The global forage seeds market revenue is expected to expand at a significant CAGR over the forecast period. Forage seeds helps to increase soil quality and yield of subsequent crops by reducing the use of fertilizer, herbicides and pesticides. Rising meat consumption globally coupled with increasing livestock population is a major factor expected to drive growth of the target market. Rising disposable income had led to increased incorporation of meat into diet especially in countries such as China, Brazil and India. In 2017, the Organization for Economic Co-operation and Development reported that, per capita meat consumption increased from around 77 kg in 2016 to 79 kg in 2017 in Brazil.
Lack of awareness about benefits of forage seeds among farmers especially in developing economies is expected to hamper growth of the target market in the near future.
The global forage seeds market report has been segmented on the basis of product type, species, livestock, and region. On the basis of product type, the market is segmented into clover, chicory, alfalfa, and ryegrass. Alfalfa segment dominates the global market in terms of revenue over the forecast period, owing to easy cultivation techniques, low fertilizer requirements, and reduced risk of diseases. On the basis of livestock, the market is segmented into cattle, poultry, and others. On the basis of species, the market is segmented into grasses and legumes. Grasses segment dominates the global market in terms of revenue over the forecast period, owing to long perennial nature and wide adaptability.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to dominate the global market in terms of revenue over the forecast period, owing to increasing consumption of meat based products and rising preference for forage products in this region. The market in Asia Pacific is expected to register highest CAGR in terms of revenue.
Key players operating in the global forage seeds market include Monsanto Company, DowDuPont Inc., Advanta Seed Ltd., BrettYoung Seeds Ltd., Royal Barenbrug Group, Allied Seed LLC, Ampac Seed Company, Imperial Seed Ltd., and Land O’ Lakes Inc.