New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Alfalfa Global Market Report 2023" - https://www.reportlinker.com/p06479867/?utm_source=GNW
, Cubeit Hay Company, McCracken Hay Company, Border Valley, Carli Group, M&C Hay, Al Dahra ACX Global Inc., La Crosse Forage And Turf Seeds, Limagrain Holdings SAS, Monsanto Company, Syngenta AG, CHS Inc., S&W Seed Company, Riverina, Cargill Inc., Forage Genetics International LLC, Old Manor Farm Ltd. and Barr-Ag Ltd.
The global alfalfa market is expected to grow from $25.85 billion in 2022 to $27.38 billion in 2023 at a compound annual growth rate (CAGR) of 5.92%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The alfalfa market is expected to reach $35.07 billion in 2027 at a CAGR of 6.38%.
The alfalfa market consists of sales of alfalfa seeds, alfalfa hay, alfalfa sprouts, and alfalfa grass.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.
Alfalfa refers to Medicago sativa, a legume plant with bluish-purple blooms that originated in Western Asia and is commonly farmed as a pasture crop.Alfalfa is most typically cultivated for cattle feed.
It’s commonly eaten as a garnish by humans and appears to inhibit cholesterol absorption in the stomach.
North America was the largest region in the alfalfa market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of alfalfa are pellets, hay, cubes, and other types.Pellets refer to a tiny, rounded, or spherical body, as in food or medication.
They are used to deliver dust- and mold-free animal feed solutions. The alfalfa products are suitable for cattle, horses, and other animal types and their application includes animal feed, forage, and biofuel.
An increase in demand for animal feed is expected to propel the growth of the alfalfa market going forward.Animal feed refers to consumable material eaten by an animal that provides energy, nutrition, or both to the animal’s diet.
Alfalfa hay can be fed to cattle and horses as a protein source.It is a high-protein diet for beef cattle fed low-quality grass hay or munching corn stalks.
The rise in demand for animal feed eventually improve the growth of the alfalfa market. For instance, in May 2020, according to the European Feed Manufacturers Federation, a Belgium-based main lobbying and standards group of the animal feed industry, in 2021, 1502 million metric tons of animal feed were produced worldwide, a 0.03% increase over 2020. In 2021, the United States produced 407 million metric tons of animal feed, a 1.2% increase over 2020. Therefore, an increase in demand for animal feed is driving the growth of the alfalfa market going forward.
Product innovation is the key trend gaining popularity in the alfalfa market.Companies operating in the alfalfa market are adopting new technologies to sustain their position in the market.
For instance, in April 2022, Alforex Seeds LLC, a US-based manufacturer of agricultural chemicals and seeds, launched AFX 647 Hi-Salt Alfalfa.AFX 647 is a semi-dormant FD 6 cultivar with exceptional yield and forage quality characteristics.
It possesses germination and forage salinity tolerance for challenging soils and outperforms Cisco II by 4% in lucerne yield experiments.They provide growers with a potent tool for increasing germination and productivity in both dryland and irrigated lucerne areas.
To maximize season feed output, this variety enhances the salinity threshold above unimproved types.
In October 2020, S&W Seed Company, a US-based global agricultural company, announced a commercial agreement with Calyxt, Inc. for an undisclosed amount. Through this agreement, S&W Seed Company aims to accelerate the expansion of the agricultural products provider and capitalize on its track record of delivering superior products, thereby enhancing customer satisfaction. In partnership with Calyxt, S&W Seed Company identified a novel, proprietary trait for increased forage quality in commercial lucerne production. The new IQTM Alfalfa (IQA) trait provides farmers with a new approach to producing alfalfa feed with better ruminant digestibility for animals. Calyxt Inc. is a US-based, plant-based synthetic biology company.
The countries covered in the alfalfa market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The alfalfa market research report is one of a series of new reports that provides alfalfa market statistics, including alfalfa industry global market size, regional shares, competitors with an alfalfa market share, detailed alfalfa market segments, market trends and opportunities, and any further data you may need to thrive in the alfalfa industry. This alfalfa 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
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