Global Forage Feed Market : Ever-Increasing Demand for Livestock Products to Expand Market at 11.4% CAGRApril 9, 2021
According to a recent market research report published by Transparency Market Research, the global forage feed market is estimated to expand positively at a CAGR of 11.4% during the period between 2013 and 2019. The report, titled “Forage Feed Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, projects the global forage feed market to be worth US$162.87 bn by the end of the forecast horizon. The overall market stood at a valuation of US$85.06 bn in 2013. In terms of volume, the global forage feed market is anticipated to rise at a CAGR of 9.2% during the period from 2013 to 2019.
The report states that the ever-increasing demand for livestock products such as meat, milk, and other animal products is fuelling demand from the global forage feed market. However, the high cost of forage feed is influencing consumers to look for cheaper substitutes. For example in the U.S., consumption of distillers grains as a cheaper substitute to forage feed was significantly high in 2013. Lack of funding for forage research has also restricted the growth of the overall market. The global forage feed market has a huge opportunity to grow with product innovations.
On the basis of product type, the report segments the global forage feed market into fresh forage, stored forage, and others. In 2013, stored forage dominated the overall market and accounted for 41.51% market share. During the forecast horizon, the demand for stored forage is expected to decline marginally owing to the rising awareness about animal health.
In terms of livestock type, the report categorizes the global forage feed market into cattle, poultry, aquaculture, pork, swine, and others. In 2013, poultry was the leading livestock segment in the market and accounted for 33.1% of the market. The pork/swine market generated around 29% of total market revenue in the same year and emerged as the second largest livestock market. During the period between 2013 and 2019, the cattle market is anticipated to register robust growth due to the growing awareness about the utility of numerous cattle products.
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The report studies the global forage feed market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. In terms of production volume, Asia Pacific accounted for over 30% market share in 2013 and dominated the overall market. During the forecast period, the region is likely to maintain its leading position. Europe was the second largest market for forage feed in 2013.
Describing competitive landscape, the report profiles some of the key players in the global forage feed market such as Semican Inc., Triple Crown Nutrition Inc., ADM Alliance Nutrition Inc., Cargill Inc., Baileys Horse Feeds, Standlee Hay Co. Inc., The Pure Feed Co. Ltd., J. Grennan and Sons, BASF SE, NWF Agriculture Ltd., Chaffhaye Inc., and Brett Young Seeds.