According to the report, the global forage seed industry generated $21.89 billion in 2020, and is anticipated to generate $44.18 billion by 2031, witnessing a CAGR of 7.02% from 2022 to 2031.
Prime determinants of growth
Organic meat and milk are richer in nutrients and minerals such as enzymes, antioxidants, and bioflavonoid, which is why, people prefer them over inorganic alternatives. This in turn, is driving the growth of the global forage seed market. However, natural calamities, such as droughts, floods, and frost create challenges in the production of forage feed, thereby restricting the market growth to some extent. In addition, irregular seed germination cycle, lack of favorable government policies for cereal crops, and insufficient funding in forage research restrain the market growth. On the other hand, surge in demand for increasing milk production worldwide creates lucrative opportunities in the market.
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Covid-19 Scenario
The outbreak of the Covid-19 pandemic has had a negative impact on the global forage seed market, owing to implementation of lockdown.
The agricultural sector faced several challenges due to shortage of labor force, supply chain disruptions, and unavailability of raw materials.
Nevertheless, the market is expected to get back on track within the next couple of years.
The clover segment to maintain its leadership status throughout the forecast period
Based on product, the clover segment held the highest market share in 2020, accounting for around one-third of the global forage seed market, and is estimated to maintain its leadership status throughout the forecast period, owing to its high protein content and highly digestible fiber, and also for beef cattle, horses, sheep, and goats. However, the chicory segment is projected to manifest the highest CAGR of 7.4% from 2022 to 2031. This is due to its offerings of high-yielding crops with high nutritional contents such as minerals, protein, fibers, and others.
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The poultry segment to maintain its lead position during the forecast period
Based on livestock, the poultry segment accounted for the largest share in 2020, contributing to nearly one-third of the global forage seed market, and is projected to maintain its lead position during the forecast period, attributed to increase in demand for organic meat. Moreover, the pork segment is expected to portray the largest CAGR of 7.6% from 2022 to 2031, owing to its easy availability in the market.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global forage seed market, due to the well-established and advanced technologies adopted by the manufacturers in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.9% from 2022 to 2031. This is attributed to increase in concerns of soil health among the farmers and growers.
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Leading Market Players: –
Allied Seed, LLC.
Brett Young
BASF SE
Dynamic Seeds Ltd.
Central Garden and Pet Company
Barenbrug Seed Company
Northstar Seed Ltd.
Hancock Farm and Seed Co. Inc.
Fosters Seed and Feed Ltd.
Dow AgroSciences, LLC.
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