According to IMARC Group latest report titled “Alfalfa Hay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on alfalfa hay market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global alfalfa hay market reached a volume of 244.15 Million Metric Tons in 2021. Looking forward, IMARC Group expects the market to reach 339.37 Million Metric Tons by 2027, exhibiting at a CAGR of 5.4% during 2022-2027.
Alfalfa hay, also known as lucerne hay, is a forage source obtained from the alfalfa plant. It is a rich source of protein, fiber, vitamins, minerals, and calcium and produced by harvesting the crop with a swather and drying it in strips. It is commonly used to feed cattle, ruminants, poultry, and horses. It is also cultivated for grazing, hay and silage, and as green manure and cover crop. Alfalfa hay has a higher nutrient content and is more palatable than other grasses. As a result, it is also used to manufacture nutritional supplements that aid in improving the immune system in animals.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The market is primarily driven by the growing consciousness regarding animal nutrition among the masses. In addition, the escalating demand for chemical-free meat and milk-based products represents another major growth-inducing factor. Besides this, as alfalfa hay is a cost-effective and environment-friendly feed alternative with a longer shelf-life, it is added to the cattle feed to improve the quantity and quality of milk produced. This, coupled with the increasing research and development (R&D) activities in the field of animal husbandry, is positively influencing the market growth. Moreover, key players are adopting innovative harvesting and processing machinery to manufacture long-fiber hay products and cubes with enhanced fiber content. Furthermore, the expanding agriculture industry, the rising scarcity of grazing lands, and the increasing number of cows raised by modern dairy farmers are some of the other factors creating a favorable market outlook across the globe.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Al Dahra ACX Inc.
- Alfalfa Monegros
- Anderson Hay & Grain Co Inc.
- Bailey Farms International
- Green Prairie International Inc.
- Hay USA Inc.
- Oxbow Animal Health
- Riverina (Mitsubishi Corporation)
- Sacate Pellet Mills Inc.
- SL Follen Company
- Standlee Premium Products LLC
- Zille S.A
Alfalfa Hay Market Segmentation:
Our report has categorized the market based on region, type, application and end use industry.
Breakup by Type:
- Bales
- Pellets
- Cubes
Breakup by Application:
- Daily Animal Feed
- Poultry Feed
- Horse Feed
- Others
Breakup by End User:
- Poultry
- Cattle
- Livestock
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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