The global forage market size reached US$ 90.0 Billion in 2023. Looking forward, the market is projected to reach US$ 131.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.26% during 2023-2032.
Forage is an edible part of the plants that are harvested for feeding livestock. It is an important component of agroecosystems and contributes significantly to world food production. It is rich in vitamins, fibers and proteins and enhances metabolic activities of animals. It helps in milk production, which is achieved by maintaining the rumen health of animals. It improves eggshell formation, fluid balance and hormone production among various poultry farm birds. Besides this, it also prevents soil erosion, aids in keeping sediment out of waterways, reduces weed development, purifies air and water, mitigates greenhouse gas impact and provides wildlife habitat.
Besides this, the expanding agricultural industry and improvements in fertilizers are offering lucrative growth opportunities to industry investors. Furthermore, key market players are extensively investing in research and development (R&D) activities to improve product quality. They are also focusing on product innovations, technological breakthroughs and effective allocation of resources, which is projected to strengthen their overall sales and profitability.
2. What is the expected growth rate of the global forage market during 2024-2032?
3. What are the key factors driving the global forage market?
4. What has been the impact of COVID-19 on the global forage market?
5. What is the breakup of the global forage market based on the crop type?
6. What is the breakup of the global forage market based on the product type?
7. What is the breakup of the global forage market based on the animal type?
8. What are the key regions in the global forage market?
9. Who are the key players/companies in the global forage market?
Forage is an edible part of the plants that are harvested for feeding livestock. It is an important component of agroecosystems and contributes significantly to world food production. It is rich in vitamins, fibers and proteins and enhances metabolic activities of animals. It helps in milk production, which is achieved by maintaining the rumen health of animals. It improves eggshell formation, fluid balance and hormone production among various poultry farm birds. Besides this, it also prevents soil erosion, aids in keeping sediment out of waterways, reduces weed development, purifies air and water, mitigates greenhouse gas impact and provides wildlife habitat.
Forage Market Trends
At present, the increasing awareness among individuals about the health benefits of consuming animal products like milk and meat, along with the escalating demand for forage to obtain high-quality products from cattle, represents one of the key factors driving the market. Moreover, the reduction of land for grazing animals due to a lack of proper wildlife management is propelling the growth of the market around the world. In addition, with the rising focus on the health of livestock, farmers are increasingly preferring natural and organic forage as it provides adequate nutrition to animals. This, coupled with favorable laws implemented by governments of several countries worldwide, is positively influencing the market.Besides this, the expanding agricultural industry and improvements in fertilizers are offering lucrative growth opportunities to industry investors. Furthermore, key market players are extensively investing in research and development (R&D) activities to improve product quality. They are also focusing on product innovations, technological breakthroughs and effective allocation of resources, which is projected to strengthen their overall sales and profitability.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global forage market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on crop type, product type and animal type.Breakup by Crop Type:
- Cereals
- Legumes
- Grasses
Breakup by Product Type:
- Stored Forage
- Silage
- Hay
- Fresh Forage
Breakup by Animal Type:
- Ruminants
- Swine
- Poultry
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allied Seed LLC, Barenbrug USA, BrettYoung, Cargill Incorporated, Corteva Inc., DLF Seeds A/S, Forage Genetics International LLC (Land O'Lakes Inc.), King's Agriseeds Inc., Rivard's Turf & Forage and Standlee Premium Products LLC.Key Questions Answered in This Report
1. What was the size of the global forage market in 2023?2. What is the expected growth rate of the global forage market during 2024-2032?
3. What are the key factors driving the global forage market?
4. What has been the impact of COVID-19 on the global forage market?
5. What is the breakup of the global forage market based on the crop type?
6. What is the breakup of the global forage market based on the product type?
7. What is the breakup of the global forage market based on the animal type?
8. What are the key regions in the global forage market?
9. Who are the key players/companies in the global forage market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Forage Market
6 Market Breakup by Crop Type
7 Market Breakup by Product Type
8 Market Breakup by Animal Type
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Allied Seed LLC
- Barenbrug USA
- BrettYoung
- Cargill Incorporated
- Corteva Inc.
- DLF Seeds A/S
- Forage Genetics International LLC (Land O'Lakes Inc.)
- King's Agriseeds Inc.
- Rivard's Turf & Forage
- Standlee Premium Products LLC.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 136 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 90 Billion |
| Forecasted Market Value ( USD | $ 131 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
