Alfalfa Hay Market to reach USD $$billion by 2027.Global Alfalfa Hay Market is valued approximately at USD $$billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.9% over the forecast period 2021-2027.
Alfalfa is obtained from alfalfa plant which is belonging from pea family. The plant is also known as Lucerne and Medicago sativa. In many countries’ alfalfa is cultivated as forage crops which is high in protein, calcium, minerals and fiber. Alfalfa hay is essential feed for dairy cows, beef, horses and sheep and other farm animals. the market is driven by the key factors such as increased consumption of dairy and meat products throughout the world and Growing Industrial Livestock Production. According to the World Health Organization (WHO), increasing the demand of livestock as rising population, urbanization and income.
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Meat, milk, and eggs consumption is on the rise all across the world. Every year, more than 320 million tons of beef are produced worldwide, according to the Our World Data Organization. Furthermore, every year more than 80 billion animals killed to produce form of meat. pig meat is the most widely eaten meat on the planet, followed by chicken meat, beef, and buffalo meat. However, Lower Yields than Other Forage Crops, may impede market growth over the forecast period of 2021-2027.
North America region is dominating the alfalfa hay market owing to increase in advance technologies to produce alfalfa hay with good quality and better yield, and presence of large number of market players in the region. Furthermore, the U.S is the major exporter of alfalfa to other countries such as Saudi Arabia, as the country’s production of alfalfa has been decreasing from years. Also, 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.
Major market player included in this report are:
Anderson Hay & Grain Inc.
Al Dahra ACX Global Inc.
Green Prairie International
Alfalfa Monegros SL
Cubeit Hay Company
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Dairy Animal Feed
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Alfalfa Hay Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Trends like development of new supermarkets and hypermarkets are forecast to create favorable opportunities. Moreover, rising disposable income and growing demand for advanced one-stop solutions would further expand the industrial growth in the coming years.
The value of FMCG sector is forecast to reach US$ 18.5 billion by the end of the year 2028, and is anticipated to grow at a CAGR of 4.9% in the forecast period. Of all the regions, North America is dominating the entire FMCG sector and is forecast to hold the largest market share during the study period. North America FMCG sector is growing significantly owing to change in lifestyles, growing number of supermarkets, and rising urban population. Moreover, the Asia-Pacific is forecast to record the CAGR of 7.8%, because of changing lifestyles, increasing urbanization, and rising employment rate. Apart from that, increasing focus of companies and organizations towards R&D and new product launches would further boost the popularity of FMCG domain and escalate the regional growth of the market.
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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