|Study Period:||2016 - 2026|
|Fastest Growing Market:||Middle East and Africa|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The alfalfa hay market is projected to register a CAGR of 6.9% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. Due to COVID-19, there have been supply chain disruptions in the market. The uncertainty was witnessed across all sectors along the supply chain, including manufacturers, processors, transportation, and consumers. North America is projected to be the largest market for alfalfa hay. China, the United Arab Emirates, and Saudi Arabia are major importers of alfalfa hay from the United States. The United States and Spain are major exporters of alfalfa hay globally. The use of alfalfa hay has become critical to poultry feed, followed by animal feed, in recent years due to its importance for crude protein content. Dependence on alfalfa hay for animal feed may continue to drive the market globally over the forecast period.
Scope of the Report
Alfalfa hay is obtained from the alfalfa plant, which is also known as Lucerne and Medicago sativa. It is cultivated as an important forage crop in many countries around the world. The market is segmented by type (bales, pellets, and cubes), application (ruminant feed, poultry feed, horse feed, and other applications), and geography (North America, Asia-Pacific, South America, Europe, and Middle-East and Africa). The report offers the market size and forecasts in value (USD) for all the above segments.
|Dairy Animal Feed|
Key Market Trends
Increasing Demand for Dairy and Meat Products
Livestock is a major factor responsible for the growth of the alfalfa hay market. The annual growth of meat production and milk production in the developing countries is projected to be 2.4% and 2.5%, respectively, till 2030. This is expected to increase the share of the developing countries in the world’s meat production to 66.0%, which will be 247.0 million metric ton, and to 55.0% for milk production, which will be 484.0 million metric ton. Furthermore, there has been immense pressure on the livestock sector to meet the increasing demand for high-value animal protein. The demand for alfalfa hay is increasing significantly in China and is driven due to changing production practices in the Chinese dairy industry. This is essentially due to the increasing number of cows raised by modern dairy farmers who prefer using imported hay and commercial feeds. Furthermore, the Chinese government is focusing on boosting the domestic production of alfalfa hay to meet its high demand.
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North America Dominates the Market
Some of the alfalfa hay-producing states in the United States, as of 2019, are California with 7,060 thousand metric ton, Idaho with 5,111 thousand metric ton, and Minnesota with 2,966 thousand metric ton. These account for nearly 27.0% of the alfalfa hay production in the country. China, Japan, Saudi Arabia, and the United Arab Emirates are the top export destinations to the United States, and China is expected to remain the key market for US alfalfa hay exports in the near future; almost half of the exports of alfalfa hay are to China. The domestic production of alfalfa hay in Saudi Arabia decreased. As the country needs to satisfy its dairy market demand for alfalfa hay, it mainly relies on imports, and it is also expected to remain one of the key buyers from the US alfalfa hay market.
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The alfalfa hay market is highly fragmented. Alfalfa hay supply is concentrated in the United States and Spain, and consumption is concentrated in China, Japan, the United Arab Emirates, and Saudi Arabia. Some of the major players in the market are Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay & Grain Inc., Bailey Farms, and Border Valley.
In January 2020, Green Praire has launched a new product green curd, which is an air-dried hay product. This innovation will expand its business in the coming years.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.2 By Application
5.2.1 Dairy Animal Feed
5.2.2 Poultry Feed
5.2.3 Horse Feed
5.2.4 Other Applications
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Al Dahra ACX Global Inc.
6.3.2 Alfalfa Monegros SL
6.3.3 Anderson Hay & Grain Inc.
6.3.4 Bailey Farms
6.3.5 Border Valley
6.3.7 Cubeit Hay Company
6.3.8 Glenvar Hay
6.3.9 Green Prairie International
6.3.10 Grupo Osés
6.3.11 Gruppo Carli
6.3.12 Hay USA
6.3.13 Haykingdom Inc.
6.3.14 Knight AG Sourcing
6.3.15 Los Venteros SC
6.3.16 M&C Hay
6.3.17 McCracken Hay Company
6.3.18 Riverina (Australia) Pty Ltd
6.3.19 SL Follen Company
6.3.20 Standlee Hay Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Alfalfa Hay Market market is studied from 2016 - 2026.
What is the growth rate of Alfalfa Hay Market?
The Alfalfa Hay Market is growing at a CAGR of 6.9% over the next 5 years.
Which region has highest growth rate in Alfalfa Hay Market?
Middle East and Africa is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Alfalfa Hay Market?
North America holds highest share in 2020.
Who are the key players in Alfalfa Hay Market?
Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay & Grain Inc., Bailey Farms, Border Valley are the major companies operating in Alfalfa Hay Market.