Market Leader - Forage Seeds Market
The key players identified in the global forage seeds market include Dow AgroSciences LLC (U.S.), E.I. du Pont de Nemours and Company (U.S.), Monsanto (U.S.), Land O’ Lakes (U.S.) Advanta Seed Ltd. (India). The market is projected to reach a value of USD 17.37 Billion by 2022, growing at a CAGR of 9.81% from 2016 to 2022. The global forage seeds market is driven due to the factors such as improvement in the quality & quantity of forage crops, increasing livestock population, and enhancement of soil health resulting in improved yield. The key market players adopted strategies such as agreements, partnerships, collaboration, and joint ventures to expand their market shares in the forage seeds market. Leading players focused on strengthening their R&D proficiencies by signing agreements with other companies, to develop innovative forage seeds.
The global players have established large distribution networks across the world and follow extensive cross-selling marketing strategies. Market leaders such as Monsanto (U.S.) Dow AgroSciences LLC (U.S.) and E.I. du Pont de Nemours and Company (U.S.) have successfully tapped the potential markets through the development of innovative product launches, investments, and expansions. These key companies focused on agreements, partnerships, and collaborations in the forage seeds industry on a regional as well as global level, to strengthen their position in the forage seeds market. The trend of developing forage seeds has increased so as to save on the costs incurred on protein and other supplements.
In May 2016, Monsanto signed an agreement with Forage Genetics International (FGI) (U.S.). With this agreement, Monsanto was able to expand its commercial and technology reach. This agreement helped both Monsanto and FGI to develop innovative alfalfa seeds.
Another key player, DuPont Pioneer (a subsidiary of E.I. du Pont De Nemours and Company) launched two new alfalfa varieties 55Q27 and 55VR05 for disease resistance, adaptability to different cutting systems, winter weathering abilities, versatility, and high-yield potential. In August 2016, Land O’ Lakes acquired Ceres Inc. (U.S.). This acquisition helped to introduce advanced plant breeding technologies and biotechnology to Forage Genetics International’s (FGI) (U.S.) R&D pipeline that directly helped to create new forage traits.
Related Reports:
Forage Seeds Market by Type (Alfalfa, Clover, Ryegrass, and Chicory), Livestock (Poultry, Cattle, and Swine), Species, Origin, Form, and Region - Global Forecast to 2022
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