Global Forage Seeds Market to Develop at Rapid Pace due to Diverse Applications and Economic Benefits
Forage seeds are widely used for feeding domestic animals to improve their health. The high protein content in forage seeds helps increase the energy and reproductive ability of livestock. Growth of agriculture practices and animal husbandry across developing economies such as India, China, and Brazil has given a significant momentum to the global forage seeds market in the last few years, which is expected to continue its growth trajectory at least for the next five years.
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Apart from being used for rearing domestic animals, forage seeds and crops also contribute to food production and many other aspects of human life. Some of the most common uses of forage seeds, which also constitute its economic benefits, include:
- Landscape and wildlife conservation
- Soil conservation and amelioration
- Improving the environment and reducing pollution
- Transforming biomass to energy
- As a source of fiber in the production of paper and building materials
- As a source of high-quality protein extracts used in medical and pharmaceutical products
- Ecological repair of damaged or degraded land
Forage seeds, therefore, exhibit diverse applications due to which they are used as a raw material across various industries. According to a report released by Transparency Market Research, the global forage seed market, which was valued at US$10,789.3 million in 2014, is expected to reach US$17,508.5 million by 2020, developing at a positive 8.4% CAGR between 2014 and 2020.
Demand for Forage Seeds Fuelled by its Low Price and Economic Benefits
Forage seeds are available in the market at a very low price, which is a key factor positively impacting the market’s growth in the global scenario. Based on the plants from which they are obtained, the forage seeds market can be categorized into chicory, ryegrass, alfalfa, clover, fescue, and others. Forage seeds obtained from these plants are often used as rotation crops in between cultivation of primary crops to prevent soil erosion and improve soil fertility.
The seeds obtained from alfalfa, especially, are of very high quality, due to which alfalfa held the largest share in the global forage seeds market in 2013, followed by clover and ryegrass. Fescue is also an abundant source of forage seeds, which is why it is expected to register the fastest growth in the market. The segment is likely to register a 12.4% CAGR between 2014 and 2020. Easy availability of forage seeds from multiple sources has resulted in its low cost, which in turn is fuelling the demand for forage seeds from the global market.
Increasing Demand for Forage Feed for Livestock to Boost Global Forage Feed Market
Studies predict stable growth for the global forage seeds market owing to the rising demand for forage feed for livestock. The growing population of livestock, particularly the rise in the population of genetically modified animals has propelled the demand from the forage seeds market. Forage seed dealers find lucrative market conditions in countries where farmers maintain large herds of animals. To compensate the protein, mineral, and energy deficiency in animals, these farmers demand feedstock and forage seeds throughout the year.
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This situation holds true particularly in the case of North America, where demand for forage seeds is exceptionally high from the developed economies of the U.S., Mexico, and Canada. Currently, Asia Pacific constitute a smaller market for forage seeds. However, the region is expected to register robust growth in the next few years to emerge as the most lucrative market for forage seeds.