Dublin, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The "Alfalfa Hay Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The alfalfa hay market is estimated to be valued at US$13,374.079 million in 2020. Presently, the global agriculture industry is tasked with ensuring food security more than ever.
The world population is expected to grow by 2.3 billion people, between 2009 and 2050. Population growth is expected to be driven by developments in the developing nations, with the fastest rate of growth estimated for sub-Saharan Africa at +114%, followed by the slowest i.e., East and South East Asia at +13 %. Further, urban areas are estimated to account for 70% of the world population in 2050, from 49% at present.
Also, the per capita of income in 2050 is projected to be a multiple of today's levels. As noted by the Food and Agriculture Organization of the United Nations (FAO), feeding a world population of 9.1 billion people in 2050 would require raising overall food production by some 70 % between 2005/07 and 2050.
Encompassed with the projection is the estimated growth of demand for meat and dairy products, fish, and aquaculture products contributing to the growth of livestock farming which already constitutes 30% of agricultural GDP in the developing world. The anticipated increase in purchasing power in developing nations is expected to result in a change in dietary preferences, which would be increasingly oriented towards animal source foods and away from staple foods of vegetal origin.
Moreover, of the projected global growth, overall meat consumption is expected to account for 82% of it. The APAC region, led by China and the LACs with Brazil leading the region are estimated to contribute to most of the expansion, which is expected to surpass the growth in OECD countries in the next decade. Capacity building, improved agriculture, increasing integration of modernized, and intensive production technologies are expected to catalyze the growth in these countries.
The poultry sector is a testimony to the aforesaid when it comes to Brazil, China, and India, as well as with the Commonwealth of Independent States (CIS) countries, to a certain extent. Further, it should be noted that for approximately half of the world's farmers, livestock is a source of organic fertilizer enabling them to respond to the growing demand for organically produced food products. Therefore, these estimations suggest an unrestrained demand for both food and feed. Despite the bottlenecks caused by COVID 19, the international national meat trade is expected to grow. Besides, it is pertinent to note that alfalfa is a five-year cycle crop.
Every year, 20 % of the alfalfa is pulled out and replanted as a part of the crop's normal cycle. Approximately half of the alfalfa in Spain is reportedly planted during the fall, with the remaining half planted in the spring. The domestic dairy herd of Spain is the primary consumer of Spain's dried fodder, along with other ruminants like sheep and goats. Moreover, Spain is the world's third-largest fodder exporter after the United States and Australia. Spain is a net exporter of fodder, with exports largely exceeding imports, which are limited to a few strategic exchanges with neighbouring countries.
During 2019-20, 75 % of the dried alfalfa produced in Spain was exported, slightly below the levels achieved in the previous season, as dry conditions reducing pasture availability boosted domestic demand. However, the bulk of Spanish dried alfalfa exports is concentrated on only a handful of market destinations. The United Arab Emirates, which absorbed over 45 % of the exports in MY2019/20, is Spain's largest market, followed by China, which accounted for 24 %, from last year's 20 %.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
5. ALFALFA HAY MARKET, BY PRODUCT TYPE
5.1. Introduction
5.2. Bales
5.3. Cubes
5.4. Pellets
6. ALFALFA HAY MARKET, BY APPLICATION TYPE
6.1. Introduction
6.2. Dairy/Meat animal feed
6.3. Horse Feed
6.4. Poultry Feed
6.5. Others
7. ALFALFA HAY MARKET, BY DISTRIBUTION CHANNEL
7.1. Introduction
7.2. Online
7.3. Offline
8. ALFALFA HAY MARKET, BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Barr-Ag Ltd.
10.2. Cubeit Hay Company
10.3. Alf Nutricao Animal
10.4. Al Dahra Acx, Inc.
10.5. Hill Top Farmers
10.6. Alfalfa Monegros S.L.
10.7. Gruppo Carli
10.8. Forbes Lucerne
10.9. Sl Follen Company
10.10. Border Valley Trading
For more information about this report visit https://www.researchandmarkets.com/r/k1c7my-hay?w=12
