Alfalfa Market
Alfalfa Market Forecasts to 2028 – Global Analysis By Feed Type (Cubes, Pellets), Livestock (Ruminants, Equine), Product (Natural, Organic), Application, and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $26.99 BN |
|
Projected Year Value (2028) |
US $43.92 BN |
|
CAGR (2021 - 2028) |
7.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Alfalfa Market is accounted for $26.99 billion in 2021 and is expected to reach $43.92 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Alfalfa is a flowering plant that belongs to the pea family, cultivated as a forage crop across various specific parts of the world. Alfalfa is used in some regions for hay, silage, feeding, chaff, and others. Alfalfa provides high-quality supplements as compared to other plants used as fodder.
Market Dynamics:
Driver:
Increased demand for nutritious animal feed
The cattle feed business is experiencing growth as milk producers have replaced traditional feed with nutritionally balanced compound feed. Animal owners have realized the benefits of yield development of nutritional feed. Livestock production in many countries has been growing faster than any other agricultural sub-sector mainly owing to the substantial growth of pig, livestock, and poultry industries, as the livestock industry is the most crucial part of agricultural development. Moreover, the increase in the consumption of animal products due to population growth and increased living standards is likely to boost the product’s adoption. Thus, the increase in consumption of livestock products would fuel the need to produce an adequate animal population that would require nutritious feed.
Restraint:
Gap between demand and supply of cattle feed
Improvements in the productivity and efficiency of the feed remain important objectives; factors such as animal demands and feed supply also need to be considered for the growth of the alfalfa industry. Animal feed and nutrition quality play an important role as it is the biggest cost factor. Moreover, cattle feeding is an important factor in the livestock sector. So, the surge in demand for animal products and struggles in the supplies of feed commodities hamper the market growth.
Opportunity:
The surge in commercial livestock farming increases the demand for nutritious feed options
The industrialization of agriculture transformed the process of food production in all parts of the world. The livestock sector is experiencing industrialization, mostly in developing or emerging economies, where most meat production growth is projected to occur. The last few years have seen increased agricultural land owing to the rapid industrialization of agro-businesses and farming. The focus on improving the productivity and efficiency of feed is increasing. So, the surge in livestock industrialization is likely to boost the consumption of the product through various animal feeds.
Threat:
Fluctuating prices
The global market growth might get hampered due to the fluctuating prices of alfalfa, resulting in livestock rears looking for substitutes. The market size might face a challenge because of the high production cost for alfalfa compared to other forage crops like maize, barley, and sorghum. Moreover, the strident governmental rules regarding the use of alfalfa and COVID-19 impact can bring another big challenge to the Market share.
The hay bales segment is expected to be the largest during the forecast period
The hay bales segment is estimated to have a lucrative growth as hay is the traditional product popular among farmers from all income groups. Farmers with more income are transitioning towards cubes and pellets, farmers from developing countries still prefer hay to feed animals as they cannot afford cubes and pellets. Therefore, the increasing number of animals worldwide, expanding dairy and the meat industry are the factors that boost the growth of the hay segment.
The direct segment is expected to have the highest CAGR during the forecast period
The direct segment is anticipated to witness the fastest CAGR growth during the forecast period as the cattle farm owners and poultry farm owners prefer to buy from original sources to make sure that animals and birds domesticated by them would get the right kind of food as well as the right amount, which has contributed towards the segment’s growth in the global market.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to growing demand from the farmers, increasing cattle population, limited grazing lands, and demand for dairy meat and poultry products. The market is rapidly increasing owing to capacity building, improved agriculture, and increasing integration of modernized technology, which is boosting agricultural production.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the increasing demand for dairy and meat products. The U.S. livestock industry is likely to increase production in the next few years, and this expansion reflects several factors such as technological advancements and rising livestock numbers. With the increasing meat and milk production in developing countries, the use of alfalfa hay as an animal feed is also growing, which may continue to promote the development of the alfalfa market.
Key players in the market
Some of the key players profiled in the Alfalfa Market include Standlee Hay Co Ltd., Alfalfa Monegros, S.L., McCracken Hay Company, Anderson Hay & Grain Inc., Haykingdom Inc., Bailey Farms, Grupo Osés, Cubeit Hay Company, Border Valley, Green Prairie International, Hay USA Inc., M&C Hay, Al Dahra ACX Global, Inc., SL Follen Company and Carli Group.
Key Developments:
In April 2020, Al Dahra Holding signed an agreement with Bulgarian agribusiness group AJD Agro Ltd to supply crops. The agreement includes the cultivation and supply of essential crops and forage, including alfalfa.
In Jan 2020, Green Prairie International launched a new product called green curd, which is an air-dried hay product. This innovation may expand its business in the coming years.
Feed Types Covered:
• Cubes
• Hay Bales
• Pellets
Livestocks Covered:
• Ruminants
• Equine
Products Covered:
• Natural
• Organic
• Special Dietary Needs
Distribution Channels Covered:
• Indirect
• Direct
Applications Covered:
• Floral
• Food
• Wellness
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Alfalfa Market, By Feed Type
5.1 Introduction
5.2 Cubes
5.3 Hay Bales
5.4 Pellets
6 Global Alfalfa Market, By Livestock
6.1 Introduction
6.2 Ruminants
6.3 Equine
7 Global Alfalfa Market, By Product
7.1 Introduction
7.2 Natural
7.3 Organic
7.4 Special Dietary Needs
7.4.1 Allergen Free
7.4.2 Low Fat/Low Sodium/Lowered Sugar
7.4.3 Raw Food
7.4.4 Vegetarian
8 Global Alfalfa Market, By Distribution Channel
8.1 Introduction
8.2 Indirect
8.3 Direct
9 Global Alfalfa Market, By Application
9.1 Introduction
9.2 Floral
9.3 Food
9.3.1 Bakery
9.3.2 Cattle and Sheep Feed
9.3.3 Dairy
9.3.4 Horse Feed
9.3.5 Pig Feed
9.3.6 Beverages
9.3.7 Poultry Feed
9.3.8 Seafood
9.4 Wellness
10 Global Alfalfa Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Standlee Hay Co Ltd.
12.2 Alfalfa Monegros, S.L.
12.3 McCracken Hay Company
12.4 Anderson Hay & Grain Inc.
12.5 Haykingdom Inc.
12.6 Bailey Farms
12.7 Grupo Osés
12.8 Cubeit Hay Company
12.9 Border Valley
12.10 Green Prairie International
12.11 Hay USA Inc.
12.12 M&C Hay
12.13 Al Dahra ACX Global, Inc.
12.14 SL Follen Company
12.15 Carli Group
List of Tables
1 Global Alfalfa Market Outlook, By Region (2020-2028) ($MN)
2 Global Alfalfa Market Outlook, By Feed Type (2020-2028) ($MN)
3 Global Alfalfa Market Outlook, By Cubes (2020-2028) ($MN)
4 Global Alfalfa Market Outlook, By Hay Bales (2020-2028) ($MN)
5 Global Alfalfa Market Outlook, By Pellets (2020-2028) ($MN)
6 Global Alfalfa Market Outlook, By Livestock (2020-2028) ($MN)
7 Global Alfalfa Market Outlook, By Ruminants (2020-2028) ($MN)
8 Global Alfalfa Market Outlook, By Equine (2020-2028) ($MN)
9 Global Alfalfa Market Outlook, By Product (2020-2028) ($MN)
10 Global Alfalfa Market Outlook, By Natural (2020-2028) ($MN)
11 Global Alfalfa Market Outlook, By Organic (2020-2028) ($MN)
12 Global Alfalfa Market Outlook, By Special Dietary Needs (2020-2028) ($MN)
13 Global Alfalfa Market Outlook, By Allergen Free (2020-2028) ($MN)
14 Global Alfalfa Market Outlook, By Low Fat/Low Sodium/Lowered Sugar (2020-2028) ($MN)
15 Global Alfalfa Market Outlook, By Raw Food (2020-2028) ($MN)
16 Global Alfalfa Market Outlook, By Vegetarian (2020-2028) ($MN)
17 Global Alfalfa Market Outlook, By Distribution Channel (2020-2028) ($MN)
18 Global Alfalfa Market Outlook, By Indirect (2020-2028) ($MN)
19 Global Alfalfa Market Outlook, By Direct (2020-2028) ($MN)
20 Global Alfalfa Market Outlook, By Application (2020-2028) ($MN)
21 Global Alfalfa Market Outlook, By Floral (2020-2028) ($MN)
22 Global Alfalfa Market Outlook, By Food (2020-2028) ($MN)
23 Global Alfalfa Market Outlook, By Bakery (2020-2028) ($MN)
24 Global Alfalfa Market Outlook, By Cattle and Sheep Feed (2020-2028) ($MN)
25 Global Alfalfa Market Outlook, By Dairy (2020-2028) ($MN)
26 Global Alfalfa Market Outlook, By Horse Feed (2020-2028) ($MN)
27 Global Alfalfa Market Outlook, By Pig Feed (2020-2028) ($MN)
28 Global Alfalfa Market Outlook, By Beverages (2020-2028) ($MN)
29 Global Alfalfa Market Outlook, By Poultry Feed (2020-2028) ($MN)
30 Global Alfalfa Market Outlook, By Seafood (2020-2028) ($MN)
31 Global Alfalfa Market Outlook, By Wellness (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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