PORTLAND, Oregon and PUNE, India, May 24, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Sorghum and Sorghum Seeds Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the sorghum and sorghum seeds market was valued at $8,279 million in 2016, and is projected to reach $10,591 million by 2023, growing at a CAGR of 3.6% from 2017 to 2023. The grain sorghum segment accounted for nearly half of the global market in 2016.
Sorghum is a versatile crop, which belongs to the grass family Poaceae. Sorghum can be grown as a forage, grain, or sweet crop and is among the most efficient crops in conversion of solar energy into chemical energy, use of water, and is known as a drought tolerant, high energy environmentally friendly crop. Several species of sorghum is grown for grains while other species are used as fodder plants, which is either naturally grown in pasture lands or is cultivated in large areas. Depending upon the variety of sorghum species, it can be used for grazing pasture, hay production, and green chop. Forage sorghum is the most popular species, which is widely used as silage for livestock feeding. Biomass sorghum species are widely used in the production of bioenergy worldwide. Sweet sorghum is primarily cultivated for producing sorghum syrup to be used as a healthy alternative sweetener for alcoholic beverages and for chemical production and biofuel.
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Increase in demand for sorghum as an alternative sweetener for various alcoholic beverages is one of the key factors that drives the growth of the market. Also being a versatile crop, sorghum is used in various rapidly growing markets such as fencing, floral arrangements, pet food, building material, and others, which is another factor that drives the growth of the global sorghum and sorghum seeds market. Moreover, increase in demand for biofuel and rise in prices of crude oil and fossil fuels is further anticipated to bolster the demand for biomass sorghum during the forecast period. However, increase in number of alternatives as well as changes in consumer preference might hamper the market growth.
The grain sorghum segment accounted for nearly half of the global market, in terms of volume, in 2016. The demand for sorghum has increased due to increase in demand for cost-effective livestock feed as well as increase in demand for biofuel and ethanol. Thus, increase in requirement of forage sorghum in livestock feed application and rise in demand for sweet sorghum for artificial sweeteners is expected to drive the market growth.
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Key Findings of the Sorghum and Sorghum Seeds Market:
- The biofuel and ethanol segment is anticipated to grow at the highest CAGR during the analysis period.
- The human feed application segment accounted for the highest share in the market and is anticipated to maintain its dominance throughout the forecast period growing at a CAGR of 3.8%.
- LAMEA is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 4.3%, in terms of volume.
- The grain sorghum segment occupied for nearly half of the total market in 2016.
- China occupied for around one-fourths of the Asia-Pacific market in 2016.
- In terms of value, South Africa is expected to grow at a significant CAGR of 4.0% during the forecast period.
In 2016, Asia-Pacific and LAMEA collectively accounted for nearly 70% of the global market, in terms of volume, and are expected to continue this trend during the forecast period, owing to increase in demand for gluten free food, especially in China, India, Brazil, and other developing countries. Moreover, development of the livestock feed industry, increase in per capita income, and growth in overall consumer expenditure drive the growth of the LAMEA market.
The major companies profiled in the report include National Sweet Sorghum Producers & Processors Assn, National Sorghum Producers, Sorghum Forum of South Africa, Shri Lal Mahal Group, Richardson Seeds, Mabele Fuels, Advanta Seeds US, DuPont, Archer Daniels Midland, and Ingredion.
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SOURCE Allied Market Research