According to Future Market Insights (FMI), the global forage seeds market is likely to be valued at US$ 12,132.9 million in 2023 and is anticipated to reach US$ 30,996.9 million by 2033. Overall forage sales are poised to surge at a CAGR of 9.8% from 2023 to 2033.
Rising demand for meat and poultry products across the world is a prominent factor expected to drive the global forage seeds market swiftly during the projection period.
In recent years, forage crops have gained immense traction, especially across cattle and poultry sectors. They are being grown specifically for grazing by livestock or making animal feeds. These crops provide the bedrock for sustainable agriculture.
Increasing consumption of meat products worldwide coupled with growing preferences towards natural and organic animal feeds is expected to generate high demand for forage seeds during the forecast period.
According to the Institute of Food Technologists (IFT), a new study has found that global meat consumption will surge by 1.4% per year through 2023. This in turn will positively influence forage seeds market.
Rising demand for organic products due to growing health consciousness among consumers is another key factor impacting the forage seeds industry. To meet consumer needs, forage seed-producing companies are trying to offer high-quality, organic forage seeds at lower costs for animal consumption.
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Subsequently, preference for organic beef and livestock products, which have no antibiotics, and no growth-promoting hormones are increasing the demand for organic products. Regular red beef consumption can cause diseases such as cancer, cholesterol strokes, and heart disease. Owing to these factors, the leading forage product companies are also focusing on organic products such as beet pulp or hay for feeding livestock.
Introduction of new government regulations is also prompting manufacturers to choose forage seeds. The U.S. Food and Drug Administration modified its regulation to reduce the use of antibiotics used for growth enhancement.
Similarly, the use of antibiotics is banned in Europe, and this has created immense growth for other organic forage products and related products. Owing to this, more product differentiation through innovation is required to create market growth and increase the profitability of companies.
Nowadays, certification programs are widely utilized as the norm for seed quality control. The necessity to certify the identity of these varieties for buyers by conducting field inspections of the seed crop arose in the middle of the 20th century as a result of the growing number of varieties resulting from plant breeding initiatives.
These programs were frequently voluntary and created by manufacturers who intended to improve the reputation of their seeds in the marketplace. This was done in several nations, with the Crop Improvement Associations in the USA serving as a good example. Manufacturers who have the certification have a competitive advantage over the other manufacturers.
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“Growing focus towards increasing meat production to meet the global demand will have a profound influence on forage seeds market during the projection period. Besides this, rising prevalence of deficiency diseases in livestock and high demand for natural animal feeds will boost forage seed sales,”- Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Report:
- Global forage seed sales are slated to surge at a CAGR of 9.8% during the forecast period.
- In terms of product type, alfalfa segment is expected to register a CAGR of 7.2% from 2023 to 2033
- Based on livestock type, cattle segment holds a prominent share of the global forage seeds market and is projected to expand at a CAGR of 7.0% during the forecast period
- The United States forage seeds market is forecast to reach a valuation of US$ 3,251.6 million by 2023.
- Germany forage seeds market is anticipated to expand at 9.5% CAGR throughout the forecast period.
- Forage seed demand in India is slated to rise at 8.1% CAGR between 2023 and 2033.
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Who is Winning?
Leading frozen ready meal companies profiled in the report include Germinal GB, Allied Seed, LLC, S&W Seed Company, BASF SE, Hancock Farm & Seed Co. Inc., Heritage Seed Company, Dow Agro Sciences LLC, Northstar Seed Ltd, and Central Garden & Pet Company
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the forage seeds market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study provides compelling insights into the forage seeds market based on product type (alfalfa, clover, ryegrass, chicory) and livestock type (poultry, cattle, pork/swine) across several regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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