January 23, 2020 by Pradeep
Alfalfa is considered a nutrient-rich feed for cattle, horses, goats, sheep, and other animals. It contains 15%–22% crude protein and is an excellent source of vitamins and minerals. It provides energy and boosts the immunity of livestock. The increasing demand for meat and dairy products worldwide has created the need for high-quality feed to enhance the quality and production of animal products. Alfalfa is a proteinaceous and fiber-rich feed for animals that helps in improving the quality of milk and meat. Thus, dairy and livestock farmers are the main buyers of alfalfa. It is also used as horse feed and is in high demand in the equestrian industry. Pellets, cubes, and hay bales are the common alfalfa product types available in the market.
Alfalfa Market Size is projected to be valued at USD 39.71 Billion by 2025, registering a CAGR of 5.06% during the forecast period. However, the high cost of production as compared to other forage crops and the need for large amounts of water for irrigation may hinder the alfalfa market growth. Nonetheless, the growing demand in the Middle East in countries such as Saudi Arabia and the UAE, where the production of forage crops is banned due to water scarcity, provides lucrative opportunities for the alfalfa market players.
Availability of a wide range of alfalfa products
Growth Opportunities in the Market
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