Global Alfalfa Seed Market - Segmented by Geography - Growth, Trends, and Forecast (2018 - 2023)
The global alfalfa seed market is expected to record a robust CAGR of 6.5% during the forecast period (2018-2023). In the United States, alfalfa is used heavily in feeding programs of various livestock due to better yield and quality prospects. Due to its high versatility, alfalfa has been used as hay, silage, grazing, green-chop, or rotation crop. In February 2016, the US Department of Agriculture (USDA) announced the availability of USD 1.85 million for the funding of the Alfalfa and Forage Research Program (AFRP) to improve the yield of alfalfa forage and seed. The program also trains the producers of alfalfa in the best practices that can be used in production and marketing.
Growing Industrial Livestock Production and Rising Demand for Meat & Dairy Products
In developing countries, the annual growth of meat production is projected to be 2.4% and of milk production to be 2.5% by 2030. This is expected to raise the developing countries' share in world meat production to 66% (247 million metric ton) and in milk production to 55% (484 million metric ton) by 2030. The growth in livestock production will create a demand for better forage-crops, as people are highly concerned about the improved quality of meat. The rise in demand for forage-crops can only be backed with better quality forage seeds.
North America to Dominate the Market Growth
The United States is the leading nation in the global alfalfa seeds for sowing market, with a considerable import & export share in the global trade. The US is the largest exporter of alfalfa seeds for sowing globally. US exports represented 25.55% of the global alfalfa seeds for sowing export during 2015. The US also imports alfalfa seeds for sowing from Italy, which had US market share of 2.9% in 2016. During 2016, the US exported alfalfa seeds for sowing worth USD 120.37 million. Saudi Arabia, Mexico, Canada, Argentina, China, Peru, Algeria, and Sudan are the top importers of alfalfa seeds for sowing from the US. During the period of 2010-2015, the US imports of the alfalfa seeds for sowing witnessed a CAGR of 5.0%.
Major Players: MONSANTO COMPANY, LG SEEDS, DYNA-GRO SEEDS, HAZERA SEEDS, AND FORAGE GENETICS INTERNATIONAL, among others.
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