Among the various strategies opted by top players to retain their dominance in the market, diversification of product portfolio seems to be the most preferred one. Prominent players are also making copious investments to consolidate their distribution channels and gain a competitive edge over others. A growing number of players are focusing on intensive research and development activities to consolidate their positions in the global market. They are also entering into strategic partnerships with an aim to expand their business operations.
Leading players operating in the global forage seed market include S&W Seed Company, Germinal GB, Hancock Farm and Seed Co. Inc., Allied Seed LLC, and NorthStar Seed Ltd., finds Transparency Market Research (TMR).
The global forage seeds market stood at US$11.68 billion in 2015 and is projected to reach a worth of US$17.50 billion by the end of 2020. During the forecast period of 2014–2020, the market is anticipated to rise at a promising CAGR of 8.4%.
The various types of livestock for which forage seeds are used are poultry, cattle, and pork/swine. Of all the segments, the poultry leads the pack owing to the extensive uptake of forage seeds in poultry farms. The segment will continue to retain its lead through 2020, driven by the potential rising demand for eggs and poultry meat.
On the regional front, North America leads as it holds a mammoth share in the global market. The dominance will continue till at least 2020. The growth of the regional market is fueled by substantially rising demand for weed-free forage seeds among agricultural and livestock farms. The rising demand for high-quality forage seeds across the region will sustain its market revenue.
Rising Uptake in Livestock and Dairy Farms as Animal Feeds drive Growth
The growth of the forage seeds market is fueled primarily by the rising demand among livestock and dairy farms in various parts of the globe. The demand is attributed to the vast nutritional benefits of forages in promoting the health of cattle and prolonging their longevity. The attractive strides that the livestock industry has been experiencing in various parts of the world is supporting the proliferating demand for forage seeds.
The substantial consumption of meat and poultry products in various parts of the world is also boosting the market. Furthermore, the rising focus on minimizing the risk of diseases among consumers of meat has led farm and poultry owners shift to high-quality forage seeds. In this regard, forage seeds is also playing an increasingly vital role in meeting the various nutritional deficiencies of the cattle.
Large Economic benefits to Growers supporting Attractive Expansion of Market
The various economic benefits that cultivation of forage seeds endow has emerges as a robust proposition underpinning the market growth. Some of the attractive benefits are for improving in soil structure, allowing crop rotation, increased risk diversification, and in preventing soil erosion. Apart from this, the attractive forage yields from ryegrass production is another compelling proposition for growers.
Emerging Demand for Organic Animal Feed Products unlocks Promising Prospects
The need for reducing feed costs among livestock owners has propelled the demand for forage seeds. However, the availability of alternative feeds coupled with the region-specific factors, notably including natural calamities, are hampering the production of forage seeds.
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Nevertheless, the emerging demand for organic products, notably non-GMO animal nourishments, in various regions has created lucrative avenues for market players. Constant advances in seed genetics and farming technologies in recent years have led to the advent of high-quality forage seeds at affordable prices among livestock farm owners.