The Global Alfalfa Industry Is Estimated to Register CAGR of 5.0% by 2025

14/set/2020 10:26:21 Pradeep Z Contatta l'autore

As per Market Research Future (MRFR) analysis, the global alfalfa market is expected to reach USD 39.7 billion, with a CAGR of 5.0% from 2019 to 2025 (forecast period). The report takes into account the current and potential impacts of COVID-19 on this sector and offers an in-depth overview of the global Alfalfa Industry.

Alfalfa is also referred to as Lucerne and is cultivated as an essential fodder crop in many countries across the world. It is used for grazing, hay, and silage, as well as green manure and cover crops. Alfalfa usually has the highest feed value of all common hay crops. Alfalfa is often the highest-yielding fodder plant, but its most significant benefit is the combination of high nutritional quality and high yield per hectare. The main use of alfalfa as forage for dairy cows, due to its high protein content and highly digestible fiber. After dairy cows, horses, beef cattle, sheep, and goats are the secondary feeder animals of alfalfa forage.

Market Dynamics

Increased demand for forage and high-quality fiber from the animal husbandry industries, such as dairy, livestock and sheep farming, etc., are major factors propelling the growth of the alfalfa market. In addition, an increase in the consumption of meat, poultry, and dairy products by the increasing population is estimated to increase the demand for alfalfa. The rapid growth of the global population is a recent phenomenon that creates a huge demand for meat and dairy products all over the world and increasing consumer awareness of rich proteins and healthy food to include healthy food in their diet creates a strong demand for meat and dairy products, which leads to an increase in demand for fodder crops indirectly. Rising demand for dairy products and meat from developed nations such as the US, European countries, and the Middle East and developing nations of the Asia Pacific are expected to fuel the market for alfalfa. 

However, the high production cost of alfalfa and increasing use of manpower are some factors that are expected to inhibit the growth of the alfalfa market in the coming years. 

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Segmentation

The global market for alfalfa has been segmented into product type, livestock, and region.

By product type, the global market for alfalfa has been divided into pellets, hay bales, cubes, and others. Among these, pellets are expected to be the most substantial revenue-generating and fastest-growing segment due to the rising demand for high-quality feed for ruminants.

By livestock, the global market for alfalfa has been divided into ruminants, equine, and others. Of these, ruminants are the fastest-growing segment. The increasing global demand for meat, milk, and dairy is influencing the demand for alfalfa for ruminants.

Regionally, the global market for alfalfa has been segmented into North America, the Asia Pacific, Europe, and the rest of the world.

In 2018, North America had the most significant geographic segment of the alfalfa market, with a share of around 42% of the global share. The United States is the largest producer of alfalfa in the North American region, of which California, Idaho, and Montana are the largest alfalfa-growing countries. The US is the world's largest exporter of alfalfa, with leading importers from China, Japan, Saudi Arabia, and the United Arab Emirates being key market growth opportunities.

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Key Players 

Some of the major participants in the global alfalfa market are Alfalfa Monegros, S.L. Gansu DayeBorder ValleyAccomazzo Company, Multi feedsGrupo OsésSL Follen CompanyAl Dahra ACX Global, Inc.Anderson Hay & Grain Inc.Los Venteros S.C., Hay USABailey FarmsHaykingdom Inc.Standlee Hay CompanyKnight Ag Sourcing, Green Prairie InternationalCubeit Hay CompanyM&C HayMcCracken Hay CompanyRiverina (Australia) Pty.

Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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