The latest market report published by Credence Research, Inc. “Sorghum Market, By Type (Forage Sorghum, Biomass Sorghum, Grain Sorghum, Sweet Sorghum), Application (Biofuel, Human Feed, Livestock Feed and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global sorghum market is expected to grow at a CAGR of 4.2% over the forecast period from 2017 to 2025.
Browse the full Sorghum Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/sorghum-market
The global sorghum market is anticipated to witness a rapid growth on account of increase in demand for forage sorghum in livestock feed especially in Asia Pacific and Latin America. Moreover, increase in disposable incomes as well as change in lifestyles in emerging economies such as India, Korea, Kenya, Ghana and Indonesia has resulted in a rising demand for sorghum which is in turn is leading to an unparalleled increase in the growth of global sorghum market. Furthermore, surge in demand for sorghum in the production of ethanol and biofuel owing to its excellent capability of fermentation further drives the market growth. Human feed and livestock feed segments offer extreme market potential due to cheaper price of sorghum as well as ease of cultivation. Growth in demand for sorghum grass for fencing and construction purposes as well as increase in consumer awareness towards greener fuel are some other growth factors in the global sorghum market.
Increasing investments by the governments to provide enhanced quality of sorghum in several seed subsidy initiatives and introduction of fertilizer subsidy program especially in African countries are expected to bring impetus in the overall growth. However, increasing competition from other grain crops such as barley and oats is a key factor hindering the growth of the market. Moreover, consumers, especially in the developed economies consider sorghum to be a crop for cattle and hence changing preferences is further anticipated to impede the market growth.
The global sorghum market is foreseeing a rapid growth due to increasing demand for cheaper fodder and increasing usage of sorghum as an alternative sweetener. The key players in the global sorghum market are focusing on several market strategies such as collaborations and increasing R&D investments to strengthen their goodwill in the market. Some of the major players operating in the global sorghum market include National Sorghum Producers, Shri Lal Mahal Group, National Sweet Sorghum Producers & Processors Assn, Richardson Seeds, Sorghum Forum of South Africa, Advanta Seeds US, Mabele Fuels, Archer Daniels Midland, DuPont and Ingredion among others.
- Increasing investments on research & development activities undertaken by manufacturers
- Changing consumer lifestyles along with increasing demand for cheaper fodder
- Increasing consumer spending and disposable incomes especially in developing countries of Asia-Pacific region