Alfalfa Global Market Report 2024

“Alfalfa Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on alfalfa market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for alfalfa? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The alfalfa market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product Type: Pellets; Hay; Cubes; Other Product Type
• 2) By Animal Type: Cattle; Horses; Other Animal Type
• 3) By Application: Animal Feed; Forage; Biofuel
• Companies Mentioned: Alfalfa Monegros SL; Anderson Hay & Grain Co Inc.; Standlee Premium Products LLC; Green Prairie International Inc.; SL Follen Company
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Alfalfa, scientifically known as Medicago sativa, is a legume plant characterized by bluish-purple blooms. Originating in Western Asia, it is commonly cultivated as a pasture crop, primarily for use as cattle feed. Additionally, alfalfa is occasionally consumed by humans as a garnish, and it is believed to impede cholesterol absorption in the stomach.

The primary products derived from alfalfa include pellets, hay, cubes, and various other forms. Pellets, in this context, are small, rounded, or spherical bodies, often used to provide animal feed that is free from dust and mold. These alfalfa products are suitable for various animals such as cattle and horses, and their applications span animal feed, forage, and biofuel.

The alfalfa market research report is one of a series of new reports from The Business Research Company 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.

The alfalfa market size has grown strongly in recent years. It will grow from $27.38 billion in 2023 to $29.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to several factors, including an increased demand for honey, wax, and propolis, the growth of the bee products market, heightened awareness regarding the decline of bees, and the expansion of international trade in bee products.

The alfalfa market size is expected to see strong growth in the next few years. It will grow to $37.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to the increasing global demand for pollination, the expansion of non-food bee products, advancements in bee health management, the adoption of regenerative agriculture practices, the pursuit of alternative income sources for farmers, and the growing trend of urban beekeeping. Key trends expected in the forecast period include the integration of technology in beekeeping, enhanced management of bee health and diseases, initiatives promoting bee-friendly agriculture, educational and training programs, as well as the exploration of alternative pollinators.

The anticipated increase in demand for animal feed is poised to drive the growth of the alfalfa market in the future. Animal feed, comprising consumable material that provides energy, nutrition, or both to an animal's diet, is a crucial component in livestock nutrition. Alfalfa hay, with its high-protein content, serves as an essential protein source for cattle and horses. Particularly valuable for beef cattle consuming low-quality grass hay or grazing on corn stalks, alfalfa hay enhances their diet with essential nutrients. The global demand for animal feed has been on the rise, contributing to the growth of the alfalfa market. According to the European Feed Manufacturers Federation in May 2020, worldwide animal feed production reached 1502 million metric tons in 2021, marking a 0.03% increase over 2020. In the United States, a key contributor, animal feed production reached 407 million metric tons in 2021, reflecting a 1.2% increase over the previous year. This surge in animal feed demand underscores the pivotal role of alfalfa in supporting livestock nutrition and propelling the growth of the alfalfa market.

The increasing demand for dairy products is also expected to significantly contribute to the expansion of the alfalfa market in the foreseeable future. Dairy products, encompassing various items derived from milk, such as milk, cheese, butter, and yogurt, have witnessed a global surge in demand. Alfalfa plays a critical role in formulating balanced rations for dairy animals, ensuring optimal nutrition and supporting reproductive performance. According to the United States Department of Agriculture (USDA) in February 2022, milk fat consumption in the United States experienced continuous growth in 2021, with a total increase of 4.0 billion pounds compared to 2020. Domestic cheese consumption also increased by 2.7% in 2021, reaching 13.0 billion pounds. Furthermore, domestic consumption of milk fat and skim milk solids witnessed increases of 0.8 billion pounds and 0.9 billion pounds, respectively, in 2022. The growing demand for dairy products highlights the significance of alfalfa in sustaining livestock nutrition and, consequently, propelling the growth of the alfalfa market.

Product innovation is a prominent trend gaining traction in the alfalfa market, with companies strategically adopting new technologies to maintain and strengthen their positions. For instance, in April 2022, Alforex Seeds LLC, a US-based manufacturer of agricultural chemicals and seeds, introduced AFX 647 Hi-Salt Alfalfa. This semi-dormant FD 6 cultivar demonstrates exceptional yield and forage quality characteristics. AFX 647 is specifically designed to tolerate germination and forage salinity challenges, outperforming its counterparts in lucerne yield experiments, such as Cisco II, by 4%. This variety provides growers with a potent tool for enhancing germination and productivity in both dryland and irrigated lucerne areas. By extending the salinity threshold above unimproved types, AFX 647 Hi-Salt Alfalfa aims to maximize season feed output, reflecting a commitment to innovation and addressing challenges faced by alfalfa growers.

Major companies in the alfalfa market are also forming strategic partnerships to drive product development and expand their market presence. In October 2021, Ingredients by Nature (IBN), a US-based natural foods company, partnered with Virentia, a Canada-based biotech company, to launch ChloroBlast, a chloroplast concentrate derived from alfalfa. Using Virentia's patented industrial fractionation process, ChloroBlast isolates intact chloroplasts from alfalfa leaves without resorting to chemicals or harsh mechanical treatments. This innovative product offers a burst of vegetable protein and nutritious chlorophyll, enhancing functional food and beverage options. ChloroBlast caters to the increasing demand for clean, sustainable, and plant-based ingredients, aligning with consumer preferences for healthier choices. The collaboration exemplifies a focus on innovation and meeting the evolving demands of health-conscious consumers.

In September 2023, Delhi Land & Finance, an India-based real estate company, made a strategic acquisition by purchasing Corteva, Incorporation's Alfalfa Breeding Program for an undisclosed amount. This acquisition strengthened DLF's global position in alfalfa breeding, providing elite genetics, an industry-leading brand portfolio, and expanded market access to enhance its presence in the forage industry worldwide. Corteva Incorporation, a US-based agricultural chemicals company, is known for its expertise in seeds, crop protection, digital agriculture, and sustainable farming practices globally. This strategic move reflects DLF's commitment to leveraging innovation and research in alfalfa breeding for sustainable growth in the forage industry.

Major companies operating in the alfalfa market report are Alfalfa Monegros SL, Anderson Hay & Grain Co Inc., Standlee Premium Products LLC, Green Prairie International Inc., SL Follen Company, Bailey Farms Inc., HayKingdom Inc., 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., Riverina Pty. Ltd., Standlee Hay Company, Dairyland Seed Co. Inc., Allied Seed LLC, Ampac Seed Company, Bayer AG, Corteva Inc., DLF Seeds A/S, KWS SAAT SE & Co. KGaA, Land O'Lakes Inc., NAFOSA, California Alfalfa Products Inc.

North America was the largest region in the alfalfa market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global alfalfa market during the forecast period. The regions covered in the alfalfa market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the alfalfa market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

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.

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.