Development of High Energy Forage Feed to Open New Doors of Opportunity, says TMR
A radical shift in the socio-cultural behavior occurring due to globalization has impacted the forage feed market. Dairy farms, animal husbandry, and poultry sectors are focusing on the purchase of value added, high quality forage feed products, finds Transparency Market Research (TMR) in a new study. Environmental considerations are expected to play an important role in influencing the buying decision of consumers. Major players operating in the global forage feed market have their presence across the value chain. Some market players such as BASF, Allied Seed LLC, and Cargill Incorporated have wide experience in the forage feed industry. These companies are working towards providing innovative solutions in the field of pest management, forestland management, and improvement in the quality of seeds.
Many companies are focusing on the manufacturing of improved nutritional herbicides and bio-based forages which increases the yield and reduces the risks. Many international players are adopting technologies that help improve land management. This is helping them achieve intensive grassland production and is thus, intensifying competition in the market.
Demand for Organic Meat Drives Adoption of Forage Feed
There has been a growing concern over meat consumption among consumers across the globe. People have become more health conscious and are increasingly demanding organic meat. Since for organic meat, animals are fed on corn forages or grass, with no use of growth regulators, fertilizers, pesticides, or additives, this type of meat is healthier. Moreover, organic meat overcomes issues associated with meat such as cholesterol, obesity, cancer, fat, and hypertension. This is in turn driving the demand for forage feed.
The worldwide meat production has increased by 20% in the last decade as an increasing number of people are consuming meat. This has led to a surge in animal breeding for livestock. Livestock or farm animals consume forage as their primary feed. This is propelling the demand for forage feed.
The health benefits of forage are also fueling the demand for this feed. Forage consumption has several benefits such as increasing the rumination among the cattle, increasing the fiber content, and supplying 75% of the protein required in the diet of animals. Moreover, forage consumption increases the performance of animals, including reproduction.
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Lack of funding in Forage Research Restricts Growth of Forage Feed Market
Forage research becomes necessary so as to have innovation that ensures long-term profitability and sustainability for the producers. However, due to budget insufficiency and non-replacement of retiring personnel, the forage research has been on a decline. Another factor that holds the potential to dampen the demand for forage feed is the rising use of forage substitutes. Forage substitutes such as beet pulpin low starch or high quality by-product diets can threaten the demand for forage feed. Sand draught is another factor that has surged the demand for substitutes. Choice of alternative feeds is also done in order to decrease the dependency on grass forage feeds, when there is shortage of harvested forage owing to drought, frost, nutrient or soil deficiency, and excessive soil nitrogen.
Product Innovation to Create Opportunities in Forage Feed Market
One of the emerging key trends in the market is the development of forage feed that is low in fat. Product innovations in forage feed such that the feed is composed in a special way to reduce the fat content can open many growth opportunities in the market. Extensive research is being carried out to determine the composition of ingredients in forage feed to provide maximum nutritional benefit to the animals.
Consumers are increasingly demanding that livestock products have no antibiotics, no growth hormones, and are organic. This is shifting the focus of the companies towards developing products that are energy rich and reduce the need for various other supplements. Case in point. Triple Crown Nutrition Inc. has developed Equimix, a product which is a unique blend of supplements for horse, eliminating the need for many other additional supplement required for improved digestion of horses.
Based on product type, the stored forage segment led in 2013, accounting for 41.51% of the global forage feed market. Asia Pacific accounted for 30% of the global forage feed market in 2013, in terms of production volume. By livestock, the poultry segment led in 2013, accounting for 33.1% of the global forage feed market. The cattle segment is expected to show a healthy growth in the coming years.
The global forage feed market is expected to expand at a CAGR of 11.4% from 2013 to 2019. The market which was valued at US$85.06 bn in 2013 is expected to be worth US$162.87 bn by 2019, as per TMR.
This information is based on the findings of a report published by Transparency Market Research titled “Forage Feed Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
The global forage feed market has been segmented as below:
Rest of the World