Alfalfa hay has a higher energy content than grass hay. It is also higher in crude protein and calcium. While most horses thrive on a grass-based diet, a mixture of alfalfa and grass can be appropriate for horses with special nutritional needs. Alfalfa hay is an excellent choice for baby rabbits because of its higher calcium and protein content. It promotes healthy growth and encourages small animals to forage. Alfalfa hay is also rich in fiber and digestible energy, which makes it ideal for growing animals and pregnant and nursing animals.
Market Statistics:
The Global Alfalfa Hay Market is estimated to account for US$ 73 Mn in terms of value by the end of 2021.
Global Alfalfa Hay Market: Drivers
As the global population increases, the demand for alfalfa hay is expected to rise. In addition, the increasing consumption of meat and dairy products is expected to fuel the growth of this market. The increased demand for alfalfa hay is primarily due to the fact that it is an environmentally friendly feed. It also has a long shelf life, making it an ideal choice for livestock feed. Moreover, consumption of alfalfa hay helps improve the milk quality and milk production of cattle.
Global Alfalfa Hay Market: Opportunities
Rapid urbanization is expected to bring lucrative growth opportunities over the forecast period. According to the United Nation, in 2018, 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. Global Alfalfa Hay Market: Restraints
Challenges associated with the gap between demand and supply of cattle feed is expected to restrict the market growth of alfalfa hay.
Global Alfalfa Hay Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic disrupted the working of several markets including alfalfa hay market. The pandemic affected the manufacturing process, and supply chain networks, resulting in major losses for alfalfa hay producing companies and farmers as well. According to FAO, more than 60% of the world population relies on agriculture for survival. Moreover, according to FAO world merchandise, trade is declined by 13% to 22% due to COVID-19 which affected all the processes which connect farm production to final consumer. It affects the food value chain and food production system.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/alfalfa-hay-market-5418
Key Takeaways:
The global Alfalfa hay market was valued at US$ 73 Mn in 2021 and is forecast to reach a value of US$ 131 Mn by 2030 at a CAGR of 6.6 % between 2022 and 2030.
Meat/Dairy Animal Feed Application segment held dominant position in the global Alfalfa Hay market in 2021, accounting for 80.4 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Alfalfa Hay Market Trends:
Growing popularity of hay is projected to shape the market growth positively in the near future. Expanding meat and dairy industry worldwide is again projected to fuel market growth. Moreover, growing adoption of alfalfa hay across various countries such as India, Australia, Vietnam, and Bangladesh is also projected to foster market growth.
Increasing launch of new product due to growing R &D activities has been observed as a major trend for the market. For instance, in January 2020, The Green Prairie International has launched a new product green curd, which is an air-dried hay product. The innovation by the company is expanding its business.
Global Alfalfa Hay Market: Competitive Landscape
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
Global Alfalfa Hay Market: Recent Developments
In January 2020, The Green Prairie International has launched a new product green curd, which is an air-dried hay product. The innovation by the company is expanding its business.
In October 2017, Riverina merged with Agrex Australia Pty Ltd which was initially a joint venture between Mitsubishi Corporation (MC) and Olam International, and then acquired completely by MC. The newly merged company will operate as Riverina (Australia) Pty Ltd from its headquarters in Brisbane, Queensland.
