Published Date : Jul 14, 2016
Forage feed is the stem and leaves of a plant. Grass is also a category of forage. Grazing animals feed on these parts of a plant and obtain their nutrients. Besides feeding animals such as cattle and goats, these are also used to prevent soil erosion and conserve land. Thus, 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 a report published by Transparency Market Research (TMR).
Health Benefits of Forage to Propel Demand
The consumption of forage has several benefits such as high fiber content, improved rumination, and high protein content, which are all very vital for the good health of animals. Moreover, it has been found that forage consumption improves the performance of animals and also reproduction.
The high demand for meat is another factor driving the demand for forage feed. Additionally, the increasing demand for organic meat among the health conscious population, is further propelling the demand for forage feed. Thus, the global forage feed market will grow significantly over the coming years.
On the other hand, factors such as lack of funding in research and development activities in this field will hamper the growth of the market. Preference for alternative feeds or forage substitutes will also challenge the growth of the market.
Rise in Demand for Livestock Products with No Antibiotics to Compel Manufacturers for Product Innovation
The rising health awareness among people is causing them to demand livestock products with no growth hormones, antibiotics, and similar other drugs. The key players operating in the global forage feed market are thus compelled to focus on developing products that reduce the need for supplementary drugs in animals, thus fulfilling consumer requirements.