Alfalfa Market Growth, Size, Share, Demand, Trends and Forecasts to 2028



The global alfalfa market size is expected to reach USD 35.20 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The market was valued at USD 19.87 billion in 2020 and is expected to reach USD 21.63 billion in 2021. The rising adoption of pellets in horse feed and rising livestock farming are likely to fuel the market’s progress. Fortune Business Insights™ mentions this information in its report titled “Alfalfa Market, 2023-2028.”

Alfalfa is an animal feed plant that is heavy and improves animal health. It is used extensively as horse feed and is rich in fiber. It improves blood sugar levels and improves glucose absorption in the body. As a result, the rising awareness regarding pellet's benefits is expected to boost its adoption in horse feed. They are costlier than hay, but they are extremely lightweight to carry and effective for horses. Furthermore, an exponential rise in livestock farming is expected to boost the pellet’s demand. As the horse population rises, demand for efficient and nutritious feed increases rapidly. Therefore, these factors may boost the industry's development in the upcoming years.

Segments

By animal type, the market is segmented into horses, cattle, and others. As per feed type, it is categorized into pellets, cube, and hay. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Rising Demand for Nutritious Horse Feed to Boost Market Development

The rising awareness regarding the benefits of nutritious feed compared to traditional feed has led to alfalfa’s adoption by cattle breeders and farmers. The rising adoption of the product in the agricultural sector is expected to boost its consumption. In Asia Pacific, the rising pigs, cows, and other livestock populations are expected to increase the product’s adoption. Furthermore, improving living standards and the rising demand for meat products leads to healthy feed adoption, thereby facilitating sales. Moreover, rapid industrialization of the agricultural sector leads to the adoption of high-quality feeds and materials. Increasing meat consumption and the rapidly progressing tourism industry may drive the alfalfa market growth.

However, challenges related to supply and demand may hamper the market’s progress during the upcoming years.

Regional Insights

Rising Adoption of Pellets in Developing Countries to Bolster Market Growth in Asia Pacific

Asia Pacific is expected to dominate the alfalfa market share because of the rising adoption in developing countries. The market in Asia Pacific stood at USD 9.65 billion in 2020 and is expected to boost the market's growth in the upcoming years. Additionally, the rising demand for nutritious animal feed from farmers is expected to boost market development.

In North America, the U.S. is expected to dominate the market because of the incorporation of several measures for the development of the livestock industry. For example, the U.S. government announced its United States-Mexico-Canada Agreement (USMCA) to expand its market access in U.S. and poultry products’ consumption in Canada. These factors may boost market development.

In Europe, rising milk production activities and dairy product consumption is expected to boost the product’s adoption. Furthermore, the presence of a well-established dairy product market is expected to boost market development in the region.

Competitive Landscape

Prominent Players Engage in Partnerships to Expand Brand Presence

The prominent companies operating in the market engage in partnerships to improve product offerings and expand their brand presence. For example, S&W Seed Company partnered with Calyxt, Inc. in November 2020 to license improved quality alfalfa seeds in the U.S. and other geographies. Furthermore, the adoption of acquisitions, mergers, expansion, research and development, and novel product launches may enable manufacturers to boost their market position globally.

Industry Development

October 2020: National Alfalfa & Forage Alliance (NAFA) announced its Regeneration Nation initiative supporting the alfalfa industry and growers.
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https://www.fortunebusinessinsights.com/alfalfa-pellets-market-103597