At 3.6% CAGR, North America Alfalfa Hay Market is Projected to be Worth US$ 17,714.93 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America alfalfa hay market was valued at US$ 13,344.88 million in 2022 and is expected to reach US$ 17,714.93 million by 2030, registering a CAGR of 3.6% from 2022 to 2030. Preference for organic alfalfa hay and rising demand of alfalfa hay as equine feed are among the critical factors attributed to the North America alfalfa hay market expansion.

Organic alfalfa hay is produced without synthetic fertilizers, pesticides, or genetically modified organisms (GMOs), adhering to strict standards and regulations. Thus, dairy farms, the poultry sector, and animal husbandry have shifted their focus to purchasing high-quality organic feed, such as organic alfalfa hay. In addition, organic alfalfa hay opens up export opportunities for producers looking to access international markets with stringent organic certification requirements. Countries such as Japan, Europe, and the US have established organic certification programs and import regulations for organic agricultural products. By obtaining organic certification for their alfalfa hay, farmers can access these lucrative export markets and capitalize on the growing global demand for organic feed options.

Further, Conventional feed often contains high quantities of chemicals that hamper meat quality. Long-term consumption of such meat products may result in various health disorders in consumers. Thus, consumers often find organic and natural products as healthier alternatives. As a result of the inclination toward organic products, manufacturers invest heavily in products produced with organic counterparts. The easy access to vast information through the internet has made consumers increasingly aware of their health needs. With growing consciousness about health, people nowadays prefer consuming organic food as it does not contain synthetic pesticides, fertilizers, etc. Organic milk and meat have richer nutrient profiles than conventionally sourced meat and milk, including elevated levels of enzymes, bioflavonoids, and antioxidants. Hence, people prefer organic food and organic meat over inorganic. This has led to the demand for organic feed to supply organic meat to consumers. Thus, the rising preference for organic alfalfa hay is expected to bring new alfalfa hay market trends in the coming years.

On the contrary, fluctuations in prices and overconsumption of resources in cultivation hampers the growth of North America alfalfa hay market.

Based on type, the North America alfalfa hay market is categorized into alfalfa hay bales, alfalfa hay pellets, alfalfa hay cubes, and others. The alfalfa hay bales segment held 54.3% market share in 2022, amassing US$ 7,246.39 million. It is projected to garner US$ 9,367.41 million by 2030 to register 3.3% CAGR during 2022-2030.

In terms of application, the North America alfalfa hay market is segmented into ruminant feed, equine feed, poultry feed, and others. The ruminant feed segment held 67.3% share of North America alfalfa hay market in 2022, amassing US$ 8,984.80 million. It is projected to garner US$ 11,707.83 million by 2030 to expand at 3.4% CAGR during 2022-2030.

Based on country, the North America alfalfa hay market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.8% share of North America alfalfa hay market in 2022. It was assessed at US$ 11,444.57 million in 2022 and is likely to hit US$ 14,960.26 million by 2030, exhibiting a CAGR of 3.4% during 2022-2030.

Key players operating in the North America alfalfa hay market are Green Prairie International Inc, SL Follen Co, Anderson Hay & Grain Co Inc, Standlee Premium Products LLC, M&C Hay LLC, The Gombos Co LLC, Al Dahra Holding LLC, and Ward Rugh Inc, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com