Forage Seed Market Report, published by Allied Market Research,
forecasts that the global market was valued at $11,683 million in 2015 and is
projected to reach $20,646 million by 2022, growing at a CAGR of 8.50% from
2016 to 2022. In 2015, the alfalfa product segment held approximately more than
one-fourth of the total market.
Forage seeds are the edible parts of plants widely utilized for
livestock feeding. Alfalfa, clover, chicory, ryegrass, lablab, and fescue are
some of the popular forage seeds in the global market. They are available at
low price compared to other feeds, such as wheat bran and oil seed. These
forage seeds are supplied to seed cultivators and conditioners for further
processing and conditioning to get purified seeds with increased level of
protein and energy.
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The demand for forage seed is majorly driven by its high nutrient
content, which helps to improve lactation, reproduction, and health of
livestock. In addition, forage seeds are widely used to enhance milk production
globally. Economic benefits with cultivating forage seeds, which include
improving soil health and business flexibility, are further expected to drive
the forage seed market. Irregular seed germination cycle, lack of favorable
government policies for cereal crops, and insufficient funding in forage
research is expected to hamper the market. Forage seed production does not
involve addition of synthetic fertilizers and pesticides for forage crop growth
and protection. The meat of the animals that are fed on forage is healthier and
helps avoid obesity, cholesterol, cancer, fats, and hypertension. Thus, the
rise in demand for organic meat to maintain a healthy lifestyle creates future
opportunities for the forage seed market.
The alfalfa seed segment accounted for the highest share in the
global forage seed market in 2015. The demand for alfalfa is on an increase due
to its use to cure cholesterol, asthma, osteoarthritis, rheumatoid arthritis,
diabetes, upset stomach, and thrombocytopenic purpura. It is also a rich source
of vitamins A, C, E, and K4 and minerals such as calcium, potassium,
phosphorous, and iron. This increases the opportunities for alfalfa market
during the forecast period.
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Key Findings of Forage Seed Market
North America is projected to maintain its lead position
throughout 2022 and grow at a CAGR of 7.58%, in terms of revenue.
Poultry livestock segment occupied the highest share of the total
market in 2015 and is anticipated to grow at a CAGR of 9.25% from 2016 to 2022.
Asia-Pacific is anticipated to be the fastest growing region with
a CAGR of 10.11% during the forecast period.
In 2015, Asia-Pacific and Europe collectively accounted for more
than half of the total forage seed market and are expected to continue this
trend due to increase in demand for organic meat and other dairy products. Rise
in urban population is the main reason for the growth of forage seed market in
the Asia-Pacific region.
The major players operating in the global forage seed market are
Allied Seed, LLC., Brett Young, BASF SE, Dynamic Seeds Ltd., Central Garden
& Pet Company, Barenbrug Seed Company, Northstar Seed Ltd., Hancock Farm
& Seed Co. Inc., Fosters Seed and Feed Ltd., and Dow AgroSciences, LLC.