Forage Seeds Market is projected to reach USD 17.37 Billion by 2022
The Asia-Pacific market experiences the maximum consumption of forage seeds due to the rising demand for animal feed, shrinkage of grazing land, and increase in demand for dairy products.
[UKPRwire, Wed Oct 03 2018] According to the new market research report "Forage Seeds Market by Type (Alfalfa, Clover, Ryegrass, and Chicory), Livestock (Poultry, Cattle, and Swine), Species, Origin, Form, and Region - Global Forecast to 2022", The global forage seeds market is estimated to be valued at USD 9.91 Billion in 2016 and projected to reach USD 17.37 Billion by 2022, at a CAGR of 9.81% from 2016 to 2022.
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The key factors that are driving the growth of this market include improvement in the quality & quantity of forage crops, increase in livestock population, and enhancement of soil health resulting in improved yield. Moreover, the demand for livestock and livestock product is increasing in export markets, which influences the supply of improved forage for animal production. As a result, many multinational players have entered into the production of various forage seeds that provide essential nutrients to livestock.
Alfalfa segment dominated the forage seeds market
Due to its high yield, high content of protein & digestible fiber, and quality, the consumption of alfalfa is high in overall forage seeds market. Alfalfa contains about 15% to 22% crude protein and high volume of 10 different vitamins and is primarily used for feeding cattle, goats, horses, sheep, and dairy cows.
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Grasses is projected to be the fastest-growing segment in the forage seeds market, by species
Grasses include natural grasses for grazing, pasture, and hay crops. With their wide adaptability and long-lived perennial nature, grasses are projected to grow at the highest rate during the forecast period.
Grasslands form an important part in the mixed agricultural systems as they provide a break in the rotational cropping system and provides feed to the livestock; globally, ~60% of the pasture land is categorized as grazing land. Also, it ensures the efficient utilization of land, destruction of weeds, and safety against unusual weather conditions, hence accounting for a fastest growing market.
Continuous growth in livestock productivity and support from governments as well as national and international associations key to success in the Asia-Pacific region
High growth was observed in the Asia-Pacific region for the forage seeds market over the past few years. The main reasons for this growth are the increasing livestock production and rising demand for animal feed in the countries of Asia-Pacific. China and India constituted the largest country-level markets in the Asia-Pacific region in 2016.
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Dow AgroSciences LLC (U.S.), E.I. du Pont de Nemours and Company (U.S.), Monsanto (U.S.), Land O’ Lakes (U.S.), and Advanta Seed Ltd. (India) are among a few major players in the forage seeds market.
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