Forage Feed Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The consumption of animal products, such as milk and meat, is increasing across the world, which is attributed to the increasing awareness of the health benefits of milk and the higher demand for protein. The high demand for quality products is increasing the demand for quality feed, which, in turn, is driving the market for forage crops, as farmers are choosing good-quality forage for cattle to produce high-quality animal products. There has been an increasing demand for milk around the world, and to meet the increasing demand for milk, the cattle population is increasing, which, in turn, is driving the market for forage feed.

According to a data source by USDA, the consumption of milk increased from 179,757 thousand metric ton in 2016 to 187,615 thousand metric ton in 2019 across the world, which led to increased demand for animals for milk and meat production. These herbivorous animals are highly dependent on forage crops. Thus, to meet the growing needs of dairy, farmers are resorting to forage feed to keep these animals healthy, so that nutritious and good quality animal products can be provided to the consumers. 

The forage feed market is projected to register a CAGR of 4.5% during the forecast period (2022 - 2027). The COVID-19 pandemic disrupted the working of several markets, including the forage feed market. The pandemic affected the manufacturing process and supply chain networks, resulting in major losses for alfalfa hay-producing companies and farmers as well. In China, the pandemic has caused a higher impact on livestock farming due to the limited access to feed and shortage of labor.

Over the medium term, the forage feed market would achieve healthy growth, as the demand for forage increases. Forage feed will witness substantial growth due to shrinkage of grazing land and consumer preference for organic animal feed. Forage feed provides nutrition to livestock. Driven by urbanization, increasing wealth, and population growth, the demand for fodder feeds in developing countries are growing rapidly. Livestock is one of the fastest-growing sectors in agriculture, presenting potential opportunities in the global market.

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