New York, United States, July 16, 2024 (GLOBE NEWSWIRE) -- The Global Alfalfa Hay Market Size is to Grow from USD 80.12 Billion in 2023 to USD 145.12 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.12% during the projected period.
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Alfalfa, often known as lucerne, is a perennial plant that flowers. It is cultivated as a significant feed crop in several nations worldwide. Also, hay, silage, and green manure are made using it. Alfalfa hay, after being gathered using a swather and sun-dried in strips, is a rich source of calcium, vitamins, minerals, protein, and energy. The strips are manually crushed into bales once they have dried, from which they are formed into cubes and pellets. Compared to grass hay, alfalfa hay has a stronger flavor and higher nutritional content. It is also used in the production of food supplements designed to enhance the growth and immunity of animals. The cost of alfalfa hay and other livestock feed, the population trends of livestock animals that depend on alfalfa, and the price of other livestock products all have a significant influence on client demand. Dairy cows are the largest consumers of alfalfa among the various species, followed by cattle, horses, and other livestock. The consumption of meat and other animal products has increased recently in many Asian nations due to rising incomes. However, climate change-related unfavorable weather has damaged alfalfa output and disrupted world supplies. While boosting feed output and efficiency remains a primary focus, a variety of issues, including animal needs and feed availability, affect the alfalfa sector's potential to expand.
Browse key industry insights spread across 198 pages with 110 Market data tables and figures & charts from the report on the "Global Alfalfa Hay Market Size, Share, and COVID-19 Impact Analysis, By Type (Bales, Pellets, Cubes), By Applications (Meat/Dairy Animal Feed, Poultry Feed, Horse Feed), By End User (Poultry, Cattle, Livestock, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The pellets segment is anticipated to hold the greatest share of the global alfalfa hay market during the projected timeframe.
Based on the type, the global alfalfa hay market is divided into bales, pellets, and cubes. Among these, the pellets segment is anticipated to hold the greatest share of the global alfalfa hay market during the projected timeframe. Alfalfa pellets' quicker growth is well recognized since it benefits small businesses. Pelletized alfalfa is an extremely nutrient-rich feed that occurs naturally. They contain a variety of organic vitamins and minerals, readily absorbed fiber, and premium protein.
The meat/dairy animal feed segment is anticipated to hold the largest share of the global alfalfa hay market during the projected timeframe.
Based on the application, the global alfalfa hay market is divided into meat/dairy animal feed, poultry feed, and horse feed. Among these, the meat/dairy animal feed segment is anticipated to hold the largest share of the global alfalfa hay market during the projected timeframe. Due to the increasing need for high-quality, high-protein, low-fiber feed with elevated vitamin and mineral levels, alfalfa is the ideal feed for dairy cows. The beef and small animal markets are the main sources of buyers, after the dairy markets.
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North America is expected to hold the largest share of the global alfalfa hay market over the forecast period.
North America is expected to hold the largest share of the global alfalfa hay market over the forecast period. Alfalfa is a favorite crop among farmers due to its high nutritional value and simplicity of growing on the rich soils of the Midwest. North America's position as a worldwide leader has been cemented by the availability of a sizable amount of cultivable terrain, crop rotation strategies, agricultural mechanization, and other reasons. Alfalfa is also consumed in large quantities by a variety of other species, such as sheep, goats, horses, and beef cattle.
Asia Pacific is predicted to grow at the fastest pace in the global alfalfa hay market during the projected timeframe. China, which leads the Asia Pacific region, is significantly raising imports to meet the expanding demand from its massive animal industries and to augment domestic production. Because of increased urbanization and growing incomes that are pushing more meat consumption, countries like Vietnam, Indonesia, and India are experiencing additional expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global alfalfa hay market include Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay & Grain Inc., Legal Alfalfa Products Ltd., Riverina (Australia) Pty Ltd, SL Follen Company, Standlee Hay Company, Bailey Farms, Border Valley, Coaba, Cubeit Hay Company, Glenvar Hay, Green Prairie International, Haykingdom Inc., Oregon Hay Products, Inc., Los Venteros SC, M&C Hay, Grupo Osés, Gruppo Carli, Hay USA, Others key vendors.
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Recent Developments
- In January 2023, according to the country's Ministry of Agriculture, China allowed the import of eight genetically modified (GM) crops, allowing GM alfalfa exports for the first time after a ten-year delay.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global alfalfa hay market based on the below-mentioned segments:
Global Alfalfa Hay Market, By Type
- Bales
- Pellets
- Cubes
Global Alfalfa Hay Market, By Application
- Meat/Dairy Animal Feed
- Poultry Feed
- Horse Feed
Global Alfalfa Hay Market, By End User
- Poultry
- Cattle
- Livestock
- Others
Global Alfalfa Hay Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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