Forage Seeds Market is expected to reach US$ 19,755.46 million by 2030

PRESS RELEASE BY The Insight Partners 05 Oct 2023

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Strategic Development Initiatives Drives Forage Seeds Market Growth

According to the new research study titled "Forage Seeds Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, Livestock, and Geography," the market is expected to grow from US$ 12,757.00 million in 2022 to US$ 19,755.46 million by 2030; it is expected to record a CAGR of 5.6% from 2022 to 2030.

The forage seeds manufacturers across the globe are investing significantly in strategic initiatives such as product innovation, mergers and acquisitions, and expansion of their businesses to attract many consumers and enhance their market position. To maintain their strategic position in the market, key players are investing significantly in quality enhancement of forage seeds. For instance, DLF Seeds, the world's leading grass seed breeder, invested US$ 4.6 million in new state-of-the-art mixing and distribution facilities in 2021. The company has invested in transforming its current production facilities of Offshore Patrol Vessels (OPVs) and the hybrid seed of forage and bringing much-needed additional capacity and efficiency to fulfill the increasing demand by consumers and environmental stewardship in the forage seed market. Such strategic development initiatives by key players help to create a strong foothold in the market.

Forage Seeds Market Breakdown – by Region

Forage Seeds Market Breakdown – by Region

Forage Seeds Market Size Analysis | Trends and Forecast 2030

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Forage Seeds Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type [Alfalfa, Clover (White, Red, Hybrid, and Others), Ryegrass (Annual Ryegrass, Perennial Ryegrass, Italian Ryegrass, and Hybrid Ryegrass), Timothy, Sorghum, Brome, Birdsfoot Trefoil, Cowpea, Meadow Fescue, and Others], Category (Organic and Conventional), and  Livestock (Ruminants, Poultry, Swine, and Others)

The forage seeds market in the globe is flourishing owing to the increased export of meat and dairy products. Agriculture and livestock are the major backbone of the global economy. As per the USDA report, Argentina was the world's fifth-largest beef exporter in 2020, exporting ~700,000 metric tons of beef and beef products. Also, the country has increased its production to 760,000 metric tons at the end of 2021, according to the USDA report. Thus, the rising animal feed production and growing meat export boost the demand for forages across the globe to feed animals. All these factors favor the global forage seeds market growth. The globe has an intensive livestock system owing to the high production potential and efficient growing conditions for several forage species

Various manufacturers are adopting merger and acquisition strategies and scaling their businesses to satisfy a larger customer base. For instance, in March 2022, DLF Seeds acquired the assets of OreGro Seeds, a cover crop, forage, and turfgrass breeding company in Albany, Oregon, the US. Such development strategies by forage seed manufacturers help them to extend their reach and gain a competitive edge in international markets.

The demand for forages for feed is gradually growing in the US, mainly due to the growing requirement for healthy feed ingredients among animal feed manufacturers. The domestic animal food manufacturing sector broadly relies on the free-trade agreement with Canada and Mexico, [North American Free Trade Agreement's (NAFTA) implementation], which has allowed exports of feed ingredients, feed, and forages. The trade agreement and the growing livestock industry fuel the demand for animal feed.

UPL Ltd, DLF Seeds AS, Corteva Inc, Limagrain UK Ltd, S&W Seed Co, Deutsche Saatveredelung AG, Cerience, Allied Seed LLC, MAS Seeds SA, and Syngenta AG are among the key players operating in the forage seeds market. These key players adopt product innovation strategies and invest in business expansions to meet consumers' demand, further driving the forage seeds market.

Impact of COVID-19 Pandemic on Forage Seeds Market

The bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the animal feed industry in 2020 and early 2021, thereby restraining the growth of the forage seeds market.

The report segments the forage seeds market as follows:

The forage seeds market is segmented on the basis of type, category, and livestock. Based on type, the market is segmented into [alfalfa, clover (white, red, hybrid, and others), ryegrass (annual ryegrass, perennial ryegrass, Italian ryegrass, and hybrid ryegrass), timothy, sorghum, brome, birdsfoot trefoil, cowpea, meadow fescue, and others]. Based on category, the market is bifurcated into organic and conventional. Based on livestock, the forage seeds market is segmented into ruminants, poultry, swine, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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