Alfalfa Market Analysis: Major Players, Lucrative Segments And Top Geographies
18 Jul, 2023
The global alfalfa market size is expected to grow from $25.85 billion in 2022 to $27.38 billion in 2023 at a compound annual growth rate (CAGR) of 5.92%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global alfalfa market size is expected to reach $35.07 billion in 2027 at a CAGR of 6.38%.
Global Alfalfa Market Key Driver
A rise in demand for animal feed is likely to drive the lucerne market ahead. Animal feed is any consumable material ingested by an animal that offers energy, nutrition, or both. Cattle and horses can be given lucerne hay as a protein source. It is a high-protein feed for beef cattle that have been fed low-quality grass hay or maize stalks. The increased demand for animal feed would eventually boost the expansion of the lucerne market.
Get a sample of the global alfalfa market reportGlobal Alfalfa Market Segments
The global alfalfa market is segmented:
1) By Product Type: Pellets, Hay, Cubes, Other Product Type
2) By Animal Type: Cattle, Horses, Other Animal Type
3) By Application: Animal Feed, Forage, Biofuel
4) By Geography: The regions covered in the alfalfa market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global alfalfa market.
Major Alfalfa Industry Players
Alfalfa Monegros SL, Anderson Hay & Grain Co Inc., Standlee Premium Products LLC, Green Prairie International Inc., SL Follen Company, Bailey Farms, HayKingdom Inc., Cubeit Hay Company, McCracken Hay Company, Border Valley, Carli Group, M&C Hay, Al Dahra ACX Global Inc., La Crosse Forage And Turf Seeds, Limagrain Holdings SAS, Monsanto Company, Syngenta AG, CHS Inc., S&W Seed Company, Riverina, Cargill Inc., Forage Genetics International LLC, Old Manor Farm Ltd., Barr-Ag Ltd.
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Alfalfa Market Overview
Alfalfa refers to Medicago sativa, a legume plant with bluish-purple blooms that originated in Western Asia and is commonly farmed as a pasture crop. Alfalfa is most typically cultivated for cattle feed. It's commonly eaten as a garnish by humans and appears to inhibit cholesterol absorption in the stomach.
Alfalfa Global Market Report 2023 provides data on the global alfalfa market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The alfalfa market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.