Market Size of Alfalfa Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 25.60 Billion |
| Market Size (2029) | USD 34.30 Billion |
| CAGR (2024 - 2029) | 6.03 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
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Alfalfa Market Analysis
The Alfalfa Market size is estimated at USD 25.60 billion in 2024, and is expected to reach USD 34.30 billion by 2029, growing at a CAGR of 6.03% during the forecast period (2024-2029).
- Over the long term, the demand from commercial dairy operators for alfalfa is anticipated to increase due to the increase in investment in huge-scale dairy operations during the forecast period. The major factors influencing the alfalfa market include the increasing demand for quality hay for livestock and cattle population, prices of alfalfa, and price trends in alternative feed and forage.
- The use of alfalfa has become critical to poultry feed, followed by animal feed in recent years due to its importance for crude protein content. Dependence on alfalfa for animal feed may continue to drive the alfalfa hay market over the forecast period. Alfalfa is known for its tolerance to drought, heat, and cold, with higher productivity.
- North America is projected to be the largest market for alfalfa. China, the United Arab Emirates, and Saudi Arabia are the major importers of alfalfa hay from the United States. The United States and Spain are the major exporters of alfalfa globally. The increasing demand for dairy and animal products, shrinking of the land for grazing animals, and growth in high-yielding cattle, bred cattle demand for feed is driving the alfalfa market globally.
