The worldwide Alfalfa Market is registered to achieve USD 42.60 Billion by the end of the year 2030. For instance, the global market is registered to generate the market value at a CAGR of 5.20% between the forecast years 2020-2030. 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 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.
In the present scenario, the alfalfa hay bales segment is anticipated to grow along with the growth of the equestrian industry. In general, the alfalfa hay bales include more protein, energy, and calcium. Hence, the alfalfa's nutrient profile makes it ideal for lactating mares, young and growing horses with its high requirements of minerals and protein. Another product type o alfalfa cubes that are denser than the regular hay bales. It provides convenience in feeding horses as these reduce waste and mess and are easy to handle during the feeding process. Likely, the other product types of alfalfa have increased their application in the animal feed industry, which is predicted to fuel the alfalfa products demands.
Moreover, alfalfa hay is suitable for meeting the needs of equines as it can offer an excellent source of protein, energy, nutrients, and calcium. Hence, alfalfa helps in the lactation and growth of equines by meeting their nutrient needs. Thus, the increasing demand for alfalfa in the equestrian industry is registered to boost the equine segment growth. Moreover, alfalfa products are also widely used in the molting diets for poultry, wildlife sanctuaries, and national parks, fueling the demand for Alfalfa Market growth.
COVID-19 Impact Analysis
In 2020, the Alfalfa Market share was impacted negatively due to the coronavirus outbreak. During this pandemic period, the Market's supply chain has been disrupted. It has also affected the manufacturers, consumers, investors, processors, and transportation of the global market.
However, the market players of the Market have adopted some of the important strategies and safety measures to again strengthen the growth of the worldwide market in the present scenario.
Generally, alfalfa is consists of high protein content. Therefore, it is extensively used as feed for sheep, cattle, horses, and goats. Thus, the growing demand for roughage in livestock feed is considered the major growth driving factor for the Market. For instance, the expansion of market players by showing their geographic presence through acquiring local and regional players in the alfalfa market can enhance the global market in the upcoming years.
According to Sustainable Agriculture Research and Education Project, nearly 80%forage-based alfalfa diet and nearly 20% DDGS supplement diet have been fed to the heifers. Thus, the demand for alfalfa is growing and fueling the Alfalfa Market growth in the forecast period.
As per the Market Report, the global market has more growth opportunities for the market players or manufacturers in the alfalfa industry for the analysis period due to the introduction of new varieties like low-lignin alfalfa many others.
Furthermore, the global market players can generate significant Alfalfa Market share in the upcoming years because of the easy availability of a wide range of alfalfa products in different regions.
Although the global market has more opportunities, some restraints affect the Alfalfa Market growth. The global market growth might get hampered due to the fluctuating prices of alfalfa, resulting in livestock rears looking for substitutes.
Apart from that, large amounts of water are required by alfalfa, which is nearly 4 to 6 inches for each ton of dry hay manufactured in various parts of the world. Further, the Market size might face restraint because of the high production cost for alfalfa compared to other forage crops like maize, barley, and sorghum.
The present Market might experience challenges due to the high production cost of alfalfa.
Moreover, the strident governmental rules regarding the use of alfalfa and COVID-19 impact can bring another big challenge to the Market share.
Cumulative Growth Analysis
In the past few years, significant growth has been evident in the Alfalfa Market size. It is further estimated to bring lucrative opportunities for the global market to enhance the market size during the assessment period.
Recently, a feed manufacturer company Gruppo Carli based in Italy, provides dehydrated alfalfa bales for cattle. Hence, the launch of this innovative product is projected to grow the Alfalfa Market growth in the analysis timeframe.
The Market has been classified based on the product types such as pellets, cubes, hay bales, and others (Alfalfa meal, seeds, and powder).
The pellets segment is registered to lead the Marketing the research period due to the increasing demand for high-quality feed for ruminants. The alfalfa pellets are produced from ground alfalfa hay that contains minerals, valuable vitamins, and protein. Moreover, this segment is primarily used as feedstuff for cattle, pigs, and poultry.
The Market has been segmented into equine, ruminants, and others (deer, mice, antelope, gophers, and rabbits) in terms of livestock segment.
The demand for alfalfa for ruminants is growing in the forecast period because of the increasing global demand for dairy, meat, and milk products. Alfalfa is widely used in beef and dairy cattle diets because of its conserved forage and nutritious forage. Alfalfa is suitable for ruminants because of its high percentage of digestible nutrients. Moreover, alfalfa fulfills the requirements of ruminants through the aids of milk production and weight gain as it accounts for the majority of the protein, vitamin, and mineral. All these factors are contributing to enhancing the growth of these segments in the assessment period.
The contributions of different regions like North America, Asia Pacific, Europe, and the rest of the world fuel the Alfalfa Market size.
In 2018, North American Market had dominated and was expected to continue its position to be the largest revenue-generating regional market in the research period because of the increasing livestock population in the region. For instance, the Asia Pacific region is expected to be the fastest-growing regional Alfalfa Marketing during the analysis period due to the increasing cattle population, limited grazing lands, and demand for dairy meat and poultry products. Moreover, the demand for alfalfa is growing in the European region because of the growing cattle population and the development of the dairy industry in the European region.
Competitive Landscape Analysis
The presence of numerous diversified regional and international market players in the Market has fueled the market growth. These market players include:
The major alfalfa industry players are Bailey Farms, Carli Group, Alfalfa Monegros, S.L., Border Valley, and GrupoOses. According to Alfalfa Market Report, these market players contribute to the global market with their high quality, extensive product portfolios, wide market reach, and competitive pricing. Also, some of the manufacturers are offering premium alfalfa products for animal feed, enhancing the growth of the worldwide Market.
The current Alfalfa Market Report includes both qualitative and quantitative research methodology to measure the performance of the worldwide market.
Furthermore, the Market Report consists of market segments, market dynamics, covid-19 analysis, regional analysis, competitive analysis, and recent developments.
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Frequently Asked Questions (FAQ) :
Alfalfa market is projected to grow at a 5.20% CAGR between 2020-2030.
North America is expected to dominate the alfalfa market.
Alfalfa market is predicted to touch USD 42.60 billion by 2030
Pellets will lead the alfalfa market.
High production cost may limit the alfalfa market growth.