Global Alfalfa Hay Market Growth, Trends, and Forecast 2018-2023 - Segmented by Type, Application and Geography - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 7, 2018--The “Global Alfalfa Hay Market - Segmented by Type, application and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The Global Production of Alfalfa Hay was 210.9 million metric ton in 2017 and is expected to register a CAGR of 7.3% during the forecast period (2018 - 2023).
North America is projected to be the largest market for alfalfa hay. China, UAE and Saudi Arabia are major importers of US alfalfa exports. US and Spain are major exporters of alfalfa globally.
Alfalfa hay is obtained from the Alfalfa plant, which is also known as Lucerne and Medicago Sativa. It is cultivated as an important forage crop in many countries around the world. Saudi Arabia imports is projected to grow at a maximum rate, due to the country’s policy of banning forage crops production in 2019, thereby, relying solely on imports for alfalfa demand.
Livestock is a major factor responsible for the growth of global alfalfa hay market. Annual growth of meat production in developing countries is projected to be 2.4% and that of milk production 2.5% till 2030. This is expected to increase the developing countries’ share in the world meat production to 66% (247 million metric ton) and in milk production to 55% (484 million metric ton).
Furthermore, there has been an immense pressure on the livestock sector to meet the increasing demand for high-value animal protein. The demand for Alfalfa hay is increasing significantly in China and is driven due to changing production practices in the Chinese dairy industry. This is essentially due to increasing number of cows raised by modern dairy farmers who prefer using imported hay and commercial feeds.
Furthermore, the Chinese government is focusing on boosting the domestic production of Alfalfa in order to meet its high demand. The dairy sector is essentially boosting the demand for alfalfa hay in China. The country has about 15 million cows in the dairy industry, among which, 1.5 million are high producers (nine ton annual milk yield).
Key Topics Covered:
2. Research Scope and Methodology
3. Market Dynamics
4. Industry Analysis
5. Market Segmentation
6. Company ProfilesAl Dahra ACX Global, Inc. Alfalfa Monegros, S.L. Anderson Hay & Grain Inc. Bailey Farms Border Valley Coaba Cubeit Hay Company Glenvar Hay Green Prairie International Grupo Oss Gruppo Carli Hay USA Haykingdom Inc. Knight AG Sourcing Los Venteros S.C. M&C Hay McCracken Hay Company Riverina (Australia) Pty Ltd SL Follen Company Standlee Hay Company
For more information about this report visit https://www.researchandmarkets.com/research/8qvgfr/global_alfalfa?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181107005657/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics:Animal Feedstuffs,Crop Farming
INDUSTRY KEYWORD: NATURAL RESOURCES AGRICULTURE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/07/2018 11:07 AM/DISC: 11/07/2018 11:07 AM