Alfalfa Market -Overview

The global Alfalfa Market poised to attain a market size of USD 42.60 Billion by the conclusion of 2030. Notably, the market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.20% throughout the projected period from 2022 to 2030. Alfalfa, a flowering plant belonging to the pea family, is cultivated as a crucial forage crop in various specific regions worldwide. Within the agricultural sector, the Alfalfa flowering plant holds significance as a key legume, scientifically known as Medicago sativa. In regions such as South Asia and the UK, this plant is alternatively referred to as lucerne grass and Lucerne. The United States stands out as the leading producer of alfalfa globally, with specific areas like Wisconsin, California, and South Dakota being primary cultivation zones. Additionally, regions including the UAE, Australia, and South Africa are significant contributors to the forecasted market share in the Alfalfa industry.

Furthermore, due to the simple wider availability of alfalfa products in various locations, global market participants can generate considerable alfalfa market share in the coming years.

Segmental Analysis

By Product Type:

The Market has been classified based on the product types such as pellets, cubes, hay bales, and others (Alfalfa meal, seeds, and powder).

The pellets segment is registered to lead the Marketing the research period due to the increasing demand for high-quality feed for ruminants. The alfalfa pellets are produced from ground alfalfa hay that contains minerals, valuable vitamins, and protein. Moreover, this segment is primarily used as feedstuff for cattle, pigs, and poultry.

By Livestock:

The Market has been segmented into equine, ruminants, and others (deer, mice, antelope, gophers, and rabbits) in terms of livestock segment.

Detailed Regional Analysis 

The alfalfa market size is fueled by contributions from various areas such as North America, Asia Pacific, Europe, and the rest of the world. Because of the growing cattle population in the region, the North American market dominated in 2018 and was predicted to maintain its position as the leading revenue-generating regional market in the research period. Because of the expanding cow population, limited grazing pastures, and demand for dairy meat and poultry products, the Asia Pacific region is predicted to be the quickest regional alfalfa market during the analysis period. Furthermore, because of the increased bovine population given the growth of the European dairy industry, alfalfa demand is growing in the European region.

Competitive Analysis

The global market's reaction to increased efficiency levels is projected to unleash fresh and dramatic transformations in the approaching future. In the next year, the increase in business interests is expected to put market competitors in a better position during the forecast period. The market's players are anticipated to seek supply chain revisions to encourage the market's expansion into new sectors and demographics. During the projection timeframe, the market is expected to gain a lot from market signals while also examining its customer base to suit their wants better. Because of the government's involvement in re-energizing the international market, the different regional markets will continue to grow steadily. The new growth endeavors are expected to boost the company's future goal attainment trend and are thus regarded as critical to its expansion. Businesses in the market are expected to incorporate social impact aims shortly, ushering in a new planning phase in the industry. In the coming years, digital aspects of business operations are expected to become more prominent.

Competitive Landscape Analysis

Al Dahra ACX Global, Inc. (US)

GrupoOsés (Spain)

Anderson Hay & Grain Inc. (US)

Alfalfa Monegros, S.L. (Spain)

Border Valley (US)

Bailey Farms (US)

Green Prairie International (Canada)

Cubeit Hay Company (Spain)

Hay USA Inc. (US)

Carli Group (Italy)

Standlee Hay Co Ltd. (US)

M&C Hay (US)

Haykingdom Inc. (US)

SL Follen Company (US)

McCracken Hay Company (US).

News

In January 2022, the prominent market player Green Praireconducted a new product launch named green curd. This new product is an air-dried hay product, which is expected to grow its business in coming years.

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