Cover Crops Market To Grow With Impressive CAGR During the Forecast Period
Global Cover Crops Market is driven
by increasing modern agricultural practices in the forecast period, 2023-2027.
According
to TechSci Research report, “Cover Crops Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”, The
global cover crops market has a potential to project an impressive CAGR toward
forces growth in the period, 2023-2027, on the account of rapidly increasing
adoption of modern agricultural practices. The surge in demand for higher
yielding crops to feed rising global population is further driving the growth
of the global cover crops market in the upcoming five years. Increasing demand
for higher yielding crops and increased agricultural practices to produce large
quantities of food and commercial crops depletes soil quality to large extent. Thus,
demand for enriching soil with nutrient, and holding off the nutrient from
leaching is also supporting the growth of the global cover crops market in the
next five years. Rising awareness among the farmers and planters toward
advantages of cover crops and modern agricultural practices is also
substantiating the growth of the global cover crops market in the future five
years. Advanced technological practices in the agricultural industry are
further influencing the future growth of the global cover crops market in the
forecast years, until 2027.
Although
planting cover crops requires additional efforts from the farmers and planters
and may create mild hinderance in market growth. This extra work demoralizes
farmers but creating more awareness and incentive based payments would aid in
the growth of the global cover crops market in the forecast period.
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The global cover crops market segmentation is based
on type, application, regional distribution, and competitive landscape. Based
on type the market is further fragmented into legumes, grasses, broadleaf
non-legumes, and others. Legumes are anticipated to hold the largest revenue
shares of the market and dominate the market segment in the upcoming five years
on the account of their advantages in nitrogen fixation. Legumes or pulses
crops have the ability to drive nitrogen components present in the air ad affix
them in the soil thereby enriching the soil. This also helps in retaining the
soil leaching and thus are responsible for the growth of the sub-segment along
with the growth of the global cover crops market in the next five years.
Grasses sub-segment is also expected to register significant growth in the
future five years on the grounds of their ease of plantation. Farmers are not
required to put much extra effort for planting long grasses and thus supports
the global cover crops market in the process in consecutive five years.
Broadleaf non-legume crops like crimson clover, cereal rye and hairy vetch are
expected to generate fastest growing CAGR value in the future five years on the
grounds of advantages like increasing plant & insect diversity, enriching soil’s
physical, chemical, and biological properties, along with decreasing risk of
crop failure.
On the basis of application, the market is
sub-segmented into soil fertility management, preventing soil erosion, weed
management, pest management, and others. Soil fertility management is
anticipated to dominate the sub-segment and register the largest revenue shares
of the market in the upcoming five years on the account of increasing
implementation of advanced agricultural practices in the conjugation with
traditional agricultural practices. Soil fertility management practices include
use of fertilizers (bio-fertilizers), organic products to enrich soil health,
crop rotation practices (cover crop plantation), and using advanced seeds, and
germplasm. Cover crops are also applied to prevent soil erosion, as they hold
the nutrient in the soil and reduces chances of nutrient leaching therefore
supporting the growth of the sub-segment as well as the growth of the global
cover crops market in the forecast years, until 2026.
Some
of the market players, dominating the global market are:
- Hudson Valley Seed Company
- Territorial Seed Company
- Johnston Seed Company
- Yield10 Bioscience, Inc.
- Green Acres Cover Crops
- Advance Cover Crops
- Covers & Co
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“North America region is anticipated to
register a robust growth in the future five years on the grounds of increasing
inclination of farmers and planters toward amalgamating traditional and modern
agricultural practices. Moreover, countries like the United States are actively
supporting the cover crop plantation in the recent years and are anticipated to
thus support the future growth of the global cover crops market in the upcoming
five years. Also, US government is actively supporting the cover crop organic
practices of soil fixation purposes. USDA affiliated; Environmental Quality
Incentives Program provided planned payment of USD155 million toward cover
crops in the years 2017 that enriched 2 million acres of agriculture land in
US. Such government initiatives would further substantiate the growth of the
global cover crops market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Cover Crops Market -
Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Type
(Legumes, Grasses, Broadleaf Non-Legumes, Others), By Application (Soil
Fertility Management, Preventing Soil Erosion, Weed Management, Pest
Management, Others), By Region”, has evaluated the future
growth potential of global cover crops and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global cover crops market.
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