The Emerging Opportunities in the Alfalfa Hay Market
SWOT Analysis
Strengths: High nutritional value of alfalfa hay makes it a preferred choice as animal feed. Its high digestibility improves productivity of livestock.
Weaknesses: Alfalfa hay production is susceptible to diseases and pests. Adverse weather conditions can also reduce yields.
Opportunities: Growing meat consumption globally is increasing the demand for animal feed. Producers can focus on new geographies and export markets.
Threats: Competition from alternative animal feed products. Fluctuations in commodity prices can impact business profitability.
Key Takeaways
The Global Alfalfa Hay Market Growth is expected to witness high, exhibiting CAGR of 6.6% over the forecast period, due to increasing meat consumption globally.
Regional analysis
North America dominates the global alfalfa hay market currently. The US is the largest producer as well as consumer of alfalfa hay. Favorable agricultural conditions and growing livestock industry have been driving market growth in the region. Meanwhile, Asia Pacific is expected to witness the fastest growth in the coming years with increasing demand from China and India.
Market size
The global alfalfa hay market was valued at US$ 73 million in 2021. The market is driven by rapid expansion of the livestock industry across the world. Increased meat consumption has augmented the demand for high-quality animal feed containing essential nutrients. Alfalfa hay, being a rich source of proteins, vitamins, and minerals, is widely used as cattle feed.
Key players
Key players operating in the alfalfa hay market include Al Dahra ACX Global Inc., Alfalfa Monegros SL, Anderson Hay & Grain Inc., Bailey Farms, Border Valley, Coaba, Cubeit Hay Company, Glenvar Hay, Green Prairie International, Grupo Osés, Gruppo Carli, Hay USA, Haykingdom Inc., Oregon Hay Products, Inc., Los Venteros SC, M&C Hay, Legal Alfalfa Products Ltd., Riverina (Australia) Pty Ltd, SL Follen Company, and Standlee Hay Company.
Read More - https://makuv.com/the-global-alfalfa-hay-market-connected-with-feed-variety-adoption/
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