Market Outlook
The worldwide Alfalfa Market is registered to achieve USD 42.60 Billion by the end of the year 2028. For instance, the global market is registered to generate the market value at a CAGR of 5.20% between the forecast years 2020-2028.
Alfalfa is a flowering plant that belongs to the pea family, cultivated as a forage crop across various specific parts of the world. In the agriculture industry, the Alfalfa flowering plant is a key legume. This flowering plant is also scientifically called Medicago sativa. In countries like South Asia and the UK, this Alfalfa plant is also popular with lucerne grass and Lucerne. Among all the regions, the US region has been recorded to be the largest alfalfa producer. This region has specific areas like Wisconsin, California, and South Dakota, where alfalfa is primarily grown. Apart from that, the regions like the UAE, Australia, and South Africa contribute largely to the Alfalfa Market share in the forecast period.
Regional Analysis
Because of the rising livestock population, North America dominated the global alfalfa market in 2018 and is expected to remain the largest revenue-generating regional market during the forecast period.
The demand for alfalfa in Europe is being driven by the growth of the dairy industry and an increase in the number of cattle.
During the review era, Asia-Pacific is expected to be the fastest-growing regional market for alfalfa. The alfalfa market is expected to rise due to rising demand for meat, poultry, and dairy products, restricted grazing lands, and an increasing cattle population. China's demand for alfalfa hay is skyrocketing, owing to changes in the dairy industry's production practices. This is owing to an increase in the number of cows raised by modern dairy farmers who tend to use imported hay and commercial feeds. Furthermore, to meet the high demand for alfalfa hay, the Chinese government is concentrating on increasing domestic production.
On the other hand, demand for alfalfa has increased in the Middle East and Asia, resulting in an increase in alfalfa exports. The region's imported alfalfa market is expected to rise because of a ban on forage crop production in countries like Saudi Arabia and the United Arab Emirates due to water shortage and rising demand for high-quality hay for livestock.
Competitive Analysis
The market is fragmented with the presence of numerous diversified international and regional players. Alfalfa Monegros, S.L., Bailey Farms, Border Valley, Carli Group, and Grupo Osés are among the major alfalfa industry players. Thanks to their diverse product ranges, high quality, aggressive pricing, and broad market presence, these foreign players dominate the market. Only a few companies offer quality alfalfa products for animal feed. For example, Gruppo Carli, an Italian feed manufacturer, sells dehydrated alfalfa bales for cattle. During the forecast period, the global alfalfa market is expected to rise due to the introduction of new products. Furthermore, foreign players are expected to extend their geographic footprint in the alfalfa market by acquiring regional and local players.
Segmental Analysis
Alfalfa pellets are highly nutritious as they a good source of digestible fibre, protein, vitamins, and minerals. Pellets are much more compact and cost-effective than hay bales and cubes, which is why dairy and livestock farmers prefer them. As a result, the pellets segment is expected to rise the fastest during the review period.
In 2018, the ruminant segment dominated the global alfalfa market, and it is predicted to grow at the fastest rate over the forecast period. The global demand for meat, milk, and other dairy products is increasingly growing. As a result, dairy and livestock farmers are focusing on increasing the use of high-quality fodder to increase ruminant yield. Furthermore, innovative products such as dehydrated and organic alfalfa fodder for cattle are expected to boost alfalfa market demand in the coming years.
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