DUBLIN--(BUSINESS WIRE)--The "Forage Seed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The global forage seed market is projected to register a CAGR of 7.5%, during the forecast period (2021-2026).
The COVID-19 has led to severe restrictions on the movements of people and goods imposed in the initial months are having widespread negative effects on the industry across the globe with international forage seed trade particularly affected. The forage seed trade is highly international with large volumes of seed shipped across borders to meet farmers' demand across the globe. Yet shipments are affected by lockdowns imposed by governments across the region to stem the Covid-19 pandemic.
Although many governments have since recognized seeds and other agricultural inputs as essential items effectively exempting them from lockdown restrictions seed companies have been reporting a number of supply-chain challenges. However, the market is anticipated to bounce back in the coming months.
The major factors driving the forage seed market are the increasing demand for dairy products, the increasing demand for animal products, consumer preference for organic food and feed products, shrinkage of open land for animal grazing, and increasing specialized feed requirement due to the introduction of high yielding cattle.
Some of the restraints identified in the studied market are adverse climatic conditions, time-based incentive returns requiring significant investments, and the unwillingness of farmers to pay for high-quality forage seeds. The major share in the forage seed market is occupied by North America, followed by Europe, Asia-Pacific, South America, and Africa.
Key Market Trends
Growing Demand for Meat and Meat Products
Livestock is among the world's largest users of land resources, with grazing land and cropland dedicated to the production of feed representing nearly 80% of the total agricultural land. According to FAO, feed crops are grown in 1/3rd of the total cropland, while the total land area occupied by pasture is equivalent to 26% of the ice-free terrestrial surface. Around 80% of the world's grazing lands are open lands, i.e., pastures devoid of forests or dense human settlements. Pastures have always been and will continue to be, a source of forages and nutrients for dairy cattle, including heifers, dry cows, and the milking herd.
Livestock is a major factor responsible for the growth of global agriculture. The world food economy is being increasingly driven by the shift in diet and food consumption patterns toward livestock products. There has been an increased dependency of livestock animals on feed and forage resources. Furthermore, changes in production and quality of feed crop and forages potentially impacts the livestock. The growth in livestock production is likely to create a demand for better forage crops, as people are extremely concerned about the quality of meat they consume. The growth in the demand for forage crops can only be supported with better quality forage seeds.
North America Dominates the Forage Seed Market
Currently, North America is the largest forage seed market. Alfalfa is the largest traded seed among all the categories, and in the United States alone, it accounted for a major share of the market value in 2020. Currently, the United States occupies the largest market share (48%). Favorable weather conditions and an ever-increasing domestic and international demand are driving the growth in the North American forage seed market.
Weather in the North American region is a major reason behind the decline of demand in the forage seed market. To counter this effect, in December 2017, Grassland Oregon, a seed company based in Salem, Oregon, launched FIXatioN Balansa and Frosty Berseem clovers, making them available to producers in Canada. Both varieties are capable of withstanding temperatures as cold as -26C and -5C, respectively.
Competitive Landscape
The global forage seeds market is a fragmented market with the presence of various players in the market. In the forage seed market, AgReliant Genetics, Brett-Young Seeds Limited, Corteva Agri Science, Barenbrug Holding B.V and DLF Seeds A/S are some of the players in the market These players are investing heavily in this market, in order to develop new products.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Crop Type
5.1.1 Cereals
5.1.1.1 Forage Corn
5.1.1.2 Forage Sorghum
5.1.1.3 Other Cereals
5.1.2 Legumes
5.1.2.1 Alfalfa
5.1.2.2 Other Legumes
5.1.3 Grasses
5.2 Product Type
5.2.1 Fresh Forage
5.2.2 Stored Forage
5.2.2.1 Silage
5.2.2.2 Hay
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Allied Seed LLC
6.3.2 Brett-Young Seeds Limited
6.3.3 AgReliant Genetics
6.3.4 DLF Seeds AmbA
6.3.5 Foster's Seed and Feed
6.3.6 Northstar Seeds Ltd.
6.3.7 Hancock Farm & Seeds Co.
6.3.8 UPL Limited
6.3.9 Corteva Agriscience
6.3.10 The Royal Barenbrug Group
6.3.11 Blue River Hybrid Organic Seeds
6.3.12 AMPAC Seed Company
6.3.13 PGG Wrightson
6.3.14 S&S Seeds, Inc.
6.3.15 Rivard's Turf & Forage
6.3.16 Johnston Seed Company
6.3.17 Silver Falls Seed Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/e87l8
