The Forage Seeds Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Forage Seeds Global Market Report 2024, The forage seeds market size has grown strongly in recent years. It will grow from $16.79 billion in 2023 to $18.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to livestock and dairy industry growth, expanding silage production, environmental conservation, government support and subsidies, animal health and performance.
The forage seeds market size is expected to see strong growth in the next few years. It will grow to $26.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to global population growth, rising affluence and protein consumption, climate-resilient varieties, water-efficient forage crops, international trade opportunities. Major trends in the forecast period include drought-resistant forage varieties, legume forage varieties, biotechnology for trait improvement, forage mixtures for biodiversity, disease and pest resistance in forage crops.
The increase in livestock population is expected to propel the growth of the forage seeds market over the coming years. Livestock is domesticated terrestrial animals that are raised for a variety of commodities and services such as traction, meat, milk, eggs, skins, fibers, and feathers. Forage crops are high in vitamins, fiber, and proteins, which help animals’ metabolic efficiency. Mineral-rich forage crops aid bone growth, eggshell creation, fluid balance, and hormone generation in chickens. For instance, in September 2021, according to the Livestock and Products report shared by the USDA Foreign Agricultural Service, a US-based foreign affairs agency, the number of cattle in India’s national herd is predicted to increase by 1.2 million head from the 2021 total to 306.7 million in 2022. Because dairy animals have had significant reproductive success, there has been an increase in the herd’s size. This is attributable to a robust calf crop. Therefore, the increasing livestock population will drive the growth of the forage seeds market.
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The forage seeds market covered in this report is segmented –
1) By Type: Alfalfa, Clover, Ryegrass, Chicory
2) By Live Stock: Cattle, Swine, Poultry, Ruminant
3) By Origin: Organic, Inorganic
4) By Species: Legumes, Grasses
Major companies operating in the forage seeds market are concentrating their focus on developing innovative solutions such as Alfalfa technologies based forage seeds. Alfalfa technology refers to methods and tools designed to enhance the growth, yield, quality, and overall efficiency of alfalfa cultivation. For instance, in July 2022, Alforex Seeds Alfalfa, a US-based seed company, launched ‘AFX 670 Hi-Gest Alfalfa’. It is the next-generation Hi-Gest Alfalfa Technology-based forage seed product. This conventionally bred alfalfa exhibits a heightened leaf-to-stem ratio, resulting in enhanced fiber digestibility, intake, and extent of digestion compared to other conventional semi-dormant alfalfas. AFX 670 Hi-Gest Alfalfa is an alfalfa variety characterized by a fall dormancy rating of 6. It exhibits a prominent expression of multifoliate leaves and demonstrates germination tolerance to saline conditions.
The forage seeds market report table of contents includes:
1. Executive Summary
2.Forage Seeds Market Characteristics
3.Forage Seeds Market Trends And Strategies
4.Forage Seeds Market analysis
5.Forage Seeds Market Size And Growth
6.Forage Seeds Segmentation
7.Forage Seeds Regional And Country Analysis
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27.Forage Seeds Competitive Landscape And Company Profiles
28.Forage Seeds Key Mergers And Acquisitions
29. Forage Seeds Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BASF SE
- Dow AgroSciences LLC
- Land O’Lakes Inc.
- Monsanto Company
- Foster’s Seed and Feed
- DLF Seeds A/S
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