Alfalfa Hay Market Size Worth $ 141.54 Million By 2032 | CAGR: 6.20%

The global alfalfa hay market size is expected to reach USD 141.54 million by 2032, according to a new study by Polaris Market Research. The report “Alfalfa Hay Market Share, Size, Trends, Industry Analysis Report, By Type (Bales, Pellets, and Cubes); By Application; By End User; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The demand and need for various nutritive and ecologically friendly food sources for not only humans but even for poultry, cattle, and livestock is drastically increasing along with the rising prevalence of high-value animal protein worldwide are the major prominent factors driving the market growth. Moreover, the growing utilization of hay manufactured with non-genetically modified organisms crops and the high adoption of chemical-free meat and milk-based products coupled with surging investments to improve agriculture infrastructure further influence the market. For instance, in December 2022, Sound Agriculture, a US-based company, raised a USD 75 Mn Series D to expand their crop nutrient & plant breeding businesses. The company will utilize the increased investment to advance its research & development, grow sales, & will marketing across the U.S. and overseas.

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In recent years, precision agriculture techniques such as GPS-guided tractors and drones have been widely used to optimize alfalfa crop irrigation and fertilization, resulting in better yields and improved crop quality. Besides this, several new techniques are being introduced for analyzing the product's nutritional value, such as near-infrared spectroscopy, which enables farmers to produce hay with precise nutritional specifications that meet the needs of specific livestock exponentially. Another emerging trend in the market is the growing popularity of organic alfalfa hay; as more and more consumers are demanding organic dairy products, farmers across the globe are turning to organic methods of farming with better productivity, which require the use of organic feed for their livestock, thereby positively influencing the market growth.

Alfalfa Hay Market Report Highlights

• Pellets segment accounted for largest market share in 2022, which is mainly driven by its high convenient in storing, transporting, and adoption of a major source of nutritional ingredients
• Daily animal feed segment held the maximum market share in 2022, on account of its wide range of beneficial properties including better production, enhanced digestion, and weight gain
• Livestock segment is anticipated to a grow at a significant CAGR during the forecast period, mainly due to growing preference for the product ahead of soybeans and corn-based products
• North America region dominated the global market with largest revenue share in 2022, owing to increased technological advancements in farming practices and rising investments in R&D across the region
• The global key market players include Anderson Hay & Grain, Border Valley, Cubeit Hay Company, Oxbow Animal Health, SL Follen Company, and Standlee Premium Products

Polaris Market Research has segmented the alfalfa hay market report based on type, application, end user, and region:

Alfalfa Hay, Type Outlook (Revenue - USD Million, 2019 - 2032)

• Bales
• Pellets
• Cubes

Alfalfa Hay, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Daily Animal Feed
• Poultry Feed
• Horse Feed
• Others

Alfalfa Hay, End User Outlook (Revenue - USD Million, 2019 - 2032)

• Poultry
• Cattle
• Livestock
• Others

Alfalfa Hay, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Alfalfa Hay Market Report Scope