PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443354
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443354
Forage Seeds Market size was valued at USD 19,213 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
Forage seeds serve as a crucial component in agriculture, specifically tailored for growing plants that serve as feed for livestock. These seeds are meticulously chosen and nurtured for their nutritional content, taste, and adaptability to various growing conditions. The production of forage offers farmers a valuable income stream through the sale of livestock feed, seeds, and associated products. Well-handled forage systems can boost farm profitability, cut down on expenses, and bolster overall farm sustainability. Opting for the appropriate forage species and management techniques is crucial in maximizing the advantages of forage production and ensuring the well-being and productivity of both livestock and ecosystems.
Forage Seeds Market- Market Dynamics
Growing demand for organic and high-nutritional animal feeds is expected to drive the forage seeds across the globe.
Consumers are increasingly looking for animal products that come from animals raised on natural, nutrient-rich diets due to rising concerns about food safety and nutrition. Forage seeds are essential in producing such feeds, meeting the demand for healthier options. Forage crops are crucial in ensuring enough feed for livestock, supporting the increasing demand for animal-derived products. Meat consumption is expected to increase by 73% by 2050, while dairy consumption is projected to rise by 58%. Estimates suggest that between 2010 and 2050, animal protein production will grow by approximately 1.7% annually, with meat production increasing by almost 58%, aquaculture by 90%, and dairy by 55%. This growth is positive news for the feed industry. Additionally, advancements in seed breeding technology and a growing awareness of animal nutrition could create opportunities for market growth. However, environmental concerns may pose restrictions on market expansion.
Forage Seeds Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on Product Type segmentation, Alfalfa was predicted to show maximum market share in the year 2023
Based on Livestock Type segmentation, Poultry was the leading Product Type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Forage Seeds Market is segmented on the basis of Product Type, Livestock Type, and Region.
The market is categorized into four groups according to the type of product type: Alfalfa, Clover, Ryegrass, Chicory, and Others. The dominant segment in the market is Alfalfa, which is extensively grown worldwide as a forage crop due to its exceptional nutritional value and its ability to serve as a versatile feed source for various livestock species such as dairy cattle, beef cattle, horses, sheep, and goats.
The market is divided into three categories based on Livestock Type: Poultry, Cattle, Pork/Swine and Others. The market is primarily dominated by the Poultry segment. Poultry birds rely heavily on forage seeds as a primary source of feed, especially in extensive or free-range production systems. Incorporating forage into poultry diets is crucial as it promotes a wider range of nutrients, ensuring the birds' nutritional needs are met and enhancing their growth and development.
Forage Seeds Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented based on the countries involved in business activities. The growth of the market is primarily driven by North America, which is experiencing a rising demand for meat and poultry products, as well as a growing focus on providing high-nutritional feeds to animals. In North America, there is a significant and steadily increasing demand for meat and poultry products due to factors such as population growth, rising disposable incomes, and dietary preferences. The poultry business in the US is thriving, with an inventory of over 224 million turkeys and 518 million chickens. According to Carlisle Technology, the production and sales of the US chicken industry reached USD46.1 billion in 2021, a 31 percent increase from USd35.1 billion in 2020. Forage seeds play a crucial role in producing animal feeds that are rich in essential nutrients, supporting the overall health and productivity of livestock. Europe holds the second largest region for market growth, driven by the increasing preference for natural and organic animal feed.
Companies allocate significant resources to research and development in order to cultivate forage varieties that exhibit enhanced yield, nutritional value, disease resistance, and adaptability to different environments. Competitors strive to introduce innovative genetic traits that offer tangible advantages to farmers, including increased biomass production, improved forage quality, and heightened tolerance to drought. Companies can distinguish themselves by specializing in specific forage species or by providing comprehensive solutions for various forage production needs, such as pasture, hay, silage, and cover cropping. Moreover, companies set themselves apart by pioneering new services that address emerging challenges and requirements in forage production, such as sustainable agricultural practices, digital farming technologies, and climate-smart solutions. A notable example is BASF's vegetable seeds business, which successfully developed a tearless onion variety. This groundbreaking vegetable innovation has been launched in supermarkets across France, Germany, Italy, and the United Kingdom, making it the first tearless onion available in the market and a true game changer.
GLOBAL FORAGE SEEDS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Allied Seed, LLC
BASF SE
Dow Agro Sciences LLC
S & W Seed Company
Germinal GB
Hancock Farm & Seed Co. Inc.,
Central Garden & Pet Company
Northstar Seed Ltd
Heritage Seed Company