Alfalfa Market Size, Share & Trends Analysis Report, By Type (Hay Bales, Cubes, Pellets), By Livestock (Ruminants, Horses, Poultry ), By Region, And Segment Forecasts, 2024 - 2030

Alfalfa Market Size, Share & Trends Analysis Report, By Type (Hay Bales, Cubes, Pellets), By Livestock (Ruminants, Horses, Poultry ), By Region, And Segment Forecasts, 2024 - 2030

Alfalfa Market Growth & Trends

The global alfalfa market size is anticipated to reach USD 36.3 billion by 2030 and it is projected to grow at a CAGR of 6.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The industry growth is majorly driven by the growing demand for the product as a key component in the dairy cow diets. The protein content in alfalfa is generally higher than that in other forage crops, which helps meet the protein requirements of lactating dairy cows. The product also provides energy through carbohydrates, which can support the energy demands of lactating cows.

Diet formulations can vary depending on the specific requirements of the dairy operation, stage of lactation, and other factors. Dairy nutritionists often balance rations to ensure that alfalfa, along with other feed ingredients, meets the dairy cows' nutritional needs for optimal milk production and cow health. As the world's population continues to grow, so does the demand for dairy products, such as milk, cheese, and yogurt. This is expected to fuel the growth of market in the coming years.

Asia Pacific is predicted to grow at the fastest CAGR over the forecast period. The rising demand for dairy and meat products in countries like China and India has driven the need for high-quality animal feed, including alfalfa, which is known for its nutritional value. As livestock farming practices improve and consumers demand higher-quality products, there is a growing need for nutritious forage to support healthy animal growth and milk production.In regions facing land and water constraints, such as parts of Australia, the product's drought resistance and ability to fix nitrogen in the soil make it an attractive crop.

Alfalfa Market Report Highlights

• Based on type, hay bales segment was the dominating segment in 2023 with a revenue share of 42.50% as it is highly nutritious, with a good balance of protein, fiber, vitamins, and minerals. It is an excellent source of essential nutrients for livestock, particularly forage-eating animals like cattle, horses, and sheep
• Based on livestock, ruminants segment was the dominating segment with a significant revenue share in 2023 as the product is highly digestible, allowing ruminants to efficiently extract nutrients from the forage, promoting good feed efficiency
• North America was the dominating region with a revenue share of over 40% in 2023 as the North American countries, particularly the U.S., exports alfalfa hay to countries in Asia Pacific like China, Japan, and the Middle East, where there is a growing demand for high-quality forage

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