Dublin, Nov. 07, 2018 (GLOBE NEWSWIRE) -- The "Global Alfalfa Hay Market - Segmented by Type, application and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Global Production of Alfalfa Hay was 210.9 million metric ton in 2017 and is expected to register a CAGR of 7.3% during the forecast period (2018 - 2023).
North America is projected to be the largest market for alfalfa hay. China, UAE and Saudi Arabia are major importers of US alfalfa exports. US and Spain are major exporters of alfalfa globally.
Alfalfa hay is obtained from the Alfalfa plant, which is also known as Lucerne and Medicago Sativa. It is cultivated as an important forage crop in many countries around the world. Saudi Arabia imports is projected to grow at a maximum rate, due to the country's policy of banning forage crops production in 2019, thereby, relying solely on imports for alfalfa demand.
The Fastest Market Growing Segment by geography - US
Some of the alfalfa hay producing states in the United States, as of 2017, are California (5,175 thousand metric ton), Idaho (4,400 thousand metric ton), Montana (3,150 thousand metric ton), and Minnesota (2,610 thousand metric ton). These account for nearly 27% of the alfalfa production in the country. China, Japan, Saudi Arabia, and United Arab Emirates are the top export destinations to the United States, and China is expected to remain as the key market for the US alfalfa hay exports in the near future and almost half of the exports of alfalfa hay is to China. The domestic production of alfalfa in Saudi Arabia decreased. As the country needs to satisfy its dairy market demand for alfalfa, it mainly relies on imports and is also expected to remain as one of the key buyers from the US alfalfa hay market.
Increasing Demand for Dairy and Meat Products
Livestock is a major factor responsible for the growth of global alfalfa hay market. Annual growth of meat production in developing countries is projected to be 2.4% and that of milk production 2.5% till 2030. This is expected to increase the developing countries' share in the world meat production to 66% (247 million metric ton) and in milk production to 55% (484 million metric ton). Furthermore, there has been an immense pressure on the livestock sector to meet the increasing demand for high-value animal protein.
The demand for Alfalfa hay is increasing significantly in China and is driven due to changing production practices in the Chinese dairy industry. This is essentially due to increasing number of cows raised by modern dairy farmers who prefer using imported hay and commercial feeds. Furthermore, the Chinese government is focusing on boosting the domestic production of Alfalfa in order to meet its high demand. The dairy sector is essentially boosting the demand for alfalfa hay in China. The country has about 15 million cows in the dairy industry, among which, 1.5 million are high producers (nine ton annual milk yield).
Ban on Forage Crop Cultivation in Saudi Arabia
In the beginning of 2016, the Saudi Arabian government embarked upon a 3-year program to conserve water resources by greatly reducing its domestic production of alfalfa and other commodities important for dairy and livestock production. The Saudi Almarai Dairy is one of the largest diary factories in the world and owns forage production operations in Saudi Arabia, the United States, and Argentina. The United States is the primary exporter of alfalfa hay, and Saudi Arabian dairies are attempting to develop alternative sources. The productivity of Almarai and other Saudi Arabian dairies relies on key dairy feeds, including high-quality alfalfa hay, corn silage, and miscellaneous forages. However, the continual depletion of aquifers in the Arabian Peninsula posed a huge challenge to the alfalfa hay manufacturers/providers, as the domestic production of alfalfa is constrained due to water limitations.
Key Developments of Alfalfa Hay Market
Apr 2018: The prices of US hay has driven as the demand for alfalfa hay is increasing in China. Oct 2017: The western hay industry exports has increased dramatically in the year 2017. The hay volume has increased 56% and hay value has increased 47% compared to 2016, 2015 and 2014.
Key Developments
Apr 2018: The prices of US hay has driven as the demand for alfalfa hay is increasing in China. Oct 2017: The western hay industry exports has increased dramatically in the year 2017. The hay volume has increased 56% and hay value has increased 47% compared to 2016, 2015 and 2014.
Key Topics Covered:
1. Introduction
1.1 Market Definition
1.2 Key Findings of the Study
2. Research Scope and Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Methodology
2.4 Research Phases
3. Market Dynamics
3.1 Drivers
3.1.1 Increasing Demand for Dairy and Meat Products
3.1.2 Growing Industrial Livestock Production
3.2 Restraints
3.2.1 Ban on Forage Crop Cultivation in Saudi Arabia
3.2.2 Requirement of Large Quantities of Water for Irrigation
3.2.3 High cost of production as compared to other forage crops
4. Industry Analysis
4.1 Porter's Five Forces Analysis
5. Market Segmentation
5.1 By Type
5.1.1 Bales
5.1.2 Pellets
5.1.3 Cubes
5.2 By Application
5.2.1 Meat/Dairy Animal Feed
5.2.2 Poultry Feed
5.2.3 Horse Feed
5.2.4 Other
5.3 By Geography
6. Company Profiles
6.1 Al Dahra ACX Global, Inc.
6.2 Alfalfa Monegros, S.L.
6.3 Anderson Hay & Grain Inc.
6.4 Bailey Farms
6.5 Border Valley
6.6 Coaba
6.7 Cubeit Hay Company
6.8 Glenvar Hay
6.9 Green Prairie International
6.10 Grupo Oss
6.11 Gruppo Carli
6.12 Hay USA
6.13 Haykingdom Inc.
6.14 Knight AG Sourcing
6.15 Los Venteros S.C.
6.16 M&C Hay
6.17 McCracken Hay Company
6.18 Riverina (Australia) Pty Ltd
6.19 SL Follen Company
6.20 Standlee Hay Company
For more information about this report visit https://www.researchandmarkets.com/research/p6b44w/global_alfalfa?w=12
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