The global forage analysis market is projected to grow at a CAGR of 5.1%
LONDON, Sept. 19, 2018 /PRNewswire/ -- The global forage analysis market is projected to grow at a CAGR of 5.1%.
The global forage analysis market is estimated at USD 515.5 million in 2018 and is projected to reach USD 661.1 million by 2023, at a CAGR of 5.1% during the forecast period. Some of the major factors driving the market are rise in demand for high-quality forage and mandatory analysis of feed quality & safety. The major restraining factors for the forage analysis market include lack of awareness among farmers and forage manufacturers.
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Globally, forage analysis is used to identify forage quality, composition, ingredients, and suitability as per the livestock.The rise in awareness regarding meat safety and the increase in demand for better-quality forage have been driving the demand for forage analysis.
Additionally, the government feed safety mandates are stimulating the growth of this market.
The ration segment, by forage type, is projected to grow at the highest CAGR during the forecast period.
The composition of forage in a ration depends upon the type of animals being fed and their stage of production.A healthy ration should be highly rich in proteins, minerals, vitamins, carbohydrates, and fat.
Therefore, it is important to analyze the nutrient level of the ration; as it helps to enhance animal production in order to obtain quality end-use products such as milk, meat, and leather.
The nutrients segment, by target, is projected to grow at the highest CAGR during the forecast period.
Manufacturers and farmers are increasingly conducting forage analysis in order to provide the required level of nutrients to livestock.Nutrients such as minerals, crude proteins, and fibers are essential, as they play an important role in optimizing the growth and performance of animals.
This leads to an increase in the usage of forage analysis among farmers.
North America is projected to account for the largest market share in 2018 , whereas Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The North American market is projected to account for the largest share during the forecast period .This is attributed to factors such as increased awareness regarding forage analysis due to the outbreak of several diseases that affect the health of animals and humans.
The major factors driving the demand of forage analysis in North America is the presence of a large number of forage analysis laboratories in the region.
The Asia Pacific market is projected to grow at the highest CAGR dur ing the forecast period.The low awareness about the benefits of high-quality forage leaves livestock undernourished in this region, thus creating an opportunity for forage analysis laboratories and companies.
The demand for forage analysis in Asia Pacific is driven by the rising demand for quality dairy and meat products.
Break-up of Primaries:
• By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation: C-level: 25%, Director-level: 30%, and Others*: 45%
• By Region: North America: 22%, Europe: 27%, Asia Pacific: 33%, and RoW**: 18%
* Tier 1, Tier 2, and Tier 3 companies are classified on the basis of their product portfolios and regional and global presence.
**RoW includes South America, Africa, and the Middle East.
The key players in the forage analysis market include the following:
• SGS (Switzerland)
• Eurofins Scientific (Luxembourg)
• Intertek (UK)
• Cargill (US)
• CVAS (US)
• RJ Hill Laboratories (New Zealand)
• Dodson & Horrell (UK)
• Cawood Scientific (UK)
• Servi-Tech (US)
• DairyLand Laboratories (US)
• Dairy One (US)
• Minnesota Valley Testing Laboratories (US)
• Massey Feeds (UK)
Research Coverage
The report provides an analysis of the forage analysis market across different segments.It aims at estimating the market size and future growth potential of this market on the basis of forage type, target, livestock, and region.
The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and business strategies.
Key Reasons to Buy the Report:
• To get an overview of the global forage analysis market.
• From an insight perspective, this research report has focused on detailed analyses—industry, and company profiles.
• This report also analyzes the high-growth segments of the global forage analysis market—its high-growth regions, drivers, restraints, opportunities, and challenges.
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