Global Forage Seed Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/14/2016 -- Transparency Market Research (TMR) has recently published a research study on the global forage seed market. According to the report, titled, "Global Forage Seed Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," the market is likely to expand at a healthy CAGR of 8.40% during the period from 2014 to 2020. Analysts expect this market to increase from US$10.7 bn in 2014 to an estimated value of US$17.5 bn by the end of the forecast period.
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Forage seeds are widely utilized for the purpose of livestock feeding. When added to livestock feed, these seeds help in increasing the levels of protein, energy, and fertility among cattle. Alfalfa, lablab, clover, chicory, ryegrass, and fescue are some of the popular forage seeds in the global market.
The market has been witnessing a healthy rise in the demand for forage seeds over the past few years, owing to the cost efficiency of forage seeds. The rising awareness regarding the health benefits that forage seeds provide to animals is also adding significantly to the growth of this market. Additionally, the increasing need for healthy animals, propelled by the growing demand for meat, dairy, and organic products, is likely to boost this market during the forecast period, notes the research study.
In this report, the worldwide forage seeds market has been analyzed on the basis of product, livestock, and the regional distribution. Product-wise, the market has been segmented into clover, alfalfa, chicory, ryegrass, and other forage seeds such as fescue and lablab. In 2014, alfalfa seeds enjoyed the highest demand while clover and ryegrass closely followed. The demand for alfalfa is likely to remain on top during the forecast period. Other products are also expected to witness significant growth in the coming years.
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Based on livestock, the market has been categorized into cattle, poultry, pork/swine, and others such as aquaculture livestock. The poultry segment leads the global market in terms of the consumption of forage seeds. However, the segment of other livestock, such as aquaculture livestock, is likely to post the fastest growth in demand for forage seeds at a CAGR of 11.90% during the forecast period, states the research report.
Regionally, the report classifies the global market for forage seeds into Europe, Asia Pacific, North America, and the Rest of the World. North America is expected to register a steady increase throughout the forecast period, owing to the rising demand from Canada, Mexico, and the U.S. Asia Pacific, although a relatively smaller forage seeds market, is likely to exhibit strong growth over the next few years.
Heritage Seed Co., Northstar Seed Ltd., Central Garden & Pet Co., Hancock Farm & Seed Co. Inc., Germinal GB, S&W Seed Co., Dow AgroSciences LLC, BASF S.E., and Allied Seed LLC are the major participants in the global forage seed market profiled in this research report.
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