Global Alfalfa Hay Market - Segmented by Type and Geography - Growth, Trends, and Forecast (2018 - 2023)
Global Alfalafa Hay Market
The global alfalfa hay market was valued at USD 799.9 million in the year 2016 and is expected to record a steady CAGR of 4.9% during the forecast period. North America, particularly the United States, dominates the alfalfa hay exports market. Weather conditions in 2017 and the decline in global dairy product prices have largely affected the production of alfalfa hay in the country. Irrespective of the decline of production in the United States, the market for alfalfa is expected to grow as demand in the Asian and Middle Eastern countries continues to rise.
Increase in Demand for Dairy Products
Livestock is a major factor responsible for the growth of the global alfalfa hay market. The world food economy is being increasingly driven by the shift in diet and food consumption patterns towards livestock products. In developing countries, consumption of meat has been growing at 5-6% per annum and that of milk and dairy products at 3.4-3.8% per annum over the past few decades. As per the National Center for Biotechnology Information (NCBI), the annual growth of milk production in developing countries is projected at 2.5% by 2030. Therefore, such derived demand for dairy products is likely to further enhance the demand for alfalfa hay in the coming years.
Exports to Drive the Alfalfa Hay Market in 2018
Exporters of alfalfa hay are expected to drive the market ahead of dairy buyers, owing to weak dairy product prices and decreased usage of hay in the milk and dairy production business. The export market is expected to offset the demand for alfalfa hay from the dairy segment. Demand is on the rise in Asian countries like Japan and China, while government regulations on water conservation in the Middle Eastern countries have resulted in increased demand from the region as well.
Major Players: ALFALFA MONEGROS SL, COABA, LOS VENTEROS SC, GRUPO OSÉS, SL FOLLEN COMPANY, AL DAHRA ACX GLOBAL, INC., ANDERSON HAY & GRAIN INC., BORDER VALLEY, KNIGHT AG SOURCING, HAY USA, BAILEY FARMS, HAYKINGDOM INC., STANDLEE HAY COMPANY, GREEN PRAIRIE INTERNATIONAL, CUBEIT HAY COMPANY, M&C HAY, GLENVAR HAY, MCCRACKEN HAY COMPANY, RIVERINA (AUSTRALIA) PTY LTD, AND GRUPPO CARLI, among others.
Reasons to Purchase the Report
Identify the dominating and the fastest growing regions in the global alfalfa hay market and their growth trends during the forecast period
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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