Global Forage Feed Market: Snapshot
Almost 26% of the world’s land and 70% of world’s agricultural land is covered by grasslands, as per statistics from the UN Food and Agriculture Organization. This provides livelihood to millions of people for livestock rearing for milk, meat, wool, hides, eggs, and animal power. Forage crops are broadly classified as temporary meadows, permanent meadows, annual crops, and crops. Permanent meadows involve land to be used for five years or more. They mainly grow perennial legumes and grasses. Temporary meadows involve the land to be used for a period of fewer than five years for growing forage. Annual crops are high-yield grains such as wheat, maize, and sorghum.
However, the high cost factor of forage feed is leading consumers to lookout for cheaper substitutes. For example, in the U.S., in 2013, the consumption of distillers grains was registered to be much higher over forage feed due to its economical cost factor. Furthermore, lack of funding for forage research is also restraining the market’s growth. Nevertheless, with surging product innovations, the forage feed market is expected to be benefitted.
The forage feed market has been displaying significant growth over the past couple of years. This is due to surging meat consumption globally, expansion of farm animal production, and increasing practices of administering forage feed to animals for their nutritional content.
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The cultivation of forage crops has environmental benefits as well. It contributes to food crop production by conserving soil, protects the environment from pollution, and helps revegetate degraded land. Forage feed is also used for their protein content in medical and pharmaceutical products.
The global forage feed market was valued at US$85.06 bn in 2013. Expanding at a CAGR of 11.4% between 2013 and 2019, the market is forecast to be worth US$162.87 bn by the end of 2019.
Cattle Livestock Segment to Display Significant Revenue Contribution to Market in Future
In terms of product type, the market can be classified as stored forage, fresh storage, and others. In 2013, stored forage dominated accounting for 41.51% of the overall market. Stored forage is harvested as hay and stored and packed in plastic bags.
On the basis of livestock, in 2013, the forage feed market was dominated by poultry accounting for 33.1% of the overall market. The segment was closely trailed by pork/swine that held almost 29% of the market in the same year. Cattle currently accounts for a lower market share, however, the segment is expected to display robust growth in the coming years due to the increasing cattle production for milk, transportation, beef, and leather.
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Rising Disposable Incomes Secure Asia Pacific’s Lead Position in Market
Amongst all regional markets, Asia Pacific held a share of more than 30% in the global market in 2013. The region is anticipated to retain its dominant position over the coming years. The growth of the Asia Pacific forage feed market is driven by growing population, rising disposable income leading to increasing buy of livestock products, and progressive urbanization in the region.
Europe holds almost 30% share in the global forage feed market. North America and Rest of the World regions account for remaining share of the overall market.