Forage Seeds are extracted from annual or biennial crops to be consumed by the grazing livestock.
Forage seeds are used to grow crops which act as a ground cover to prevent erosion, improve the land condition, and accumulate nitrogen in the soil.
The global forage seeds market was worth $XX million in 2017 and is forecasted to reach $25990 million by 2025, growing at a CAGR of 9.8% during the forecast period (2018-2025).
The increased need for animal products including dairy, eggs, and meat, and growth in livestock population have positively influenced the growth of the forage seeds market. The rise in urbanization and industrialization efforts have led to the decrement of grazing land for animals. The decline has created an incentive for forage seeds market which helps in high-quality yield in over a smaller area. Moreover, techniques that enhance forage production even in winter months has increased the demand for forage seeds.
The cost of forage seeds is usually high, as the supply is considerably lower. Moreover, in many developing countries the farms are too small to engage in improved farming practices required for the production of high-quality hays and pastures. The farmers are also reluctant to assume risks, and the investments required would create longer periods of uncertainty. The change in climate pattern has the potential to impact the quantity and the reliability of forage production, which might hamper the market growth.
The forage seeds market by geography is segmented by country into North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW).
The forage seed market in U.S. holds prominent share by region owing to lower cost per acre, cultivation of forage crops in small acreage lands, and prevalence of ideal climatic conditions for the cultivation of forage crops.
In March 2018, Nufarm Limited announced the completion of Adama component of the acquisition of the Century portfolio of products and assets.
The key market players focus on R&D and launch of innovative commercial products to maintain a competitive edge. For instance, in May 2018, Land OâLakes, Inc., through its subsidiary Forage Genetics International LLC signed a multi-year agreement to expand to indulge more in innovation to deliver best-in-class forage solutions and pursue advancement in the forage industry.
Forage Seeds Market Segmentation
- Green (Fresh)
- Dry (Stored)