The worldwide sales of forage analysis, which was recorded to be worth US$ 651.6 million in 2018, but were estimated to have reached US$ 777.1 million by 2022. The annual growth rate was revised to 4.5% from 2018 to 2022 due to the altered business environment following the pandemic.
The net worth of the global forage market is figured out to be around US$ 817.5 million in the present year 2023. As per the recent market analysis report released by FMI, the market is projected to register a CAGR of 5.2% through 2033. Ultimately, the total valuation of the market is expected to reach US$ 1,357.3 million by the conclusion of this forecast period in 2033.
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Among the main factors boosting the global forage market throughout the forecast period is the rising global milk and milk product consumption. Additionally, there is a rise in the livestock population as a result of the region’s rising consumption of beef and meat products, further boosting the forage market.
Farmers’ increased awareness of farm animals’ nutritional needs is another key factor driving the global forage industry. The reduction of pasture or ranching space due to improper forest land management in the modern era is also increasing the product demand everywhere. Additionally, organic fodder is an emerging trend in the forage market, as it provides sufficient nutrients and farmers are favoring it more and more.
Key Takeaways from the Forage Market Study Report
- The United States forage market is expected to be leading and be worth around US$ 223 million in the year 2023.
- Meanwhile, the supply of forage feed from China is anticipated to register an 8.7% CAGR and overtake the United States in the future.
- On the other hand, Latin American countries are expected to grow at an average growth rate of 5.5% during the forecast years. The demand for forage in agriculture-intensive countries like Brazil, Argentina, and Mexico is the key factor driving this geographical region market.
- The nutrients forage market segment is anticipated to record a lucrative 6.6% CAGR and reach US$ 538.4 million by the year 2022.
- While the market segment of Mycotoxins is reassessed to witness an average growth rate of 5.2% CAGR over the following ten years.
- The dry matter forage segment is expected to witness an unexpectedly lower growth rate of 4.4% over the years from 2023 to 2033.
Competitive Landscape for the Forage Market Players
Allied Seed LLC, Cawood Scientific, CVAS Forage Lab, Dairy Land Laboratories, Dodson & Horrell, Eurofins Scientific, Intertek Testing Laboratories, Messy Feeds, Minnesota Valley Testing Laboratories, RJ Hill Laboratories, Servi-Tech Inc., SGS S.A., Barenbrug USA, BrettYoung Seeds Ltd., 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 among others are prominent players in the global forage market.
Recent Developments
- The Cubeit Hay Company of Hamer became a business partner of the United States Team Penning Association or USTPA in April 2021. Several promotional and marketing campaigns may benefit from this association in the upcoming years, which can lead to higher business sales.
- The Wilbur-Ellis Nutrition Company purchased Ametza LLC’s fodder pellet division back in the year 2021, during the pandemic. Ametza LLC, headquartered in California, produces and distributes fodder pellets to many leading American merchants serving the livestock animal industries.
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Key Segments
By Crop Type:
- Cereals
- Legumes
- Grasses
- Others
By Target:
- Nutrients
- Mycotoxins
- Dry Matter
- Other Targets
By Forage Type:
- Fresh Forage
- Ration Forage
- Hay Forage
- Silage Forage
- Dry Matter Forage
- Other Forages
By Animal Type:
- Forage for Cattle
- Forage for Equine
- Forage for Sheep
- Forage for Poultry
- Forage for Other Animals
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact FMI:
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