Forage Seed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The 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 ris 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.

Scope of the Report

The Global Forage Seed Market is segmented by Crop Type (Cereals, Legumes, and Grasses), Product Type (Fresh Forage and Stored Forage); and Geography (North America, Europe, Asia-Pacific, South America, and Africa).

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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.

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