Alfalfa Market Overview
The alfalfa market is anticipated to reach USD 42.60 billion by 2030, growing at a CAGR of 5.20 percent. The alfalfa hay bales market is expected to expand with the equestrian sector. Alfalfa hay bales have more energy, protein, and calcium than other hay bales. With its high mineral and protein requirements, alfalfa's nutritional profile makes feed appropriate for lactating mares and juvenile and growing horses.
Furthermore, due to the simple wider availability of alfalfa products in various locations, global market participants can generate considerable alfalfa market share in the coming years.
Segmental Analysis
By livestock, the alfalfa market has been segmented into equine, ruminants, deer, mice, gophers, antelope, and rabbits. By product type, the alfalfa market has been classified based on the product types such as hay bales, pellets, cubes, alfalfa meal, seeds, and powder.
Competitive Analysis
The global market's reaction to increased efficiency levels is projected to unleash fresh and dramatic transformations in the approaching future. In the next year, the increase in business interests is expected to put market competitors in a better position during the forecast period. The market's players are anticipated to seek supply chain revisions to encourage the market's expansion into new sectors and demographics. During the projection timeframe, the market is expected to gain a lot from market signals while also examining its customer base to suit their wants better. Because of the government's involvement in re-energizing the international market, the different regional markets will continue to grow steadily. The new growth endeavors are expected to boost the company's future goal attainment trend and are thus regarded as critical to its expansion. Businesses in the market are expected to incorporate social impact aims shortly, ushering in a new planning phase in the industry. In the coming years, digital aspects of business operations are expected to become more prominent.
The leading key alfalfa market players are Bailey Farms (US), GrupoOsés (Spain), Anderson Hay & Grain Inc. (US), Carli Group (Italy), Alfalfa Monegros, S.L. (Spain), Border Valley (US), Al Dahra ACX Global, Inc. (US), Haykingdom Inc. (US), Green Prairie International (Canada), Cubeit Hay Company (Spain), Hay USA Inc. (US), Standlee Hay Co Ltd. (US), M&C Hay (US), SL Follen Company (US) and McCracken Hay Company (US).
Detailed Regional Analysis
The alfalfa market size is fueled by contributions from various areas such as North America, Asia Pacific, Europe, and the rest of the world. Because of the growing cattle population in the region, the North American market dominated in 2021 and was predicted to maintain its position as the leading revenue-generating regional market in the research period. Because of the expanding cow population, limited grazing pastures, and demand for dairy meat and poultry products, the Asia Pacific region is predicted to be the quickest regional alfalfa market during the analysis period. Furthermore, because of the increased bovine population given the growth of the European dairy industry, alfalfa demand is growing in the European region.
News
Mar 2022 The Manitoba Forage and Grassland Association (MFGA) is advertising for alfalfa fields this year. As part of its Green Gold program, the MFGA calls for growers to submit field samples once more. Leading up to the year's first cut, the hay monitoring program offers weekly regional data on alfalfa height, feed value, and protein. Green Gold, a volunteer-run initiative, has been a staple for producers looking for high-quality hay in their first cuts for decades. When a region's alfalfa reaches a relative feed value of 170, widely regarded as the best point to cut for dairy-quality hay, reports accumulate into "hay day." As part of its efforts to recruit farmers into the program, the MFGA has often stated that Green Gold participants receive free, precise data on their area rather than drawing from the more generalized numbers of the region.
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