FORAGE SEED MARKET ANALYSIS

Forage Seed MarketSize and Trends

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.

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 Trends:

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. According to the Organization for Economic Co-operation and Development, the per capita meat consumption in Brazil rose from 77.2 kg in 2016 to 78.6 kg in 2017.

Among product types, alfalfa is projected to be the largest segment, in terms of revenue share, over the forecast period. This is owing to advantages of the crop such as easy to grow as it requires low fertilizer and it also has favorable effect on livestock such as weight gain and reduced risk of contracting diseases, post consumption. According to European Union statistics, alfalfa is mainly produced in Italy, France, and Spain (40%, 21%, and 16% respectively, of the European Union’s alfalfa cultivated land in 2015). Hungary has also increased its surface area of production of alfalfa with 9,230 hectares, which is an increase of 47% from 2015.