Alfalfa Hay Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Bales, Pallets, Cubes); Application (Dairy animal feed, Poultry feed, Horse feed, Others); End-Use (Poultry, Cattle, Livestock, Others); and Region/Country
Surging demand for dairy and animal products, shrinking of the land for grazing animals, growth in high-yielding cattle are some of the prominent factors that are driving the market of alfalfa hay. One of the most important characteristics of alfalfa is its high nutritional quality as animal feed. Alfalfa produces more protein per acre than any other crop. Alfalfa hay contains 15-22% crude protein and is also an excellent source of vitamins and minerals. Specifically, alfalfa contains vitamins A, D, E, K, U, C, B1, B2, B6, B12, niacin, pantothenic acid, inositol, biotin, and folic acid.
Factors such as low availability of substitutes, budget-friendly, prolonged shelf life, and emerging e-commerce sector are some of the prominent factors that are contributing to the market growth. As per OEC, Between 2019 and 2020 the exports of Seed, lucerne (alfalfa), for sowing grew by 13.4%, from US$253M to US$286M. Trade-in Seed, lucerne (alfalfa), for sowing represent 0.0017% of total world trade. Moreover, companies across the globe are more focused on strategic alliances, which is contributing to market growth. For instance: Anderson Hay & Grain Inc. has entered a joint venture with Agitha Group, the UAE animal feed market leader. The venture is formed with the objective to serve the consumers better in the UAE and GCC.
The Global Alfalfa Hay market is expected to register a CAGR of around 6% over the period of 2021-2027. Hay is the 3rd largest U.S. crop in terms of harvest acres. It also provides environmental services, notably erosion control. As per USDA, Production of alfalfa and alfalfa mixture dry hay for 2021 is forecast at 48.2 million tons, up 1 percent from the August forecast, but down 9% from 2020. As of 2019, some of the alfalfa hay-producing states in the United States are California with 7,060 thousand metric tons, Idaho with 5,111 thousand metric tons, and Minnesota with 2,966 thousand metric tons. These states account for nearly 27.0% of the alfalfa hay production in the country. As per the University of California, 61% of all hay sold on international markets is sown, grown, and swathed in the United States. The total value of U.S. alfalfa hay exports has also steadily risen from around $600 million in 2014 to a little more than $1 billion in 2021
Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay & Grain Inc., Bailey Farms, Border Valley, Standlee Premium Products, LLC, Cubeit Hay Company, Glenvar Hay, Green Prairie International, and Grupo Osés, etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, diry animal feed category accounted for the majority share in the market in 2020”
Based on the application, the market is fragmented into dairy animal feed, poultry feed, horse feed, and others. The dairy animal feed segment grabbed a considerable market share and captured USD XX Mn in 2020. The growing number of dairy animals such as cattle, goats, etc., and decreasing land for grazing are leading to the growing demand for the alfalfa hay from this segment. In 2015, there were 969.2 million heads of cattle which further increased to 996.1 in 2021
“Amongst cubes, cubes segment is expected to witness highest CAGR during the forecast period”
Based on the type, the market is fragmented into bales, pallets, and cubes. The alfalfa the cubes segment grabbed the major market share owing to the benefit over bales as bales are heavy, messy, and cumbersome. As much as 20% of conventional hay may be wasted when fed. The benefits such as controlled feed intake, less dust than long-stem hay, reduced storage requirements, ease of handling, and reduced transportation cost are acting as a growth catalyst to the industry
“North America to witness significant growth during the forecast period”
For a better understanding of the market adoption of the Alfalfa Hay market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America region grabbed the major market for the Alfalfa Hay Market industry in 2020. However, the Europe region would witness a considerable CAGR during the forthcoming years.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Alfalfa Hay market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Alfalfa Hay Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global alfalfa hay market were the three major steps undertaken to create and analyze the adoption of alfalfa hay in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global alfalfa hay market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the alfalfa hay market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the alfalfa hay market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as application, type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of alfalfa hay in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the alfalfa hay market. Further, we conducted factor analysis using dependent and independent variables such as Increasing number of animals owned for cultivation and production, affordable and longer shelf life, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Alfalfa Hay market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Alfalfa Hay market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of Alfalfa Hay market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Alfalfa Hay market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global alfalfa hay market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, type and end-user in the global alfalfa hay market.
The main objective of the Global Alfalfa Hay Market Study
The current & future market trends of the global alfalfa hay market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the alfalfa hay market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application, type, and end-user
- Define and analysis of the regulatory framework for the alfalfa hay market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the alfalfa hay market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the Alfalfa Hay market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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