The global seed forage market is predicted to witness steady growth owing to rising demand for forage crops for livestock feeding. The increasing awareness regarding the economic benefits such as prevention of soil erosion, risk diversification, improved soil structure, and crop rotation is booting the global demand for forage seeds. According to the report by Transparency Market Research (TMR), the valuation of global forage seed market was US$10.7 bn in 2014 and is anticipated to reach US$17.5 bn by the end of 2020, expanding at a CAGR of 8.40% between 2014 and 2020.
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The report provides key insights into the global forage seed market by meticulously examining critical parameters of the market including the classifications, industry chain structure, technological developments, and applications. The report serves as an essential source of analysis and information regarding market dynamics, competitive landscape, and regional segmentation. The report pays due heed to the significance of the upstream raw materials supply chain and the downstream value chain to translate analysts’ observations into insights. The various statistics pertaining to the market have also been presented in pictorial and tabular forms for a lucid analysis.
The growing population of livestock, especially genetically modified animals, is contributing to the growth of the global forage seed market. In addition, the increasing need for healthy animals, propelled by the rising demand for organic, dairy, and meat products, is likely to augment the growth of the market. Other factors such as the changing food habits and low prices of forage seeds are driving the market. However, the availability of substitutes is posing a threat to forage seeds manufacturers, thereby hindering the growth of the market.
Geographically, the North America forage seed market will continue to dominate in terms of revenue throughout the forecast period. The growth of the region can be attributed to the rising demand for weed-free forage products and the increasing profitability of livestock farms and agricultural farms. Canada and the U.S. produce high-quality forage for both international and their respective domestic markets. These countries have about 36 million hectares of grasslands for the production of forage seeds and livestock grazing.
At present, Asia Pacific is a relatively smaller market for forage seeds as compared to other regions. According to a report by the Food and Agricultural Organization (FAO), due to the shortage of facilities in harvesting, processing, and transportation, the manufacturers in the emerging nations encounter difficulty of high-quality seed production and storage. This is further worsened by hot and humid tropical environment. However, with the rising awareness regarding the economic benefits of forage seeds and increasing demand for low-priced varieties such as alfalfa, fescue, and ryegrass, this market is anticipated to experience robust growth during the same period. Another factor fuelling the growth of the market is the growing livestock population in India and China.
Countries such as the U.S., Brazil, Canada, China, France, India, and Ireland are anticipated to offer immense growth opportunities to the manufacturers. The leading companies in the global forage seed market are Allied Seed LLC, BASF S.E., Central Garden & Pet Company, Dow Agrosciences LLC, Hancock Farm & Seed Co., Heritage Seed Company, Germinal GB, Northstar Seed Ltd., and S&W Seed Company.
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