IMARC Group, a leading market research company, has recently releases report titled “Forage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How Big is the Forage Market?
The global forage market size reached US$ 86.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 114.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.73% during 2023-2028.
Industry Overview of Forage
Forage refers to an edible part of plants that are consumed by animals or livestock animals as food. It is a rich source of protein, vitamins, and fibers and assists in improving the metabolic activities of animals, such as swine and ruminants. It also aids in enhancing eggshell formation, hormonal balance, and milk production in animals. Besides this, it prevents soil erosion, decreases weed development, reduces greenhouse gas impact, and assists in keeping sediments out of waterways.
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What are the growth prospects and trends in the forage industry?
At present, the rising awareness among individuals about the health benefits of consuming animal products, such as milk and meat, represents one of the key factors strengthening the market growth.
Moreover, the growing demand for high-quality forage due to the rising prevalence of chronic illness among livestock is offering a positive market outlook. In addition, the increasing adoption of natural and organic forage as it offers more nutrients to the animals is bolstering the growth of the market.
Apart from this, the rising popularity of forage crops as a vegetative measure for identifying soil erosion is offering lucrative growth opportunities to industry players. Furthermore, governing agencies of several countries are encouraging the practice of forage farming in less fertile agricultural land areas, which is supporting the growth of the market.
Leading Companies Operating in the Global Forage Industry:
- Allied Seed LLC, Barenbrug USA
- BrettYoung
- Cargill Incorporated
- Corteva Inc.
- DLF Seeds A/S
- Forage Genetics International LLC (Land O'Lakes Inc.)
- King's Agriseeds Inc.
- Rivard's Turf & Forage
- Standlee Premium Products LLC
Forage Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Crop Type:
- Cereals
- Legumes
- Grasses
Breakup by Product Type:
- Stored Forage
- Silage
- Hay
- Fresh Forage
Breakup by Animal Type:
- Ruminants
- Swine
- Poultry
- Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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