Global alfalfa hay market projected to grow to USD 145.12 billion by 2033

From GlobeNewswire.: 2024-07-16 20:00:00

The Global Alfalfa Hay Market is projected to grow from USD 80.12 billion in 2023 to USD 145.12 billion by 2033, with a CAGR of 6.12%. Alfalfa, a perennial plant, is widely used as feed for livestock, including dairy cows, cattle, horses, and other animals. Climate change impacts production and supply. North America leads in market share due to the nutritional value of alfalfa and favorable growing conditions. Asia Pacific is expected to see the fastest growth, driven by increased demand in countries like China, Vietnam, Indonesia, and India for meat consumption.

Pellets hold the largest share in the global alfalfa hay market, offering a nutrient-rich feed option. Meat/dairy animal feed segment leads in market share due to the need for high-quality, high-protein, low-fiber feed for dairy cows, beef, and small animals. Major vendors include Al Dahra, Anderson Hay & Grain, Standlee Hay Company, and others. China recently allowed GM alfalfa imports after a ten-year delay.

Spherical Insights provides an in-depth analysis of key organizations in the global market, focusing on products, business strategies, market share, and SWOT analysis. The report includes recent developments such as partnerships, mergers, acquisitions, and product innovations in the alfalfa hay market. The study forecasts revenue globally, regionally, and by country until 2033. Market segmentation includes types, applications, end-users, and regions. Reports are available for related markets, such as medical injection molding, precious metals e-waste recovery, aluminum UBC scrap recycling, and PFAS filtration.



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