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According to Technavio's analyst, the alfalfa market size is expected to be valued at USD 9.03 billion by 2026 with a progressing CAGR of 7.26%.
This alfalfa market research report has covered details of key players and demographic segmentation that highlight potential growth areas and competition. Furthermore, the post-COVID-19 impact analysis on the market captured in this report will help players evaluate their business approaches.
Alfalfa market segmentation - Product (hay, cubes, and pellets) and geography (North America, APAC, Europe, South America, and Middle East and Africa)
Alfalfa market vendors - Al Dahra ACX Inc., Alfalfa Monegros S.L., Anderson Hay and Grain Co. Inc., Barr AG Ltd., Border Valley Trading, Cubeit Hay Co., Green Prairie International Inc., Gruppo Carli, Hay USA Inc., Haykingdom Inc., M and C Hay, Mitsubishi Corp., MultiFeeds, Nafosa, Oregon Hay Products Inc., Oxbow Animal Health, S and W Seed Co., SL Follen Co., Standlee Premium Products LLC, and Accomazzo Co. among others.
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The rising population of cattle in farms is notably driving the alfalfa market growth, although factors such as stringent regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the alfalfa industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Alfalfa Market Driver
One of the key factors driving the global alfalfa industry growth is the rising population of cattle in farms owing to the increase in demand for meat and dairy products. For instance, according to the USDA, in January 2020, there were 9.4 million dairy cows in the US, and the average size of dairies increased by over 40% in the last ten years. In addition, by the end of 2022, India's national cattle herd will reach 306.7 million animals, an increase of 1.2 million cattle as compared to 2021. Factors such as an increase in per capita consumption of milk and milk products, changing dietary preferences, and rising urbanization in India have boosted the dairy industry to grow by 9-11% in 2021-2022. Thus, the demand for cattle feed such as alfalfa will also increase, which will drive the market growth in the forecast period.
Key Alfalfa Market Trend
Increased demand for forage crops, such as hay and silage crops, is one of the key alfalfa market trends that is expected to impact the industry positively in the forecast period. In the past 16 years, the international hay trade has doubled and increased at an average rate of about 266,000 MT/year. This is attributed to the high demand from Asia, which includes Japan, China, and Korea, followed by Middle Eastern countries. Other factors such as the rapid expansion of modern dairy farms in China and Korea and the limitations of water resources in Saudi Arabia and the UAE will further boost the demand, which will support the market growth in the coming years.
Key Alfalfa Market Challenge
One of the key challenges to the global alfalfa industry growth is the stringent regulations in the US, Southeast Asia, and Europe. For instance, organic alfalfa production involves growing, labeling, and marketing the crop according to National Organic Program (NOP) standards as defined by the US Department of Agriculture (USDA). In California, approved organic fertilizers must be registered with the California Department of Food and Agriculture (CDFA) Organic Input Material Program. In addition, fields must have no prohibited substances applied to them for at least three years prior to the harvest of a certified organic crop. Therefore, producers have to follow stringent regulations for health and safety and product approvals in developed nations that increase the cost of the final product, which may hinder market growth.
This alfalfa market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global alfalfa market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the alfalfa market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the alfalfa market encompasses successful business strategies deployed by the key vendors. The alfalfa market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The alfalfa market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the alfalfa market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market's growth will originate from North America during the forecast period. Canada and the US are the key markets for alfalfa in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The significant increase in the demand for meat and the adoption of healthy animal feed, such as alfalfa, will facilitate the alfalfa market growth in North America over the forecast period. For instance, over the last two decades, alfalfa has occupied 20%of cropland in the western US.
This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The alfalfa market share growth by the hay segment will be significant during the forecast period. The increase in livestock farming owing to the high demand for milk and animal products across the globe will drive market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the alfalfa market size and actionable market insights on the post-COVID-19 impact on each segment.
Alfalfa Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.26% |
Market growth 2022-2026 |
$9.03 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.19 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key consumer countries |
Canada, US, China, Belgium, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Al Dahra ACX Inc., Alfalfa Monegros S.L., Anderson Hay and Grain Co. Inc., Barr AG Ltd., Border Valley Trading, Cubeit Hay Co., Green Prairie International Inc., Gruppo Carli, Hay USA Inc., Haykingdom Inc., M and C Hay, Mitsubishi Corp., MultiFeeds, Nafosa, Oregon Hay Products Inc., Oxbow Animal Health, S and W Seed Co., SL Follen Co., Standlee Premium Products LLC, and Accomazzo Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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