VALLEY COTTAGE, New York, January 19, 2016 /PRNewswire/ --
Future Market Insights (FMI) delivers key insights on the global forage seed market in its latest research report titled "Forage Seed Market: Global Industry Analysis and Opportunity Assessment, 2014 - 2020". The global forage seed market is anticipated to expand at a CAGR of 8.4% in terms of volume during the forecast period due to various factors, regarding which FMI offers fundamental insights in detail in this report.
On the basis of products, the market has been categorised into alfalfa, clover, chicory, ryegrass and others (including lablab, fescue, etc.). Alfalfa seeds segment was the largest contributor to the market in 2013, accounting for a market share of 27.0% in terms of value. The clover forage segment was the second largest revenue generator in the same year. Alfalfa plays an important role as a livestock forage. The demand for alfalfa is primarily driven by its high nutrient content (protein and energy) that helps improve: growth of livestock, maintenance, lactation and reproduction. In addition, alfalfa seeds are widely used for feeding dairy cattle with a view to enhance milk production globally. The clover seed segment of the global forage seed market was valued at USD 2,636.3 Mn in 2013 and is expected to expand at a CAGR of 7.9% in terms of revenue during the forecast period.
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The global forage seed market is expected to witness substantial growth during the forecast period. The forage seed market is primarily driven by growing demand for forage feed that is used to feed livestock. In addition, increasing global meat consumption and economic benefits derived from cultivation of forage seed have led to the further rise in demand for forage seeds globally. Apart from this, rising demand for organic meat in order to maintain a healthy lifestyle has been creating future growth opportunities for the forage seed market.
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This report covers drivers, restraints and opportunities that are driving each segment and respective sub-segments of the market, and offers analysis and insights about the potential of the forage seed market in specific regions. Geographically, North America held the key market share of the forage seed market in 2013, accounting for 33.5% market share in terms of revenue. Market growth in this region is attributed to the increasing demand for weed-free forage products, fuelled by the expanding livestock population. Agricultural and livestock farmers are focusing on the use of good forage crops for feeding livestock. Therefore, demand for forage seeds is increasing in view of cultivating forage crops to meet the consumer needs in North America. In 2013, Europe held second largest market share followed by Asia Pacific and Rest of the World. Growing human population, increasing disposable income and urbanisation are playing an important role in increasing the demand for poultry meat and dairy products in Asia Pacific. Furthermore, the economic benefits, such as crop rotation and risk diversification, of forage seed cultivation are also expected to boost the growth of the forage seed market in Asia Pacific. The forage seed market in Asia Pacific was valued at 511,900 kilo tonnes in 2013 and is expected to expand at a CAGR of 10.3% during 2014-2020.
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Key competitors covered in the report are Allied Seed, LLC, BASF SE, Dow AgroSciences LLC, S & W Seed Company, Germinal GB, Hancock Farm & Seed Co. Inc, Central Garden & Pet Company, Northstar Seed Ltd and Heritage Seed Company. These companies are involved in producing chicory seeds, turf grass seed, fescue, timothy grass and ryegrass, among others. In 2013, Allied Seed, LLC was the leading player in the forage seed market as it has a strong distribution channel and the company offers all the major forage seeds.
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