New York, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Alfalfa or lucerne is a perennial blooming plant. Many countries farm it as a significant feed crop all over the world. It also serves as a cover crop, green manure, and a source of hay and silage. Alfalfa hay is a rich source of energy, protein, fiber, calcium, vitamins, and minerals. It is harvested with a swather and sun-dried in strips. The dried strips are mechanically compressed into bales before being transformed into cubes and pellets. Alfalfa hay has a higher nutrient content and is more palatable than the grass hay typically used. It also produces nutritional supplements to promote animal growth and enhance its immunity.
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Increasing Industrial Livestock Production Drives the Global Market
The price of alfalfa hay significantly influences consumer demand, the cost of other livestock feed, population trends of livestock animals dependent on alfalfa, and the price of various livestock products. Among the many animals, dairy cows are the primary users of alfalfa, followed by cattle, horses, and other livestock. Many Asian countries have seen an increase in their consumption of meat and other animal products in recent years due to rising wealth. According to Straits Research, “The global alfalfa hay market size was worth USD 781.43 million in 2022 and is estimated to reach an expected value of USD 1491.93 million by 2031 at a CAGR of 4.75% over the forecast period (2023-2031).” Many research and extension projects have tried to change traditional backyard farming practices into more intensive and specialized products to increase output and increase farmers' earnings. The high feeding values of forage are expected to result in rising demand from the animal feed industry over the forecast period, which is expected to impact the expansion of the global alfalfa market positively.
Enormous Demand from Dairy and Meat Industry Creates Tremendous Opportunities
Alfalfa hay is an excellent feed for livestock, including cattle, horses, dairy cows, goats, and sheep. The top-producing countries of alfalfa hay include Canada, Spain, the United States, Italy, and France. Top companies in these countries actively participate in all facets of the supply chain, from sourcing to logistics applications to shipping, distribution, and marketing, while emphasizing the significance of alfalfa quality. It is primarily fed to high-yielding dairy cows because of its high protein and highly digestible fiber content. But it is also used to feed horses, sheep, goats, and beef cattle. It is a significant source of protein and fiber for meat rabbits. The market for alfalfa hay is anticipated to expand due to the high demand for dairy and meat products, especially in developing and Middle Eastern nations. Due to this, there is a tremendous demand for forage crops, particularly alfalfa. Due to the rising demand for dairy and animal products and the limited supply of grazing land, the market is anticipated to expand during the forecast period.
Regional Analysis
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 6.6% over the projection period. China, Japan, Saudi Arabia, and the United Arab Emirates are American exporters' most important foreign markets. With roughly half of all shipments, China is anticipated to remain a substantial market for US alfalfa hay exports. Domestic production of alfalfa decreased in Saudi Arabia. Imports mostly meet the country's alfalfa requirements, and it is projected to continue to be one of the major consumers of US alfalfa hay. Alfalfa is also consumed by vast numbers of other animals, including beef cattle, horses, goats, and sheep. Alfalfa and other feed crops now play a significant role in the country thanks to their connection to dairy farming and other industries. Due to its widespread use domestically and globally, the alfalfa crop is in great demand. This demand is predicted to rise during the forecast period.
Europe is anticipated to grow at a CAGR of 6.3% during the forecast period. France ranks second in Europe for alfalfa seed production and is a prominent alfalfa-growing location globally. The country can generate more alfalfa hay thanks to the alfalfa seed. One of the principal crops grown in France is alfalfa, which is sold to several countries. Alfalfa is a critical component in manufacturing more than half of the proteins required by livestock farmers produced in France. Due to changing weather and a lengthy drought, alfalfa was an essential crop to supply forage for not just French farmers but also those living elsewhere afflicted by dry or drought circumstances. Alfalfa is in high demand from dairy farmers since it has many nutrients. However, there is a more significant demand for alfalfa to feed horses.
Key Highlights
- Based on type, the global alfalfa hay market is bifurcated into bales, pellets, and cubes. The pellets segment is the highest contributor to the market and is expected to grow at a CAGR of 7.3% during the forecast period.
- Based on application, the global alfalfa hay market is bifurcated into meat/dairy animal feed, poultry feed, and horse feed. The meat/dairy animal feed segment is the highest contributor to the market and is expected to grow at a CAGR of 6.8% during the forecast period.
- North America is the most significant revenue contributor and is expected to grow at a CAGR of 6.6% during the forecast period.
Competitive Analysis
The global alfalfa hay market's major key players are Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay and Grain Inc., Bailey Farms, Border Valley, Coaba, Cubeit Hay Company, Glenvar Hay, Green Prairie International, Grupo Osés, Gruppo Carli, Hay USA, Haykingdom Inc., Knight AG Sourcing, Los Venteros SC, MandC Hay, McCracken Hay Company, Riverina (Australia) Pty Ltd, SL Follen Company, and Standlee Hay Company.
Market News
- In March 2023, HAYTECH remote hay monitoring system was honored as a Top-10 New Product winner at the 2023 World Ag Expo in Tulare, Calif. HAYTECH, marketed by Finnish company Quanturi, is a wireless, electronic hay probe system that provides 24/7 surveillance of hay storage sites, regardless of the size or composition of the hay supply.
- In January 2023, According to the country's agriculture ministry, China allowed the import of eight genetically modified (GM) crops, allowing exports of GM alfalfa for the first time after a ten-year delay.
Global Alfalfa Hay Market: Segmentation
By Type
- Bales
- Pellets
- Cubes
By Applications
- Meat/Dairy Animal Feed
- Poultry Feed
- Horse Feed
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
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