Alfalfa Hay Market Growth rate and Performance – 2016 To 2024
Alfalfa Hay Market size is expected to grow at a moderate rate in the forecast spell due to its easy availability as animal fodder for dairy cows, cattle, sheep, horses and goats and properties such as disease resistance, high-yield, high feed value and less susceptibility to extreme weather conditions.
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Increase in the number of high yielding cattle and fodder demand for these breeds will also drive alfalfa hay market growth. Rapid urbanization and colonialization of grasslands and expansion of city limits, resulting into shrinking natural grazing ground, will require enhancement in the yield capacity of cattle to meet the growing cattle product demand. Global urban population rose from a little over 3.5 billion in 2010 to over 3.9 billion in 2015 and will further increase in the forecast spell.
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Alfalfa hay market is segmented per applications into three main categories including meat/dairy animal feed, horse feed and poultry feed. Global demand for processed meat is projected to grow by more than 5% CAGR from 2016 to 2024. Dairy products demand is also increasing, mostly in the developing and least developed countries as a cost-effective protein source and this will contribute to the growth of alfalfa hay market significantly.
North America has the most land under cultivation for alfalfa hay, followed by Europe, Latin America and Asia Pacific. In Europe, Spain alfalfa hay market exported more than 200 kilo tons in 2015 and has a significant share followed by France and Italy.
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Major companies in alfalfa hay market are Coaba, Alfalfa Monegros, Los Venteros, SL Follen Company, Grupo Osés, Al Dahra ACX Global, Border Valley, Hay USA, Almarai Company, Knight Ag Sourcing, Anderson Hay & Grain Inc., Haykingdom Inc., Bailey Farms, Green Prairie International, Cubeit Hay Company, M&C Hay, Standlee Hay Company, Riverina (Australia) Pty, Glenvar Hay, McCracken Hay Company. Saudi Arabia based Almarai Co. bought farmland in California and Arizona because they were unable to farm the product in their own country due to unavailability of water.
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