New York, US, June 16, 2022 (GLOBE NEWSWIRE) -- Alfalfa Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Alfalfa Market Information by Category, Form, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 42.60 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 5.20% during the review timeframe.
Market Synopsis
Alfalfa, belonging to the pea family, is a flowering plant that is grown as a forage crop in numerous parts of the world. Within the agriculture sector, alfalfa is one of the major legumes. The flowering plant’s scientific name is Medicago sativa and is quite popular in countries across South Asia as well as the UK.
However, the US is the top producer of alfalfa, with the key markets being California, South Dakota, and Wisconsin. In addition to that, regions like Australia, South Africa, and the UAE contribute significantly to the alfalfa market, in terms of expansion.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 42.60 Billion |
| CAGR | 5.20% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Livestock, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | growing demand for roughage in livestock feed |
| alfalfa is consists of high protein content |
Market Competitive Landscape:
The eminent vendors in the alfalfa industry include
- SL Follen Company (US)
- Anderson Hay & Grain Inc. (US)
- McCracken Hay Company (US)
- Border Valley (US)
- Al Dahra ACX Global, Inc. (US)
- Green Prairie International (Canada)
- Cubeit Hay Company (Spain)
- Alfalfa Monegros, S.L. (Spain)
- Bailey Farms (US)
- GrupoOsés (Spain)
- M&C Hay (US)
- Hay USA Inc. (US)
- Carli Group (Italy)
- Haykingdom Inc. (US)
- Standlee Hay Co Ltd. (US)
Market USP Covered:
Market Drivers:
The cattle feed sector has been experiencing fast growth, given that milk producers are replacing conventional feed with more nutritional compound feed. Animal owners are now realizing the tangible advantages of yield enhancement of nutritional feed. Asia Pacific houses one of the biggest livestock industries in the world, with the largest livestock population.
Asia Pacific’s livestock production has been surging at a rate must faster than that of any other region owing to the notable expansion of livestock, poultry and pig industries. The livestock sector is the most vital part of agricultural development in the region. Livestock products form nearly 50% of the overall agricultural output in worldwide sales. Additionally, the rising demand for animal products in view of population growth along with the heightened living standards will enhance the sales of alfalfa.
The rise in agriculture industrialization has radically changed the techniques used for food production in almost every part of the world. The livestock industry is witnessing industrialization, especially in emerging nations, where meat production is significantly high. The last couple of years have seen an exponential rise in agricultural land owing to the rapid industrialization of farming as well agro-businesses. This factor will undoubtedly foster the growth rate of the alfalfa market in the following years.
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Market Restraints:
Despite improvements in the efficiency and productivity of animal feed being one of the most important objectives, aspects like animal demands as well as feed supply are major factors that contribute to the growth of the alfalfa industry as well. Animal feed along with nutrition quality has a significant role given its position as the leading cost factor in beef, sheep, dairy, pig, poultry, and goat production.
Additionally, cattle feeding will remain a major part of the livestock sector. As a result, the heightened demand for animal products coupled with the challenges in the supplies of a variety of feed commodities will hamper the market growth.
COVID 19 Analysis
The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
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Market Segmentation
By Product Type:
The alfalfa market, with respect to product type, has been classified into hay bales, cubes, pellets, and others (seeds, powder, and Alfalfa meal).
The pellets segment will take the lead during the research period thanks to the heightened demand for high-quality, nutritious feed for ruminants. Alfalfa pellets are derived from ground alfalfa hay that comprises valuable vitamins, protein, and minerals. Additionally, pellets are used as feedstuff for pigs, poultry, and cattle.
By Livestock:
The livestock-based segments are ruminants, equine, and others (mice, deer, gophers, rabbits, and antelope).
The alfalfa demand for ruminants has been surging on account of the rising worldwide demand for meat, milk products, and dairy. Alfalfa finds widespread use in dairy cattle and beef diets owing to its nutritious forage. Alfalfa is ideal for ruminants due to its significant level of digestible nutrients. Other than this, alfalfa caters to the needs of ruminants via milk production as well as weight gain since it accounts for most of the protein, minerals, and vitamins.
Regional Insights
In North America, the US livestock industry will see relentless growth in production over the coming decade, which should favor the alfalfa market. The United States is a leading exporter of alfalfa hay livestock in the world. The use of alfalfa has been escalating in poultry feed, followed by animal feed, owing to its crude protein content. Surging dependency on alfalfa for animal feed should ensure significant market growth in the years to come. Annual expansion of milk production and meat production will also augment market demand in the region.
With the rapid expansion of the dairy sector over the years, the use of forages continues to soar in Asia Pacific. Demand for alfalfa in China and Japan has soared notably in the last couple of years. Government initiatives encouraging alfalfa production further bolster market growth.
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