MARKET ANALYSIS

GLOBAL FORAGE SEED MARKET TO REACH $44.18 BLN BY 2031 – REPORT

Allied Market Research published a report on the global forage seed market, which looked at products, including alfalfa, clover and ryegrass, as well as the species that rely on those products, namely poultry and cattle. According to the report, the global forage seed industry generated $21.89 billion in 2020, and is anticipated to generate $44.18 billion by 2031, witnessing a CAGR of 7.02% from 2022 to 2031. Organic meat and milk are richer in nutrients and minerals such as enzymes, antioxidants, and bioflavonoid, which is why, people prefer them over inorganic alternatives, the report said. This in turn, is driving the growth of the global forage seed market. However, natural calamities, such as droughts, floods, and frost create challenges in the production of forage feed, thereby restricting the market growth to some extent. In addition, irregular seed germination cycle, lack of favorable government policies for cereal crops, and insufficient funding in forage research restrain the market growth. On the other hand, surge in demand for increasing milk production worldwide creates lucrative opportunities in the market. The outbreak of the Covid-19 pandemic has had a negative impact on the global forage seed market, owing to implementation of lockdown. The agricultural sector faced several challenges due to shortage of labor force supply chain disruptions, and unavailability of raw materials. Nevertheless, the market is expected to get back on track within the next couple of years. Based on livestock, the poultry segment accounted for the largest share in 2020, contributing to nearly one-third of the global forage seed market, and is projected to maintain its lead position during the forecast period, attributed to increase in demand for organic meat. Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global forage seed market, due to the well-established and advanced technologies adopted by the manufacturers in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.9% from 2022 to 2031. This is attributed to increase in concerns of soil health among the farmers and growers.