Alfalfa market Overview
The alfalfa market is projected to reach USD 39.71 Billion by 2025 at a CAGR of 5.06% from 2019 to 2025.
Alfalfa Market Dynamics
Meat, poultry, and dairy product consumption have risen rapidly around the world in recent years. The growing demand for roughage in livestock feed has fueled the global alfalfa market's growth for decades. Livestock and dairy farmers demand protein- and fiber-rich animal feed to meet the growing demand for these items. In recent years, this has increased sales of imported hay and commercial feed, including alfalfa. The demand for high-quality hay to increase milk production in dairy cattle is the primary driver of the global alfalfa market.
Furthermore, the global alfalfa market is expected to develop significantly soon due to the benefits of alfalfa such as high nutrient content, a rich source of protein and energy, which helps improve lactation, reproduction, maintenance, and growth of livestock. Furthermore, fluctuating alfalfa prices have prompted livestock producers to seek alternatives, limiting the growth of the alfalfa market. Nonetheless, during the forecast era, the launch of new varieties, such as low-lignin alfalfa, is expected to provide growth opportunities for alfalfa industry players. Because of the rising global demand for alfalfa, prices are skyrocketing, prompting dairy farmers to look for alternatives.
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However, the global alfalfa market is being restrained by shifting water constraints, government policies, and competition from high-value crops. In 2020, Covid-19 would hurt the industry. There are supply chain disturbances in the industry because of covid-19. All facets of the supply chain, including suppliers, processors, transportation, and customers, have been affected by the uncertainty.
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.
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, increasing 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.
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Segmental Analysis
Alfalfa pellets are highly nutritious as they are a good source of digestible fiber, 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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