Forage Seed Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2026
The global forage seed market is anticipated to grow over the forecast period, owing to increasing demand for forage seeds from agriculture and animal rearing industries. Rising poultry, swine, and cattle population for meat production is expected to be a major factor contributing to market growth. According to data published by UN, in 2017, meat production was pegged at 262 million metric tons, which was an increase of 4 million metric tons over the previous year.
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Forage is relatively cheaper than most grain crops and therefore, farmers are increasingly focusing on adopting these. Forage is also used as a rotation crop, due to benefits associated with the use of these. The advantages include less disease in subsequent cereal crops, increased yields in subsequent crops, aid in improving soil quality, and reduces weed population thereby reducing the need for additional pesticide, fertilizers, and herbicide inputs in subsequent crop cycle.
Market Dynamics:
The quantity and quality of meat, eggs, and milk from livestock is directly dependent upon the nutrition provided to the animals. With increasing awareness regarding nutrient intake of animals in animal rearing, high quality forage is gaining popularity in livestock rearing. These factors coupled with a growing global population, changes in food consumption habits such as increasing consumption of meat products in emerging economies such as India, China and Indonesia are some of the key factors driving growth of the forage seed market. According to WHO, rising disposable income in emerging economies is directly proportional to the meat consumption. Meat consumption is associated with several health benefits such as increased protein and macro nutrient intake. With rising income, incorporation of meat into diet has also increased. Brazil, China, and India have witnessed an increase in meat consumption over the last decade, although, the per capita consumption remains less than that in North America and Europe.
Market Outlook:
North America held the largest market share of the forage seed market, in terms of value in 2016. Market growth of this region is attributed to increasing demand for forage products, which is fuelled by the increasing livestock population for meat. According to the Department for Environment Food & Rural Affairs, animal feed production in the U.S. increased by 10% for sheep, 6.6% for cattle, and 3.7% for pigs in December 2017 compared to December 2016. According to the United Nations Food and Agriculture Organization, the total meat production in the U.S. and Canada for the year 2014 was pegged at 42.56 Mn Tons and 4.38 Mn Tons, respectively. Forage in the region is mostly utilized by landowners to help them manage soil fertility, grazing, and hay production in addition to brush & weed control in pastures and hay fields.
Asia Pacific is the fastest-growing region in the forage seeds market. China and India are the leading countries in the region, owing to increasing demand for meat products in the region. According to the Organization for Economic Co-operation and Development (OECD), China is the major producer of pork meat with around 31.3 kg/capita pork meat produced in 2016, followed by poultry and beef.
Key Market Players:
Key strategies adopted by forage seeds players include mergers & acquisitions, product launches, partnership & agreement, and geographical expansion, in order to sustain in the competitive market. DLF— a Denmark-based forage seed supplier—acquired the assets of Gapp Semillas S.A. (Argentina), in February 2018, to increase its market presence in Latin America. In March 2018, KWS Saat S.E. launched maize forage varieties, with enhanced properties such as improved yield, high kernel content, and improved dairy production by cows on consumption of the forage.
Major players in the global forage seeds market include DowDuPont Inc., Monsanto Company, Land O’ Lakes Inc., Advanta Seed Ltd., BrettYoung Seeds Ltd., Royal Barenbrug Group, Imperial Seed Ltd., Allied Seed LLC, and Ampac Seed Company.
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