The global alfalfa seeds market size was valued at USD 750.1 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.5 % from 2022 to 2030. Various factors such as increased population, rising income level, and demand for quality agricultural seed are expected to drive the market growth. Rise in livestock production is expected to increase the demand for alfalfa seeds. In addition, the growth in the livestock population will increase the demand for better forage crops. Moreover, the increased demand for dairy products is expected to create lucrative growth opportunities for the market in the near future.
Global Alfalfa Seeds Market: Regional Insights
Regionally, North America is expected to dominate the global alfalfa seed market over the forecast period. The region is accounted for the largest exporter and importer worldwide. According to the Coherent Market Insights analysis, the United States is the largest exporter as well as importer of alfalfa seeds in the world. Its imports represent 17.7% of the world imports for alfalfa seeds while exports represent 33.6% of the global exports of alfalfa seeds. In 2017, in terms of value, the country imported USD 48975 thousand of alfalfa seeds and exported USD 107,698 thousand alfalfa seeds in the global market.
With the increasing demand for dairy products, the Asia Pacific region is expected to witness the fastest growth rate in the forecast period. This growth is mainly due to the growth in livestock population, which is requiring the expansion of forage crop area. Moreover, increasing demand for quality agriculture seed is also fuelling the growth of this market. In addition to this, increasing awareness about nutrition levels of alfalfa is likely to boost the market growth in the forecast period.
Figure 1. Global Alfalfa Seeds Market, By Region
Global Alfalfa Seeds Market Drivers:
Growing industrial livestock production due to increasing demand for meat product is driving growth of the alfalfa seed market. Global meat production has increased rapidly over the past 50 years – as we see, total production has more than quadrupled since 1961. The world now produces more than three times the quantity of meat as it did fifty years ago. In 2018, production was around 340 million tons. Asia is the largest meat producer, accounting for around 40-45 percent of total meat production. Europe and North America were the dominant meat producers, accounting for 42 and 25 percent, respectively.
Increasing adoption of hybrid seeds is again projected to augment market growth. For instance, in October 2019, Dairyland Seed introduced HybriForce-4400™, its new, fourth generation hybrid alfalfa seed, at the World Dairy Expo in Madison, Wis. HybriForce-4400 delivered a five percent yield advantage over our third-generation hybrid alfalfa seed,
Global Alfalfa Seeds Market Opportunities:
Decreasing land for grazing is expected to provide lucrative growth opportunities for alfalfa seed market. According to the data provided by Desertification and Land Degradation Atlas of India, all Indian states have recorded an increase in degraded land in the past 15 years, with the most rapid increase being noted in the biodiversity-rich northeastern states. Currently, 97.85 million hectares (mha) of land — an area 2.5 times the size of India’s largest state Rajasthan— has already been degraded. Of this, 3.32 mha — an area 22 times the size of Delhi — has been added in the 15 years between 2003-05 and 2018-19.
Increasing focus on improving productivity and efficiency of the feed is projected to serve major growth opportunities for market in the near future. High quality animal feed and nutrition plays crucial role as there is a high demand for quality meat products especially in countries such as Japan, China, Mexico, UAE, and Brazil where meat consumption is high. Thus, this is expected to provide promising growth opportunities.
|Base Year:||2021||Market Size in 2021:||US$ 750.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||6.5 %||2030 Value Projection:||US$ 1322.10 Mn|
Alforex Seeds LLC, DLF International Seeds, DuPont Pioneer, Dyna-Gro Seed, Forage Genetics International, Lacrosse Seed, LG Seeds, Monsanto Company, S&W Seeds CompanY, and Allied Seed LLC
|Restraints & Challenges:||
Global Alfalfa Seeds Market Trends:
Growing popularity of hay is expected to contribute to the market growth of alfalfa seed. Hay are affordable and are highly preferred by farmers from all income groups. Expanding dairy and the meat industry worldwide is driving demand for alfalfa hay, hence fueling growth of the alfalfa seed market.
Changing lifestyle of consumers and increasing disposable incomes of consumers is expected to uplift the market growth over the forecast period. Increasing use of alfalfa in cattle feed is a growing trend encouraging key players to offer new products and adopt business strategies in the alfalfa market.
Global Alfalfa Seeds Market Restraints:
Need for large quantity of water for irrigation is expected to hamper the market growth of the alfalfa seed. Moreover, lower yield than other forage crops is another key factor expected to restrict the market growth.
Low awareness among farmers across developing countries is also expected to negatively impact the market growth over the forecast period. Most of the countries are not well aware of the forage crops and its advantages. They are still following the traditional techniques to feed their lives stocks.
Figure 2. Global Alfalfa Seeds Market, By Application
Global Alfalfa Seeds Market: Key Companies Insights
The global alfalfa seeds market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global alfalfa seeds market are Alforex Seeds LLC, DLF International Seeds, DuPont Pioneer, Dyna-Gro Seed, Forage Genetics International, Lacrosse Seed, LG Seeds, Monsanto Company, S&W Seeds CompanY, and Allied Seed LLC
*Definition: Agricultural seeds play an important role in livestock production. Alfalfa seeds are rich in protein and higher in vitamins. They also provide high yields per hectare. They are also known for their ability to improve soil structure. Alfalfa seeds are also used in many foods, including baked goods and ice cream. They are also used as a flavor enhancer. Recently, agricultural seed companies have developed improved products that can increase livestock production.
Alfalfa seed is a great source of vitamins and antioxidants. It can add nutritional value to many recipes, and is high in fiber. In addition, alfalfa seeds can be sprouted for additional nutritional benefits. Alfalfa grows well in a wide range of environments and soil conditions. It thrives in areas with high moisture and full sun. Alfalfa seed is also very hardy and drought resistant. Alfalfa is also a good attractant for wildlife. It is easy to grow and does not require pesticides. It can be planted spring or fall.
Increasing demand for quality agriculture seeds across the world is driving the global alfalfa seed market. The growth is also driven by rising income levels of many developing nations, as well as the increasing demand for quality meat food products. The growing demand for beef has increased the demand for crops as a source of feed. Furthermore, growing adoption of hybrid seeds is further anticipated to foster market growth.
On the other hand, lower yield than other forage crops is expected to restrict the market growth.
Key features of the study: