The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased demand for animal feed is likely to boost lucerne production innovation, pushing the market during the forecast period.

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 global alfalfa market size is expected to reach $35.07 billion in 2027 at a CAGR of 6.38%.

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Global Alfalfa Market Segments Include:

• By Product Type: Pellets, Hay, Cubes, Other Product Type
• By Animal Type: Cattle, Horses, Other Animal Type
• By Application: Animal Feed, Forage, Biofuel
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global alfalfa market in 2021.

Major Market Players in the alfalfa market include Alfalfa Monegros SL, Anderson Hay & Grain Co Inc., Standlee Premium Products LLC, Green Prairie International Inc., SL Follen Company, Bailey Farms, HayKingdom Inc., Cubeit Hay Company.

Product innovation is a crucial trend that is gaining traction in the lucerne industry. Companies in the lucerne industry are embracing new technology in order to maintain their market position. For example, Alforex Seeds LLC, a US-based developer of agricultural chemicals and seeds, introduced AFX 647 Hi-Salt Alfalfa in April 2022. The semi-dormant FD 6 cultivar AFX 647 has remarkable yield and forage quality traits. It has germination and forage salinity resistance for difficult soils and exceeds Cisco II in lucerne yield testing by 4%. They provide growers a powerful tool for enhancing germination and output in both dryland and irrigated lucerne fields. This variety raises the salinity threshold above unimproved kinds to maximise season feed yield.

The Alfalfa Global Market Report 2023  provides a alfalfa market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The alfalfa market forecast analyzes alfalfa market size, alfalfa market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Medicago sativa, a legume plant with bluish-purple blossoms that originated in Western Asia and is extensively farmed as a pasture crop, is referred to as lucerne. Alfalfa is mainly grown for livestock feed. Humans typically consume it as a garnish and it appears to reduce cholesterol absorption in the stomach.

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