The global Alfalfa Hay Market is estimated to be valued at US$ 82.95 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the livestock industry is one of the major trends driving the growth of the global alfalfa hay market. Livestock production is growing at a rapid pace globally to meet the rising demand for animal-based food products. According to the Food and Agriculture Organization (FAO), the global production of meat is anticipated to increase by over 73% between 2010 and 2050. During the same period, milk production is also projected to rise by 58%. Alfalfa hay bales provide excellent nutrition to dairy cows, horses, cattle, and other livestock and help improve their overall health and productivity. The hay contains a protein content as high as 24% and isrich in vitamins, minerals, and digestible fiber. The nutritional profile of alfalfa hay makes it a preferred choice of feed for dairy cows to enhance milk yield and beef cattle to promote weight gain. Thus, the increasing headcount of livestock is directly fueling the sales of high-quality alfalfa hay globally.
Segment Analysis
The Global Alfalfa Hay Market Analysis is dominated by the cattle segment due to the high demand for alfalfa hay as a feed for cattle. Cattle feed requires high nutritional values which can be met by alfalfa hay as it contains high level of protein and fiber that aids digestion and growth in cattle. Within the cattle segment, the dairy cattle sub-segment accounts for the largest share as dairy cattle require a balanced and nutrient-rich diet to boost milk production, for which alfalfa hay is an ideal solution.
Key Takeaways
The global alfalfa hay market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 5.1% during this period and reach a size of US$ 113.51 Mn by 2030.
Regional analysis
North America currently dominates the global alfalfa hay market accounting for over 30% share of the total market. The region is anticipated to maintain its leading position over the forecast period as well. This can be attributed to the large cattle population and established dairy industry in the US which demands high volume of alfalfa hay. Asia Pacific is expected to emerge as the fastest growing regional market for alfalfa hay driven by increasing meat consumption and rising focus on cattle rearing in countries such as India and China.
Key players
Key players operating in the alfalfa hay market are Anderson Hay & Grain Inc., Border Valley Trading, LTD., Knight AG Sourcing, Standlee Hay Company, and Green Prairie International. Anderson Hay & Grain Inc. is one of the largest alfalfa hay producers in North America. Border Valley Trading, LTD. specializes in production and export of high-quality alfalfa hay from the US and Canada.
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