Europe Hay Market was worth USD xxx billion in 2021 and estimated to be growing at a CAGR of xxx%, to reach USD xxx billion by 2026. Hay is a collection of grass, legumes and other herbaceous plants that have been minced, dried and stored for use as animal feed. It is mainly a source of nutrition for grazing animals such as cattle, horses, goats and sheep.
The demand for hay is increasing all the more as farms are becoming more in number and farm animals are also increasing in number. The composition of hay may be widely varied with the most commonly used plants for hay including mixtures of grasses such as ryegrass, timothy, brome, fescue, Bermuda grass, orchard grass, and other species, depending on region. Hay may also include legumes, such as alfalfa and clovers which may be red, white and subterranean varieties.
Drivers and Restraints of Europe Hay Market:
The growth of the hay market is mainly driven by the decrease in farm land. When there is not enough pasture for grazing animals, hay is used to meet the nutritional demand of the animals. Other drivers of the market include introduction of new composition formulas for hay as well as the favourable government policies regarding farm animal welfare. As for the restraints of the market, the storage of hay is always a challenge. This along with the preference of farmers towards conventional grazing are the main restraints for the market growth.
Europe Hay Market - By Product:
Hay Bales
Europe Hay Market - By Type:
The Market is Geographically divided into:
Europe:
The European region has the second highest market share globally only behind the likes of North America, albeit with a low CAGR rate. The low growth rate of the region can be attributed to the fact that most countries in the region are in their pinnacle of development and the room to grow is fast decreasing.
Key Players:
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