Understanding Impact of COVID-19 on Forage Feed Market
Global Forage Feed Market: Overview
Forage feed offers nutrition to various livestock such as poultry, cattle, swine, sheep, horse, and many others. It includes grass, legumes, silage, hay, and various extracts from harvested crops. The demand for forage feeds in many of the developing countries is increasing rapidly due to rise in population, increased wealth, and urbanization. Livestock has emerged has one of the rapidly growing businesses in the agriculture, which is likely to presents immense growth opportunities for the global forage feed market over the tenure of assessment.
Product type, livestock type, and region are the three key parameters based on which the global forage feed market has been segregated. The objective of such segmentation is to provide a clearer, all-inclusive view of the global forage feed market.
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Global Forage Feed Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global forage feed market is mentioned below:
- In December 2019, Iowa-based Vermeer Corporation acquired another family owned and operated manufacturer of premium quality feed solutions provider Schuler Manufacturing. Following the addition of feeding equipment reinforces the long-term vision of Vermeer Corporation to keep on introducing new innovative products for the producers of cattle across the entire stream of hay and feeding value system.
Some well-known organizations in the global forage feed market include the below-mentioned:
- Barenbrug Holding B.V.
- The Monsanto Company
- DuPont de Nemours, Inc.
- Advanta Seeds Pty Ltd
- Land O’Lakes, Inc.
- Vermeer Corporation
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Rising Demand for Milk across the Globe to Bolster Growth of the Market
There has been a rising demand for milk all over the globe and to cater to this rising demand for milk, the cattle population is growing which is, in turn, bolstering the growth of the global forage feed market. Cattles are given nutritional forage that is expected to boost production of milk. For the dairy cattle, forages act as the very basic ingredient for cattle roughage and fiber. The health and increased animal production is dependent on the quality of the forage. Various ruminant animals such as buffalos, cows are given hay, silages, and forages with high feed value. This improves the nutritional requirements of the diet of these animals. In turn, nutritional diet will further improve the quality of milk produced from ruminant animals. This propels the growth of the global forage feed market in the years to come.
The expansion of the global forage feed market is expected to be influenced by the growth in the livestock population and rise in the demand for high quality feed products over the years of projection. Forage seeds offer energy, fiber, and essential protein to the livestock animals. This has led to the increased output together with the saving of cost incurred due to addition of supplement additives and additional protein.
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Global Forage Feed Market: Geographical Analysis
At present, North America and Europe are the leading regions in the global forage feed market. Both the regions combined account for a sizeable chunk of the market and is expected to continue with the same over the tenure of assessment.
Driven by India and China, Asia Pacific is expected to emerge as a rapidly growing region in the global forage feed market. Both these countries are likely to observe substantial rise in the demand for livestock production, increased consumption of meat, rise in the production of dairy products.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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