Pune, India, April 27, 2023 (GLOBE NEWSWIRE) -- The global alfalfa market size is expected to reach USD 35.20 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The market was valued at USD 19.87 billion in 2020 and is expected to reach USD 21.63 billion in 2021. The rising adoption of pellets in horse feed and rising livestock farming are likely to fuel the market’s progress. Fortune Business Insights™ mentions this information in its report titled “Alfalfa Market, 2021-2028.”
Alfalfa (scientific name: Medicago sativa) is a flowering plant in the legume family, native to Asia but widely cultivated throughout the world as a forage crop for livestock. It is a perennial plant that can grow up to three feet tall and has clusters of small purple or yellow flowers.
Alfalfa is a highly nutritious forage crop that is high in protein and fiber, making it an important food source for livestock such as cattle, horses, and sheep. It is also used in the production of hay, silage, and pellets for animal feed.
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Alfalfa is an animal feed plant that is heavy and improves animal health. It is used extensively as horse feed and is rich in fiber. It improves blood sugar levels and improves glucose absorption in the body. As a result, the rising awareness regarding pellet's benefits is expected to boost its adoption in horse feed. They are costlier than hay, but they are extremely lightweight to carry and effective for horses. Furthermore, an exponential rise in livestock farming is expected to boost the pellet’s demand. As the horse population rises, demand for efficient and nutritious feed increases rapidly. Therefore, these factors may boost the industry's development in the upcoming years.
List of Key Players Profiled in the Alfalfa Market Report:
- Alfalfa Monegros, S.L. (Huesca, Spain)
- Anderson Hay & Grain Inc. (Washington, U.S.)
- Standlee Premium Products, LLC (Idaho, U.S.)
- Green Prairie International Inc (Alberta, Canada)
- SL Follen Company (Oregon, U.S.)
- Bailey Farms (Utah, U.S.)
- Haykingdom Inc. (California, U.S.)
- Cubeit Hay Company (Idaho, U.S.)
- Old Manor Farm Ltd. (Bedfordshire, U.K.)
- Barr-Ag Ltd. (Alberta, Canada)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 7.2% |
| 2028 Value Projection | USD 35.20 billion |
| Market Size in 2021 | USD 21.63 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Alfalfa Growth Drivers | Increased Demand for Nutritious Animal Feed Driving Market Growth for Nutritionally Balanced Feed |
| Surge in Commercial Livestock Farming Increasing Demand for Nutritious Feed Options to Bolster Growth |
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Alfalfa has a long history of use in traditional medicine, particularly as a diuretic and to promote digestion. It contains a variety of vitamins, minerals, and antioxidants, and has been studied for its potential health benefits, including its ability to lower cholesterol, improve blood sugar control, and reduce inflammation.
Alfalfa is also used as a cover crop to improve soil health and reduce erosion, and it can be grown as a sprout for human consumption in salads and sandwiches. However, it should be noted that some people may have an allergic reaction to alfalfa, particularly those with a history of hay fever or asthma.
Segments
By animal type, the market is segmented into horses, cattle, and others. As per feed type, it is categorized into pellets, cube, and hay. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Demand for Nutritious Horse Feed to Boost Market Development
The rising awareness regarding the benefits of nutritious feed compared to traditional feed has led to alfalfa’s adoption by cattle breeders and farmers. The rising adoption of the product in the agricultural sector is expected to boost its consumption. In Asia Pacific, the rising pigs, cows, and other livestock populations are expected to increase the product’s adoption. Furthermore, improving living standards and the rising demand for meat products leads to healthy feed adoption, thereby facilitating sales. Moreover, rapid industrialization of the agricultural sector leads to the adoption of high-quality feeds and materials. Increasing meat consumption and the rapidly progressing tourism industry may drive the alfalfa market growth.
However, challenges related to supply and demand may hamper the market’s progress during the upcoming years.
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Regional Insights
Rising Adoption of Pellets in Developing Countries to Bolster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the alfalfa market share because of the rising adoption in developing countries. The market in Asia Pacific stood at USD 9.65 billion in 2020 and is expected to boost the market's growth in the upcoming years. Additionally, the rising demand for nutritious animal feed from farmers is expected to boost market development.
In North America, the U.S. is expected to dominate the market because of the incorporation of several measures for the development of the livestock industry. For example, the U.S. government announced its United States-Mexico-Canada Agreement (USMCA) to expand its market access in U.S. and poultry products’ consumption in Canada. These factors may boost market development.
In Europe, rising milk production activities and dairy product consumption is expected to boost the product’s adoption. Furthermore, the presence of a well-established dairy product market is expected to boost market development in the region.
Competitive Landscape
Prominent Players Engage in Partnerships to Expand Brand Presence
The prominent companies operating in the market engage in partnerships to improve product offerings and expand their brand presence. For example, S&W Seed Company partnered with Calyxt, Inc. in November 2020 to license improved quality alfalfa seeds in the U.S. and other geographies. Furthermore, the adoption of acquisitions, mergers, expansion, research and development, and novel product launches may enable manufacturers to boost their market position globally.
Industry Development
- October 2020: National Alfalfa & Forage Alliance (NAFA) announced its Regeneration Nation initiative supporting the alfalfa industry and growers.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Alfalfa Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Animal Type
- Cattle
- Horse
- Others
- By Feed Type
- Hay
- Cubes
- Pellets
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Animal Type
TOC Continued...!
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