Alfalfa Market Overview:
Global market report covering the Alfalfa Market is showing signs of crossing a valuation mark of USD 39.71 Billion by 2025 with each potential. Market research Future (MRFR) believes that the growth would witness 5.06% CAGR between 2019 and 2025 that can be counted as the forecast period to assess the market properly. Alfalfa also goes by the scientific name of Medicago sativa and finds strong cultivation as a forage crop. The grass belongs to the pea family and also goes by the name of lucerne in the UK and other countries of South Asia.
The market for alfalfa is all set to witness strong growth with its application as feed for animals like sheep, horses, cattle, and goats, and its protein content is also high. This nutritional fact is providing leverage to the market, especially, at a time when people have grown health-conscious and seek food that can meet their health requirements. But the market for alfalfa can witness some slackening aspects in terms of budget and others. The production cost is quite high when compared with other crops used as forage like sorghum, barley, and maize. The production cost also fluctuates a lot owing to which a smooth growth for the market is difficult. But the variety available in the market can influence the intake of the market. Better structure in the alfalfa farmers market can improve the sales as well with alfalfa market stores offering a good price to customers.
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The global market for alfalfa can be seen as a part of a bigger understanding of the agricultural sector. This requires a better close-up and includes segments like product type and livestock. With factors and data, these segments can provide opportunities to various market players, which upon proper exploration, can yield better returns.
By product type, the global market for alfalfa can be segmented into pellets, hay bales, cubes, and others. The cubes format is curbing waste produced in the equine segment. The ruminants segment can inspire growth for the pellets in the coming years.
By livestock, the global report on the alfalfa market can be segmented into ruminants, equine, and others. The hike in demand for milk and meat can make sure that the ruminant segment grows notably in the coming years.
The Alfalfa Market Report covers several important regions including North America, Europe, and the Asia Pacific where growth would be substantial. In the Middle East & Africa region, barren lands and insufficient irrigation support can be a major problem for regional growth.
In 2018, North America had a good run and was adjudged the largest producer of alfalfa. The regional players are producing much and can afford to invest significantly to control the alfalfa market price. Hike in consumption capacity among regional players can also ensure growth for the market. In Europe, this pattern is getting better traction due to a hike in the intake amount of meat and other products. This is inspiring better growth for the alfalfa market. The European market depends mostly on the dairy industry and the growth in the cattle number can inspire better growth. In the Asia Pacific region, this growth would surge with the demand for a better standard of meat, poultry, and dairy products. The surge in supply and lack of grazing land are also increasing the intake.
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Companies making bold steps to improve the market scenario are Grupo Osés (Spain), Al Dahra ACX Global, Inc. (US), Alfalfa Monegros, S.L. (Spain), Anderson Hay & Grain Inc. (US), Bailey Farms (US), Border Valley (US), Cubeit Hay Company (Spain), Green Prairie International (Canada), Carli Group (Italy), Hay USA Inc. (US), Haykingdom Inc. (US), M&C Hay (US), McCracken Hay Company (US), SL Follen Company (US), Standlee Hay Co Ltd. (US), and others. MRFR listed these companies to get a grip on the market movement.
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