The
forage feed market has been displaying significant growth over the
past couple of years. This is due to surging meat consumption
globally, expansion of farm animal production, and increasing
practices of administering forage feed to animals for their
nutritional content.
The
cultivation of forage crops has environmental benefits as well. It
contributes to food crop production by conserving soil, protects the
environment from pollution, and helps revegetate degraded land.
Forage feed is also used for their protein content in medical and
pharmaceutical products.
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Almost
26% of the world’s land and 70% of world’s agricultural land is
covered by grasslands, as per statistics from the UN Food and
Agriculture Organization. This provides livelihood to millions of
people for livestock rearing for milk, meat, wool, hides, eggs, and
animal power. Forage crops are broadly classified as temporary
meadows, permanent meadows, annual crops, and crops. Permanent
meadows involve land to be used for five years or more. They mainly
grow perennial legumes and grasses. Temporary meadows involve the
land to be used for a period of fewer than five years for growing
forage. Annual crops are high-yield grains such as wheat, maize, and
sorghum.
However,
the high cost factor of forage feed is leading consumers to lookout
for cheaper substitutes. For example, in the U.S., in 2013, the
consumption of distillers grains was registered to be much higher
over forage feed due to its economical cost factor. Furthermore, lack
of funding for forage research is also restraining the market’s
growth. Nevertheless, with surging product innovations, the forage
feed market is expected to be benefitted.
The
global forage feed market was valued at US$85.06 bn in 2013.
Expanding at a CAGR of 11.4% between 2013 and 2019, the market is
forecast to be worth US$162.87 bn by the end of 2019.
Rising
Disposable Incomes Secure Asia Pacific’s Lead Position in Market
Amongst
all regional markets, Asia Pacific held a share of more than 30% in
the global market in 2013. The region is anticipated to retain its
dominant position over the coming years. The growth of the Asia
Pacific forage feed market is driven by growing population, rising
disposable income leading to increasing buy of livestock products,
and progressive urbanization in the region.
Europe
holds almost 30% share in the global forage feed market. North
America and Rest of the World regions account for remaining share of
the overall market.
Cattle
Livestock Segment to Display Significant Revenue Contribution to
Market in Future
In
terms of product type, the market can be classified as stored forage,
fresh storage, and others. In 2013, stored forage dominated
accounting for 41.51% of the overall market. Stored forage is
harvested as hay and stored and packed in plastic bags.
On
the basis of livestock, in 2013, the forage feed market was dominated
by poultry accounting for 33.1% of the overall market. The segment
was closely trailed by pork/swine that held almost 29% of the market
in the same year. Cattle currently accounts for a lower market share,
however, the segment is expected to display robust growth in the
coming years due to the increasing cattle production for milk,
transportation, beef, and leather.
Some
of the leading players in the global forage feed market are Triple
Crown Nutrition Inc., Cargill Incorporated, Semican Inc., J. Grennan
and Sons, Standlee Hay Company Inc., Baileys Horse Feeds, and The
Pure Feed Company Limited, ADM Allinace Nutrition Inc., BASF SE,
Chaffhaye Inc., Brett Young Seeds, and NWF Agriculture Ltd.
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