Market Synopsis
Global Alfalfa Market is predicted to record a CAGR of 39.71 billion, thriving at a CAGR of 5.06% during the forecast period from 2019 to 2025. According to Market Research Future Reports (MRFR), the global alfalfa market 2020 is likely to be primarily influenced by increasing demand for roughage in livestock feed. From the past few years, the consumption of meat, dairy products, and poultry has surged, which has resulted in the expansion of the market. Intending to meet the increasing demand for livestock, products, and dairy farmers demand protein and fiber-rich animal feel. It has resulted in a significant rise in the sales of alfalfa recently.
Further, the demand for alfalfa has increased in the form of pellets, for pellets are pocket friendly. Also, the mass scale consumption of alfalfa by ruminant rearers are estimated to grow the market exponentially during the review period. Besides, the usage of developed products such as organic alfalfa and dehydrated fodder for cattle is likely to grow the market significantly in the forthcoming period. Also, there is a broad range of availability of alfalfa products, which is another important factor driving the global market. Further, the introduction of the latest varieties, such as low lignin, is a crucial factor leading to market growth.
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However, the unstable prices of alfalfa have created a demand for an alternative, which is likely to impede market growth.
Key Players
The most eminent names of the Global Alfalfa Market are Standlee Hay Co Ltd. (US), M&C Hay (US), Carli Group (Italy), Border Valley (US), Alfalfa Monegros, S.L. (Spain), Grupo Osés (Spain), McCracken Hay Company (US), Green Prairie International (Canada) and a few more.
Market Segmentation
The worldwide alfalfa market can be segmented based on product type, livestock, and region.
Based on product type, the Worldwide Alfalfa Market can be distinguished into pellets, cubes, hay bales, and others.
Based on livestock, the worldwide alfalfa market can be distinguished into equine, ruminants, and others.
Based on region, the worldwide alfalfa market can be distinguished into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Regional Analysis
Based on region, the worldwide alfalfa market can be distinguished into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). As per the study MRFR, the global market is projected to be dominated by North America. The region procures approximately 42% of the global market share. The US is likely to make the most valuable contribution to the development of the regional market. The most crucial factor resulting in regional expansion is the increasing livestock population. Europe acquires the second position. The region is witnessing a rise in the development of the dairy industry. Besides, the growing cattle population is another important factor resulting in the market rise. On the other hand, the APAC region is estimated to expand at the fastest pace.
The region is experiencing a rise in the demand for poultry, meat, dairy products, increasing cattle population, and the limited grazing lands, which are projected to be crucial factors leading to the market expansion. Countries like India and China are estimated to make the most crucial contribution in expanding the market. The RoW is likely to take the last position. The region is estimated to be driven by the increasing demand for superior quality hay for livestock. Besides, the band on forage crops in the UAE and Saudi Arabia due to the lack of water is another crucial factor leading to the rise in the regional market.
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