Amidst the high competitive rivalry, key players in the global forage seeds market are strengthening their market position by maintaining strong distribution channels and diversifying their product portfolio. Business expansion through partnerships and extensive research and development are another go-to strategies adopted by the majority of the leading players in the market, finds Transparency Market Research (TMR) in a new study. The leading players are Allied Seed LLC, Germinal GB, Hancock Farm and Seed Co. Inc., NorthStar Seed Ltd., and S&W Seed Company.
The global forage seeds market was valued at US$11.68 bn in 2015 and is expected to reach US$17.50 bn by 2020, expanding at a CAGR of 8.4% between 2014 and 2020. By livestock type, poultry will continue to be the leading revenue contributor until 2020, holding 31.7% of the overall market. Due to the increasing demand for poultry meat and eggs owing to their health benefits, the segment is estimated to exhibit a CAGR of 9% during the forecast period.
North America to Stay Dominant Owing to Growing Demand for Weed-free Forage Seeds
Geographically, North America will dominate the market throughout the forecast period, accounting for 31.1% of the overall market revenue by 2020. The region is expected to observe steady growth in the forthcoming years owing to the growing profitability of agricultural and livestock farms and the increasing demand for weed-free forage seeds. The U.S. and Canada produce premium quality forages for both their respective domestic and the international markets and are, therefore, major contributors to the growth of the region.
Asia Pacific is anticipated to rise at a 10.5% CAGR during the same period. The rising poultry meat and dairy products consumption, fuelled by the growing human population, increasing disposable income, and rapid urbanization, plays an instrumental role in the growth of the region.
Rising Awareness Regarding Economic Benefits of Forage Seeds to Fuel Growth Prospects
The changing food habits, rising meat consumption, and increasing awareness regarding the benefits of consuming organic products are working in favor of the global forage seeds market. The consumption of genetically modified meat is associated with health problems such as cancers, obesity, hypertension, and cholesterol. “To meet consumer requirements, manufacturers are focusing on the food habits of animals to increase the production of organic meat,” says a TMR analyst.
Moreover, forage seeds are economically beneficial for producers. This can be justified by the fact that over the last few years, the revenue earning per acre from ryegrass production was higher compared to the other crops such as oats and wheat. Owing to these economic benefits, the demand for forage seeds is poised to remain high throughout the forecast horizon. Development of high-quality forage seeds at reduced costs is another factor fostering the growth of the market.
High Availability of Alternative Feeds to Dent Demand for Forage Seeds
The widespread availability of alternative feeds is reducing the dependency on forage seeds such as alfalfa and ryegrass. In several cases, lower availability of annually harvested forages due to calamities such as acidic soils, drought, certain herbicides, frost, and nutrient deficiencies, can lead to fatal problems for livestock including nitrate toxicity. Nevertheless, the increasing demand for organic products owing to the growing health consciousness is paving way for immense growth opportunities for the global forage seeds market.
The information presented in this review is based on a Transparency Market Research report, titled,“Forage Seed Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
The global forage seed market has been segmented as follows:
Forage Seed Market, by Product
- Others (including lablab and fescue)
Forage Seed Market, by Livestock
- Others (including aquaculture)
Forage Seed Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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