Alfalfa Market Forecasts to 2028 – Global Analysis By Feed Type (Cubes, Pellets), Livestock (Ruminants, Equine), Product (Natural, Organic), Application, and By Geography

Alfalfa Market Forecasts to 2028 – Global Analysis By Feed Type (Cubes, Pellets), Livestock (Ruminants, Equine), Product (Natural, Organic), Application, and By Geography

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances