The global alfalfa hay market connected with feed variety adoption

The global alfalfa hay Market is estimated to be valued at US$ 73 million in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Alfalfa hay is a nutritional forage crop that is very high in protein and fiber content. Alfalfa provides an excellent nutritional value for livestock feed, especially for dairy cows and horses. It contains greater than 18% crude protein as well as vitamins A, D, E and K. Alfalfa is ideally suited for dairy and ranch applications as it boosts milk production when fed to dairy cows. Due to rising demand for dairy and meat products, adoption of alfalfa hay for livestock feed has increased over the years, driving growth of the market.

Market key trends:

One of the key trends witnessed in the alfalfa hay market is growing adoption of alfalfa varieties suited for specific livestock feed applications. Over the past few years, hay producers have developed alfalfa varieties custom-bred for dairy cattle, horses, beef cattle and other animal types. For instance, dairy alfalfa varieties have higher leaves to stem ratios compared to horse alfalfa, making them more digestible for dairy cows. Likewise, beef alfalfa cultivars are bred to be lower in protein content. Such product innovations allow producers to better meet the nutritional requirements of different livestock, thereby boosting alfalfa hay consumption.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as starting an alfalfa farm requires moderate investment for farming equipment and harvesting tools. However, established brands have economies of scale which make it difficult for new entrants.

Bargaining power of buyers: The bargaining power of buyers is high since alfalfa hay is a commoditized product and buyers can easily switch between suppliers. Buyers can negotiate lower prices with suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since there are many small and medium sized suppliers. However, few key suppliers also have dominance in the market.
Threat of new substitutes: The threat of new substitutes is low as alfalfa hay is uniquely suitable feed for animals and there aren't close substitutes for its high protein content.
Competitive rivalry: High as the market has many regional players competing on pricing and quality.

Key Takeaways

The Global Alfalfa Hay Market Demand is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing demand from dairy farms and livestock sectors.
Regional analysis: North America dominates the global alfalfa hay market due to large dairy and beef cattle farms in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with China, India and Japan being the major consumers.
Key players operating in the alfalfa hay market are Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay & Grain Inc., Bailey Farms, Border Valley, Coaba, Cubeit Hay Company, Glenvar Hay, Green Prairie International, Grupo Osés, Gruppo Carli, Hay USA, Haykingdom Inc., Oregon Hay Products, Inc., Los Venteros SC, M&C Hay, Legal Alfalfa Products Ltd., Riverina (Australia) Pty Ltd, SL Follen Company, and Standlee Hay Company.

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