New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Haying Machines Global Market Report 2023" - https://www.reportlinker.com/p06282481/?utm_source=GNW
The global haying machines market will grow from $25.06 billion in 2022 to $27.31 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The haying machines market is expected to grow to $37.01 billion in 2027 at a CAGR of 7.9%.
The haying machines market consists of sales of sickle bar mower, rotary mower, square balers, and round baler.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Haying machines is agricultural equipment that cuts the hay and speeds up the drying process. They are used to harvest hay.
The Asia Pacific was the largest region in the haying machines market in 2022.North America was the second largest region in the haying machines market.
The regions covered in the haying machines report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main machine types of haying machines are mowers, tedders and rakes, balers, and other machine types.Mowers refer to a machine for cutting grass.
The sales channels are OEMs and aftermarket. The various applications involved are large farms and small and medium farms.
Rising demand for plant-based feed for animals is expected to drive the demand for the haying machines market over the forecast period.In agriculture, dried grasses and other foliage are used as animal feed.
Typical hay crops are timothy, alfalfa, and clover.The rising livestock population is likely to generate higher demand for plant-based feed for animals.
For instance, in May 2022, according to Canada’s National Statistical Organisation, 22.3 million acres of canola were reported by farms in Canada in 2021, an 8.1% increase from the previous census. 92.9 million acres were used for hay and field crops in total in 2021. Increasing the use of grass-fed, grass-finished beef, and other plant based-feed for animals is likely to propel the growth of the haying machines market.
Lack of credit options to farmers limits the growth of the haying machines market, especially in small economy countries.Agriculture is a significant activity in African economies and still, less than 4% of total lending by commercial banks goes into the agricultural sector.
Various reasons for which commercial banks do not lend to small landowners include lack of irrigation, pests and crop diseases, lack of transportation, and small size of farms among others. Thus, the lack of credit to farmers from financial institutions because of uncertain earnings and cash flows is restraining the haying machines market growth during the forecast period.
The launch of various innovations to increase productivity and efficiency is gaining popularity in the haying machines market.For instance, in August 2022, New Holland Agriculture, a US-based agriculture equipment company, launched the innovative Discbine® PLUS Series, which raises their output and enhances their quality to protect priceless feed nutrients.
The Discbine PLUS versions include a striking, modern appearance and yellow accents to denote performance suitable for commercial use. These vehicles have an innovative, nimble center-pivot tongue and a typical swivel gearbox hitch that enable secure, quick operation and simple, trouble-free headland turns.
In August 2021, a US-based supplier of high-value, critical engineered components acquired Balemaster for an undisclosed amount.This acquisition increases Kadant’s market share in the secondary material processing industry and opens up new possibilities for utilising their high-performance balers for European hay.
Balemaster is a US-based manufacturer of hay balers and other haying equipment.
The countries covered in the haying machines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The haying machines market research report is one of a series of new reports that provides haying machines market statistics, including haying machines industry global market size, regional shares, competitors with a haying machines market share, detailed haying machines market segments, market trends and opportunities, and any further data you may need to thrive in the haying machines industry. This haying machines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282481/?utm_source=GNW
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