Alfalfa Market Details for Business Development, Forecast To 2024

29/lug/2020 14:02:47 Pradeep Z Contatta l'autore

Alfalfa is considered a nutrient-rich feed for cattle, horses, goats, sheep, and other animals. It contains 15%–22% crude protein and is an excellent source of vitamins and minerals. It provides energy and boosts the immunity of livestock. The increasing demand for meat and dairy products worldwide has created the need for high-quality feed to enhance the quality and production of animal products. Alfalfa is a proteinaceous and fiber-rich feed for animals that helps in improving the quality of milk and meat. Thus, dairy and livestock farmers are the main buyers of alfalfa. It is also used as horse feed and is in high demand in the equestrian industry. Pellets, cubes, and hay bales are the common alfalfa product types available in the market.

Alfalfa Market Share is projected to be valued at USD 39.71 Billion by 2025, registering a CAGR of 5.06% during the forecast period. However, the high cost of production as compared to other forage crops and the need for large amounts of water for irrigation may hinder the alfalfa market growth. Nonetheless, the growing demand in the Middle East in countries such as Saudi Arabia and the UAE, where the production of forage crops is banned due to water scarcity, provides lucrative opportunities for the alfalfa market players.

Market USP

Availability of a wide range of alfalfa products

Growth Opportunities in the Market

  • Increasing demand for alfalfa in the form of pellets: Alfalfa pellets are highly nutritious as they a good source of digestible fiber, protein, vitamins, and minerals. Pellets are also convenient and cost-effective as compared to hay bales and cubes, resulting in high demand by dairy and livestock farmers. The pellets segment is, therefore, expected to be the fastest-growing during the review period.
  • High consumption by ruminant rearers: The ruminant segment dominated the global alfalfa market in 2018 and it is expected to register the highest CAGR during the forecast period. The demand for meat, milk, and other dairy products is increasing rapidly across the globe. Thus, dairy and livestock farmers are focused on high yield from ruminants by increasing the use of high-quality fodder. Moreover, the introduction of advanced products such as dehydrated and organic alfalfa fodder for cattle is likely to augment the alfalfa market demand in the coming years.

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Key Players

  • Grupo Osés (Spain)
  • Al Dahra ACX Global, Inc. (US)
  • Alfalfa Monegros, S.L. (Spain)
  • Anderson Hay & Grain Inc. (US)
  • Bailey Farms (US)
  • Border Valley (US)
  • Cubeit Hay Company (Spain)
  • Green Prairie International (Canada)
  • Carli Group (Italy)
  • Hay USA Inc. (US)
  • Haykingdom Inc. (US)
  • M&C Hay (US)
  • McCracken Hay Company (US)
  • SL Follen Company (US)
  • Standlee Hay Co Ltd. (US)

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