The global forage feed market is expected to grow at a CAGR of more than 11% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global forage feed market from 2017-2021. (Graphic: Business Wire)
Global forage feed market segmentation by livestock and geography
Technavio's report on the global forage feed market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by livestock, including cattle, poultry, and pork/swine. As projected in 2016, around 29% of the market share originated from cattle. Cattle are raised as livestock for meat such as beef and veal. They are also raised as dairy animals for milk, butter, and other dairy products and as draft animals such as oxen and bullocks for pulling carts, plows, and other implements.
Based on geography, the global forage feed market has been segmented into APAC, Europe, North America, and ROW. As of 2016, 33% of the market share came from APAC. APAC will continue to hold the highest share and will be the fastest growing regional market during the forecast period because of the increasing consumption of dairy products and poultry meat.
"The increasing awareness regarding the merits of consuming organic products is playing an important role in the growth of the global forage feed market. Apart from this, forage feeds are widely recognized by producers for their economic benefits. Additionally, the growing consumption of meat and poultry products, the changing food habits, and the introduction of high-quality forage seeds at reduced costs are some of the factors that are driving the growth of this market," says Ajay Adikhari, a lead analyst at Technavio for agrochemicals and fertilizers research.
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Global forage feed market: competitive vendor landscape
The players in the global forage feed market compete based on technology, core competencies, price, quality, and cost. The market has the presence of several global and regional players. It is highly competitive and dominated by large-scale vendors such as ADM Animal Nutrition, BASF, Cargill, and NWF Group. These players have a vast geographical presence with numerous production facilities. There are a substantial number of small regional vendors with a considerable market share.
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Other topics covered in the report:
Market drivers:
- Incremental global meat consumption
- Technological improvements in feedstock
Market challenges:
- Maintenance of proper stocking rate and balancing animal numbers with forage supply
- Rising demand for substitutes
Market trends:
- Increasing popularity of organic meats
- Emerging techniques in livestock breeding
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