Transparency
Market Research (TMR) has recently published a research
study on the global forage seed market. According to the report,
titled, “Global
Forage Seed Market - Industry Analysis, Size,
Share, Growth, Trends and Forecast 2014 - 2020,” the market is
likely to expand at a healthy CAGR of 8.40% during the period from
2014 to 2020. Analysts expect this market to increase from US$10.7 bn
in 2014 to an estimated value of US$17.5 bn by the end of the
forecast period.
Forage seeds are
widely utilized for the purpose of livestock feeding. When added to
livestock feed, these seeds help in increasing the levels of protein,
energy, and fertility among cattle. Alfalfa, lablab, clover, chicory,
ryegrass, and fescue are some of the popular forage seeds in the
global market.
The market has been
witnessing a healthy rise in the demand for forage seeds over the
past few years, owing to the cost efficiency of forage seeds. The
rising awareness regarding the health benefits that forage seeds
provide to animals is also adding significantly to the growth of this
market. Additionally, the increasing need for healthy animals,
propelled by the growing demand for meat, dairy, and organic
products, is likely to boost this market during the forecast period,
notes the research study.
In this report, the
worldwide forage seeds market has been analyzed on the basis of
product, livestock, and the regional distribution. Product-wise, the
market has been segmented into clover, alfalfa, chicory, ryegrass,
and other forage seeds such as fescue and lablab. In 2014, alfalfa
seeds enjoyed the highest demand while clover and ryegrass closely
followed. The demand for alfalfa is likely to remain on top during
the forecast period. Other products are also expected to witness
significant growth in the coming years.
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Based on livestock,
the market has been categorized into cattle, poultry, pork/swine, and
others such as aquaculture livestock. The poultry segment leads the
global market in terms of the consumption of forage seeds. However,
the segment of other livestock, such as aquaculture livestock, is
likely to post the fastest growth in demand for forage seeds at a
CAGR of 11.90% during the forecast period, states the research
report.
Regionally, the
report classifies the global market for forage seeds into Europe,
Asia Pacific, North America, and the Rest of the World. North America
is expected to register a steady increase throughout the forecast
period, owing to the rising demand from Canada, Mexico, and the U.S.
Asia Pacific, although a relatively smaller forage seeds market, is
likely to exhibit strong growth over the next few years.
Heritage Seed Co.,
Northstar Seed Ltd., Central Garden & Pet Co., Hancock Farm &
Seed Co. Inc., Germinal GB, S&W Seed Co., Dow AgroSciences LLC,
BASF S.E., and Allied Seed LLC are the major participants in the
global forage seed market profiled in this research report.
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