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Description
The Global Forage Seeds Market size was estimated at USD 15,215.7 Mn in 2021, growing at a CAGR of 9.2% during the forecast period 2021-2027. Forage is plant especially used as feed for grazing livestock. This market is used to grow the plants. The seeds enable to produce the sufficient green grass or feed to animals. The feed includes alfalfa, red clover, white clover, birdsfoot trefoil. The rise in the demand for livestock products such as beef, pork, other poultry products and milk is anticipated to catapult the market. In accordance with FAO, bovine production accounted for 66.7 million metric tons in 2010, and it is projected to reach 107.5 million metric tons by 2050. Swine production is accounted for 109.3 million metric tons in 2010, projected to 150.3 million metric tons by 2050. The great enhancement of livestock production leads to increase in the livestock feed sector, which enables the demand for forage seeds in the market over the forecast period. Cost-effectiveness of the crops coupled with high demand for forage seeds is anticipated to create growth opportunities for the market.The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario. The report analyses the impact of a socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market.
