The Alfalfa Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Alfalfa Global Market Report 2024, The alfalfa market size has grown strongly in recent years. It will grow from $27.38 billion in 2023 to $29.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased demand for honey, wax and propolis demand, bee products market growth, awareness of bee decline, international trade of bee products..
The alfalfa market size is expected to see strong growth in the next few years. It will grow to $37.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to global pollination demand, expansion of non-food bee products, bee health management, regenerative agriculture practices, alternative income sources for farmers, rise in urban beekeeping.. Major trends in the forecast period include technological integration in beekeeping, bee health and disease management, bee-friendly agriculture initiatives, education and training programs, alternative pollinators..
An increase in demand for animal feed is expected to propel the growth of the alfalfa market going forward. Animal feed refers to consumable material eaten by an animal that provides energy, nutrition, or both to the animal’s diet. Alfalfa hay can be fed to cattle and horses as a protein source. It is a high-protein diet for beef cattle fed low-quality grass hay or munching corn stalks. The rise in demand for animal feed eventually improve the growth of the alfalfa market. For instance, in May 2020, according to the European Feed Manufacturers Federation, a Belgium-based main lobbying and standards group of the animal feed industry, in 2021, 1502 million metric tons of animal feed were produced worldwide, a 0.03% increase over 2020. In 2021, the United States produced 407 million metric tons of animal feed, a 1.2% increase over 2020. Therefore, an increase in demand for animal feed is driving the growth of the alfalfa market going forward.
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The alfalfa market covered in this report 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
Product innovation is the key trend gaining popularity in the alfalfa market. Companies operating in the alfalfa market are adopting new technologies to sustain their position in the market. For instance, in April 2022, Alforex Seeds LLC, a US-based manufacturer of agricultural chemicals and seeds, launched AFX 647 Hi-Salt Alfalfa. AFX 647 is a semi-dormant FD 6 cultivar with exceptional yield and forage quality characteristics. It possesses germination and forage salinity tolerance for challenging soils and outperforms Cisco II by 4% in lucerne yield experiments. They provide growers with a potent tool for increasing germination and productivity in both dryland and irrigated lucerne areas. To maximize season feed output, this variety enhances the salinity threshold above unimproved types.
The alfalfa market report table of contents includes:
1. Executive Summary
2.Alfalfa Market Characteristics
3. Alfalfa Market Trends And Strategies
4.Alfalfa Market Analysis
5.Alfalfa Market Size And Growth
6. Alfalfa Segmentation
7.Alfalfa Regional And Country Analysis
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27. Alfalfa Competitive Landscape And Company Profiles
28. Alfalfa Key Mergers And Acquisitions
29. Alfalfa Future Outlook and Potential Analysis
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