Alfalfa Market Overview, Boosting the Growth Worldwide by 2030
Market Overview
Alfalfa
Market is projected to reach USD 42.60 billion by 2030 at
a CAGR of 5.20% from 2022 to 2030.
Market Dynamics
Meat,
poultry, and dairy product consumption has risen rapidly around the world in
recent years. The growing demand for roughage in livestock feed has fueled the
global alfalfa market's growth for decades. Livestock and dairy farmers demand
protein- and fiber-rich animal feed to meet the growing demand for these items.
In recent years, this has increased sales of imported hay and commercial feed,
including alfalfa. The demand for high-quality hay to increase milk production
in dairy cattle is the primary driver of the global alfalfa
market overview.
Furthermore,
the global alfalfa market is expected to develop significantly in the near
future due to benefits of alfalfa such as high nutrient content, rich source of
protein and energy, which helps improve: lactation, reproduction, maintenance,
and growth of livestock. Furthermore, fluctuating alfalfa prices have prompted
livestock producers to seek alternatives, limiting the growth of the alfalfa
market. Nonetheless, during the forecast era, the launch of new varieties, such
as low-lignin alfalfa, is expected to provide growth opportunities for alfalfa
industry players. Because of the rising global demand for alfalfa, prices are skyrocketing,
prompting dairy farmers to look for alternatives.
However,
the global alfalfa market is being restrained by shifting water constraints,
government policies, and competition from high-value crops. In 2020, Covid-19
would have a negative effect on the industry. There are supply chain
disturbances in the industry as a result of covid-19. All facets of the supply
chain, including suppliers, processors, transportation, and customers, have
been affected by the uncertainty.
Competitive Analysis
The
market is fragmented with the presence of numerous diversified international
and regional players. Alfalfa Monegros, S.L., Bailey Farms, Border Valley,
Carli Group, and Grupo Osés are among the major alfalfa industry players.
Thanks to their diverse product ranges, high quality, aggressive pricing, and
broad market presence, these foreign players dominate the market. Only a few
companies offer quality alfalfa products for animal feed. For example, Gruppo
Carli, an Italian feed manufacturer, sells dehydrated alfalfa bales for cattle.
During the forecast period, the global alfalfa market is expected to rise due
to the introduction of new products. Furthermore, foreign players are expected
to extend their geographic footprint in the alfalfa market by acquiring regional
and local players.
Segmental Analysis
Alfalfa
pellets are highly nutritious as they a good source of digestible fiber,
protein, vitamins, and minerals. Pellets are much more compact and
cost-effective than hay bales and cubes, which is why dairy and livestock
farmers prefer them. As a result, the pellets segment is expected to rise the
fastest during the review period.
In
2021, the ruminant segment dominated the global alfalfa
market report, and it is predicted to grow at the fastest rate over the
forecast period. The global demand for meat, milk, and other dairy products is
increasingly growing. As a result, dairy and livestock farmers are focusing on
increasing the use of high-quality fodder to increase ruminant yield.
Furthermore, innovative products such as dehydrated and organic alfalfa fodder
for cattle are expected to boost alfalfa market demand in the coming years.
Regional Analysis
Because
of the rising livestock population, North America dominated the global alfalfa
market in 2021 and is expected to remain the largest revenue-generating
regional market during the forecast period.
The
demand for alfalfa in Europe is being driven by the growth of the dairy
industry and an increase in the number of cattle.
During
the review era, Asia-Pacific is expected to be the fastest-growing regional
market for alfalfa. The alfalfa market is expected to rise due to rising demand
for meat, poultry, and dairy products, restricted grazing lands, and an
increasing cattle population. China's demand for alfalfa hay is skyrocketing,
owing to changes in the dairy industry's production practices. This is owing to
an increase in the number of cows raised by modern dairy farmers who tend to use
imported hay and commercial feeds. Furthermore, in order to meet the high
demand for alfalfa hay, the Chinese government is concentrating on increasing
domestic production.
On
the other hand, demand for alfalfa has increased in the Middle East and Asia, resulting
in an increase in alfalfa exports. The region's imported alfalfa market is
expected to rise as a result of a ban on forage crop production in countries
like Saudi Arabia and the United Arab Emirates due to water shortage and rising
demand for high-quality hay for livestock.
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