Forage and forage seed supply is expected to grow and expand in several countries with high population densities, expanding economies, and favorable government policies towards livestock markets and rural communities. The need for more sustainable agricultural systems has created a positive environment for the
global forage seed market.
According to a leading market firm in the U.S., the forage seed market is projected to experience balanced growth throughout the forecast period 2014-2020. The same study states that in the recent few years, the forage seed market has experienced diversified trends across major geographies in the world. Several critical growth factors such as economic benefits of the forage seeds, rising meat consumption and changing food habits are constantly shaping this market on a global level.
Considering such market drivers, the global forage seed market is likely to reach US$17508.5 million by 2020, from a value of US$10,789.3 million observed in 2014. Over the forecast period 2014-2020, this market will register a growth of 8.4% CAGR.
Livestock is the Dominant Factor in the Growth of Global Forage Seeds Market
The demand for forage seeds is attributable to various livestock farms and agricultural farms. Livestock feeding is one of the major growth factors adding to the demand of forage seeds. Increasing number of cattle and poultry in livestock and agricultural areas are expected to boost the demand for forage seeds across the globe
The increasing growth of livestock, especially the genetically modified animals is further stimulating the overall growth in the global forage seed market. Another livestock segment, aquaculture, is the fastest growing segment in the overall forage seed market. This segment is will grow at 11.9% CAGR throughout the forecast period of 2014 to 2020.
Presently, the global market experiences poor quality forages, which are deficient in protein, minerals, and energy. Hence, in order to compensate for such low-quality and productivity of the livestock, farmers in many regions of the world are maintaining a huge herd of animals that adds to the growing pressure on fodder and land resources.
Market Challenges in Forage Seed Industry
Some of the challenges cited in the forage seed market are:
- Lack of adequate knowledge on forage seed production
- Forage seed multiplication
- Lack of seed techniques
- High price of forage seed for farmers
- Limited storage facilities
In addition, other challenges are lack of government support, incentives, and awareness of forage seed production. The rising demand for substitutes to forage seeds is also acting as a growth impeding factor for this market.
Regions Improving their Forage Seed Production for Sustainable Growth
In an effort to produce high-quality and quantity of seeds major markets such as the U.S., India, Canada, China, France, Ireland, and Brazil are focusing on providing good forages to livestock. Around 60 relevant stakeholders from government and NGOs in these regions are currently active in the global forage seed market. Growth in these regions will be fueled by robust demand for forage seeds in the coming few years.
In 2014, North America led the forage seeds market in the U.S. with expectations to become the most lucrative market for these products by the end of 2020. By far, North America is the major market for forage seed and is expected to continue on the path to achieve its goal over the next five years.
As compared to North America, growth in Europe is expected to remain sluggish due to usage of forage seed as livestock fee. China is likely to take the lead and continue its dominance in the global forage seed market until 2020.
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