Global forage seed market size is expected to reach $20,646 million by 2022 from $11,683 million in 2015 with a CAGR of 8.50% from 2016 to 2022.
Increase in the demand for nutritional feeds for livestock can be satisfied through natural forage. Forage seeds are available at a lower price compared to other feeds, such as wheat bran and oil seed. Thus, growth in demand for forage feed used to feed livestock primarily drives the market. Forage seeds do not rely on synthetic fertilizers and pesticides, which help improve and maintain the soil quality. The economic benefits of cultivating forage seeds, such as crop rotation and risk diversification, further contribute to the growth of the forage seed market. Demand for organic foods is on an increase as there is a rise in the awareness for health consciousness among the people. The meat of animals feed on forage is healthier, which helps avoid obesity, cholesterol, cancer, fats, and hypertension. This is expected to create future opportunities for the forage seed market.
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The increase in need for healthy animals, propelled by the growth in demand for meat, eggs, and milk is estimated to boost the market 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.
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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.
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