According to the latest report by IMARC Group, titled “Forage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global forage market size reached US$ 86.0 Billion in 2022. Forage refers to plant material (mainly plant leaves and stems) consumed by grazing livestock. Traditionally, it includes hay, straw, silage, compressed and pelleted feeds, oats, barley, and maize, amongst others. Forages are an essential part of an animal's diet, providing necessary nutrients and energy for growth, production, and overall health. They are primarily consumed by ruminants such as cows, goats, and sheep, which have a unique digestive system that allows them to extract nutrients from plants effectively. The quality of forage can significantly impact the health and productivity of these animals, influencing the quality of the meat, milk, or wool they produce. Therefore, the cultivation, management, and consumption of forage are critical aspects of livestock farming. Forages also have a beneficial role in soil health, biodiversity, and carbon sequestration, linking the livestock industry with environmental sustainability.
Global Forage Market Trends:
The global market is majorly driven by the escalating demand for animal-based products such as meat, dairy, and wool, due to rising population and changing dietary habits. In line with this, the increasing awareness of the nutritional benefits of high-quality forages for livestock health and product quality is propelling the market growth. Moreover, an enhanced focus on the sustainability aspect of forage farming and its role in improving soil health, sequestering carbon, and supporting biodiversity, is creating a positive market outlook. Also, the rising concerns over climate change and the global demand for sustainable food systems is resulting in a higher uptake of forage. The market is further fueled by the integration of modern technology, such as precision farming, drones, and smart irrigation systems, which are enhancing the efficiency and productivity of forage farming. Furthermore, continual advancements in forage seed breeding and agronomic practices facilitating better quality and higher-yielding forage crops are stimulating the market. Some of the other factors contributing to the market include growing demand for organic livestock products, inflating disposable income levels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 114.5 Billion by 2028, exhibiting a CAGR of 4.73% during 2023-2028.
- Based on the crop type, the market has been segmented into cereals, legumes, and grasses.
- On the basis of the product type, the market has been divided into stored forage (silage and hay) and fresh forage.
- Based on the animal type, the market has been categorized into ruminants, swine, poultry, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
|Base Year of the Analysis
||Crop Type, Product Type, Animal Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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