Alfalfa Market Competitive Research, Industry Status, Key Drivers And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Alfalfa Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 in the historic period can be attributed to increased demand for honey, wax and propolis demand, bee products market growth, awareness of bee decline, international trade of 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 growth in the forecast period can be attributed to global pollination demand, expansion of non-food bee products, bee health management, regenerative agriculture practices, alternative income sources for farmers, rise in urban beekeeping.. Major trends in the forecast period include technological integration in beekeeping, bee health and disease management, bee-friendly agriculture initiatives, education and training programs, alternative pollinators..

Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/alfalfa-global-market-report

Market Drivers and Trends:

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.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10405&type=smp

Major Key Players of the Market:

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.

Alfalfa Market 2024 Key Insights:

• The alfalfa market will grow to $37.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Demand For Animal Feed To Drive Market Growth
• Product Innovations Transforming The Alfalfa Market
• North America was the largest region in the alfalfa market in 2023

We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10405&type=smp

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.