The global alfalfa market was nearly USD 25.0 billion in 2022 and it is anticipated to grow over USD 40.0 billion by 2032, at a CAGR of over 5.0% during the forecast period.
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Alfalfa is a perennial flowering plant in the pea family. It is native to temperate regions of the Mediterranean Basin, Asia Minor, and North Africa. Alfalfa is widely cultivated as an animal feed for cattle, horses, and sheep. The plant is also used as a cover crop to improve soil fertility. Alfalfa is high in protein and fiber, and it is a good source of vitamins A, C, and K.
Market Driver and Trends
The key drivers of the alfalfa market are the same as any other agricultural commodity: production costs, demand, weather, and government policy.
Production costs are a major driver of alfalfa prices. The cost of seed, fertilizer, and labor all contribute to the cost of producing alfalfa. As the cost of these inputs increase, the price of alfalfa will increase as well.
Demand is another major driver of alfalfa prices. The demand for alfalfa is driven by the demand for dairy and beef products. When demand for these products is high, the price of alfalfa will increase.
Weather is a major driver of alfalfa prices. Alfalfa is a drought-sensitive crop, and drought conditions can lead to lower yields and higher prices.
Government policy can also impact the alfalfa market. Government subsidies and tariffs can impact the price of alfalfa by affecting the demand and supply of the commodity.
Major Players in the Global Alfalfa Market
The key players in the report are Forage Genetics International, S&W Seed, Alforex Seeds, Arkansas Valley Seed, Pacific Seed Company, Monsanto, Latham Hi-Tech Seed, Kussmaul Seed, Abatti Companies, and TA Seeds among others.
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COVID-19 Impact
Numerous markets, particularly the alfalfa industry, were affected by the COVID-19 epidemic. Alfalfa growers all over the world suffered significant losses as a result of the pandemic’s impact on the production process and supply chain networks. Due to the rise in investment in massive-scale dairy operations during the forecast period, commercial dairy operators’ long-term demand for alfalfa is anticipated to rise. The growing need for high-quality hay for the livestock and cattle population, alfalfa prices, and price patterns in alternative feed and forage are the main variables affecting the alfalfa market. Due to the relevance of alfalfa’s crude protein level, it has recently become essential for both animal and poultry feed.
Market Segments
By Applications
- Daily animal feed
- Poultry feed
- Horse feed
- Others
By Type
- Hay Bales
- Pellets
- Cubes
By End-user
- Poultry
- Cattle
- Livestock
- Others
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