Forage Seeds Market Forecast
Forage seeds are plants or plant parts such as leaves and stems, used for feeding poultry, livestock cattle, swine and other animals. Owing to various benefits such as increased crop yield, crop productivity and soil fertility, forage seeds are now gaining attention among the farmers. Also, forage seeds do not use synthetic fertilizers and pesticides, thus helps in improving the soil quality. Commonly available forage seeds in the market are alfalfa, maize, oats, clover, pearl millet, grasses and others. The valuation of the Forage Seeds Market reached USD 19.6 Billion in 2022, reflecting its significant contribution to the agricultural sector. Projections indicate substantial growth, with the industry expected to expand from USD 21.0 Billion in 2023 to USD 36.9 Billion by 2032. This trajectory represents a compound annual growth rate (CAGR) of 7.30% during the forecast period spanning from 2023 to 2032.
Forage seeds are serving as a healthier alternative over the conventional feed owing to high vitamin and protein content. Furthermore, increasing awareness about livestock health and inclination towards the natural animal feed has boosted the demand for forage seeds in the global market. Additionally, economic benefits associated with these seeds cultivation such as, prevention of soil erosion and improvement of soil quality has allowed farmers to switch to forage cultivation
Increasing demand for food, beverage, and poultry industry is adding fuel to the growth of the global forage seeds market. Additionally, forage seeds used in feed formulation have added health benefits on livestock health associated with its consumption, which has uplifted the demand for forage seeds in the feed & fodder industry over the assessment period. However, unwillingness of farmers to pay for high quality seeds, time consuming cultivation, along with the changing climatic and soil conditions is likely to hamper the market growth over the forecast period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 9.3% of forage seeds market during the forecast period 2022-2030.
Downstream Analysis:
Based on the crop-type, forage seeds market is segmented into legumes, grasses, cereals and others. Among all, legumes is dominating the market followed by grasses. Owing to high amount of protein and vitamins in herbaceous legumes such as alfalfa, it is primarily used for feeding livestock such as cattle, goats, sheep, and other animals.
Forage seeds market is segmented on the basis of livestock such as cattle, swine, poultry, ruminant and others. The cattle accounted for the highest consumption of the forage seeds. The foremost reason for the growth of this segment is its use in cattle feed owing to increase in the milk quantity and improved immunity of cattle health.
Competitive Analysis:
The major players in the Forage Seeds Market
· Monsanto Company (U.S.)
· DOW Agrosciences LLC (U.S.)
· Advanta Seeds Limited (India)
· Land O Lakes Inc. (U.S.)
· Barenbrug Holding B.V. (the Netherlands)
· du Pont de Nemours and Company (U.S.)
· Allied Seed, LLC (U.S.)
· Northstar Seed Ltd. (Canada)
· Dynamic Seeds Ltd. (Thailand)
· Ampac Seed Co. (U.S.)
Regional Analysis:
The global forage seeds market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the forage seeds market followed by North America. In Europe, Germany and the U.K. are the major contributor of poultry products, which, in turn, boost the market growth in this region. Furthermore, availability of large grazing land for animals and cultivating land for fodder production is giving a push to the growth of the forage seeds market.
Moreover, increasing demand for organic food, dairy and poultry products in developing countries like the India and China are likely to boost the growth of forage seed market during the assessment period. Furthermore, government initiative for promoting use of forage seeds in animal feed is likely to raise the growth of forage seeds market.
Market Segmentation:
Forage Seeds Market is segmented on the basis of crop-type, livestock, and region.
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