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 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.
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.