The market accounted for sales of USD XX million in the year 2016. The market is expected to grow at a CAGR of XX% during the forecast period and is projected to reach USD XX million by 2022. Alfalfa hay is considered as important feed for dairy cows, cattle, horses, sheep, and goats. Canada, the USA, Spain, France, and Italy are the main alfalfa hay producing countries. Major companies in this market are actively participating in the entire value chain from sourcing, shipping, and logistics management to marketing and distribution, placing significant emphasis on the quality of alfalfa.
Major drivers of the alfalfa hay market include an increased demand for dairy and animal products, rise in high yielding cattle, breed cattle demand for feed, and the shrinkage of land for the grazing animals. Factors hindering the market growth are decreasing land acreage due to urbanization, water restrictions, and competition regarding high-value crops. With an increasing global demand seen in 2014, the prices of alfalfa skyrocketed. This drove dairy producers to consider replacements, thus lowering the prices of alfalfa in 2015. However, due to the growing demand for dairy and animal products, the global demand for forage is expected to increase. Alfalfa requirement usually depends on its use for animal rearing, as it provides a relatively high feed value. The price of alfalfa hay is dependent on the quality of hay produced, the bale size and the type chosen for harvesting alfalfa.
The global market for alfalfa hay is segmented by application, type, and geography. By application, the market demand is analyzed for meat/dairy animal feed, horse feed, poultry, and others. By product type, the alfalfa hay demand is classified as bales, pellets, and cubes. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World.
In Europe, Spain has the largest market for alfalfa hay export. In 2015, Spain exported 273 thousand metric ton of alfalfa, followed by France (XX thousand tons), and Italy (XX thousand tons). The trade value of alfalfa in the USA is higher than that in Spain, by USD 5 million. However, the net quantity produced in Spain is higher, because the USA produces better quality crops when compared to Spain. On the other hand, Saudi Arabia imported 138.7 thousand tons in the year 2015, followed by Japan (XX thousand tons).
Major companies in the sector include:
Recent Industry Insights
“Saudi Arabia’s largest dairy company buys land in California, Arizona, to grow alfalfa.”
Key Deliverables in the Study
The report holds importance for the following stakeholders-