected to continue its dominance throughout the forecast period.
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The global forage seed market is expected to witness stable growth owing to rising demand for forage feed for livestock. Apart from this, the economic benefits such as improved soil structure, prevention of soil erosion, crop rotation and risk diversification is also expected to boost the demand for forage seeds globally. The situation is further stimulated due to increasing growth of livestock particularly that of genetically modified animals. The available forages are poor in quality, deficient in available protein, energy and minerals. In order to compensate for the low productivity of the livestock, farmers maintain a large herd of animals, which adds to the pressure on land and fodder resources.
In North America, the forage seed market is expected to grow significantly, due to growing demand from leading markets such as the U.S., Canada and Mexico. North America would observe steady growth in the forecast period due to increasing demand for weed-free forage products. In addition, the increasing profitability of agricultural farms and livestock farms is fueling the demand for forage seeds. The U.S. and Canada produce premium quality forages for both their respective domestic and the international markets. These countries have approximately 36 million hectares of grassland for livestock grazing and production of forage crops. Alfalfa, clover and ryegrass are some of the popular forage seeds in this region. Currently, Asia Pacific is smaller market as compared to other developed regions. However, this market is expected to witness robust growth during the forecast period. In addition, the economic benefits such as crop rotation and risk diversification of forage seed cultivation are also expected to boost the forage seed market in Asia Pacific. Alfalfa, ryegrass, fescue and chicory are low-price forage seeds and these are easily procured for feeding livestock. China and India are the major markets for forage seed in Asia Pacific due to the countries' growing livestock population
Global forage seed market is also segmented in terms of livestock type, namely, poultry, cattle, pork/swine and others (including aquaculture). In global forage seed market, poultry segment holds the largest market share, followed by cattle and pork/swine segment. Due to increasing demand for poultry meat and eggs, poultry farms are focusing on better quality forage seeds to improve productivity. In addition, the growing dairy industry is further contributing to the growth of forage crops that helps to increase the demand for forage seed.
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Major markets such as the U.S., Canada, France, Ireland, China, India, and Brazil among others are expected to witness robust demand for forage seeds in the coming years. Forage seed market is dominated by key players such as Allied Seed, LLC, S&W Seed Company, Hancock Farm & Seed Co., and Northstar Seed Ltd. These companies supply different forage seeds through strong distribution channels.
Global forage seed market is valued at USD 10,789.3 million in 2014 and is expected to reach USD 17,508.5 million by 2020, growing at a CAGR of 8.4% from 2014 to 2020. The growth in the forage seed market is primarily attributed to growing demand for forage crops for feeding livestock in developed markets such as the U.S., Canada, France, Ireland, China and Brazil.