Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 23.5 Billion | USD 42.8 Billion | 6.2% | 2024 |
FrequentlyAsked Questions
Alfalfa, often known as lucerne, is a perennial flowering plant. It is grown as a valuable feed crop in many areas across the world. It is used for grazing, hay, silage, green manure, and cover crops.
The alfalfa sector is flourishing due to several factors such as the increasing demand for animal feed, expansion in the dairy industry, rising product launches, increasing export demand, and Others.
The major challenge for the alfalfa market is the rising production cost and high water requirement for plant growth.
Based on the livestock, the ruminants segment is expected to dominate the industry growth during the projected period.
The increasing meat consumption and growing product innovation are the major impacting factors for the alfalfa industry growth over the projected period.
According to the report, the global alfalfa market size was worth around USD 23.5 billion in 2024 and is predicted to grow to around USD 42.8 billion by 2034.
The global alfalfa market is expected to grow at a CAGR of 6.2% during the forecast period.
The global alfalfa industry growth is expected to be driven by the North American region. It is currently the world’s highest revenue-generating market, driven by the high production of cattle feedstock and increasing demand.
The global alfalfa market is dominated by players like Anderson Hay & Grain Inc., Alfalfa Monegros SL, Al Dahra ACX Global Inc., Cubeit Hay Company, Standlee Premium Products, LLC, Bailey Farms, Green Prairie International, Haykingdom Inc., ALFALFA COMPANY, SL Follen Company, Old Manor Farm Ltd., Barr-Ag Ltd., Allied Seed, LLC, Forage Genetics International, LLC, KWS SAAT SE & Co. KGaA, and The Gombos Company, LLC, among others.
The alfalfa market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.
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