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(MoneyNewsWire.Net, May 25, 2018 ) The forage seeds market is projected to grow at a CAGR of 9.81% from 2016, to reach USD 17.37 Billion by 2022. The increase in demand for animal feed and livestock production are resulting in market growth for forage seeds, globally. Forages provide protein, fiber, and energy to the livestock, which helps to save the costs incurred on protein and other supplements.
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On the basis of type, the alfalfa segment accounted for the largest market in the forage seeds market in 2015. Alfalfa contains about 15% to 22% crude protein and high volume of 10 different vitamins. It is primarily used for feeding cattle, goats, horses, sheep, and dairy cows.
On the basis of livestock, the cattle segment accounted for the highest consumption of the forage seeds in 2015. The quality of milk and meat products depends on the quality of feed used for cattle. Forages are added to cattle feed by livestock producers to ensure optimum production and performance. They help to increase the milk quantity and improve the immune system of cattle and feed efficiency.
On the basis of species, the grasses segment is projected to grow at a higher growth rate in the global forage seeds market from 2016 to 2022. Forage grasses include natural grasses for grazing, pasture, and hay crops. Grasses help to maintain the balance of chemical compounds in the feed of ruminants.
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The Asia-Pacific region is projected to be the fastest-growing market for forage seeds between 2016 and 2022. The Asia-Pacific market experiences the maximum consumption of forage seeds due to the rising demand for animal feed, shrinkage of grazing land, and increase in demand for dairy products. Key players focus on research & developments to develop innovative forage seeds that provide nutrients such proteins, vitamins to livestock through their feed.
Feed quality and quantity, overgrazing, border conflicts, drought, and lack of seed and planting materials remain major challenges for forage seed production in developing countries such as South Africa, Ethiopia, and Brazil.
Key players identified in the global forage seeds market include Dow AgroSciences LLC (U.S.), E.I du Pont de Nemours and Company (U.S.), Monsanto (U.S.), Land O’ Lakes (U.S.) and Advanta Seed Ltd. (India), which are among the key players of the forage seeds market as these are well-established and financially stable players that have been operating in the industry for several years. Most key participants have been exploring new regions through expansions, investments, new product launches, and acquisitions across the globe to avail a competitive advantage through combined synergies.
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