The Latin American alfalfa hay market size is anticipated to reach USD 6.14 billion in 2024 and reach USD 8.62 billion by 2029, growing at a CAGR of 7% from 2024 to 2029.
Alfalfa hay is considered a vital part of the feed given to cattle, horses, dairy cows, goats, and sheep. It is an excellent source of good-quality protein and fiber. Alfalfa is a legume hay and is sometimes called Lucerne. They have higher protein and mineral content than regular hay and are also more palatable than grasshays. Alfalfa, in particular, is high in energy and is an excellent source of vitamins and minerals. Of all the perennial pasture forages, alfalfa has the highest feed values.
An increase in the demand for dairy and animal products, shrinking of the land for grazing animals, and growth in high-yielding cattle and bred cattle demand for feed are driving the alfalfa hay market. Growing investment in huge-scale dairy operations to meet the demands of commercial dairy operators is further expected to aid the market growth. However, the decreasing land acreage due to drastically growing urbanization, competition regarding high crop value crops, and water restrictions are some of the important factors hindering the growth of the alfalfa hay market. Growing demand for alfalfa in certain developing regions has led to price surges, which in turn has slowed down the market growth. This has caused the dairy producers to consider the replacement, thus lowering the rates for alfalfa hay again this year. An increase in the demand for animal and dairy products across the whole world is likely to increase the demand for alfalfa hay during the forecast period. The alfalfa hay is primarily used for animal rearing, and it delivers high feed value. High prices of alfalfa in certain is anticipated to hinder the growth of the market.
Latin America is expected to witness lucrative growth due to the presence of considerable amount of arable land to produce alfalfa in developing regions like Argentina.
Some of the key players dominating the market are Alfalfa Monegros, S.L., Coaba, Los Venteros S.C., Grupo Osés, Haykingdom Inc, STANDLEE HAY COMPANY, Green Prairie International, Cubeit Hay Company, M&C Hay, Glenvar Hay, McCracken HAY COMPANY, SL Follen Company, Anderson Hay & Grain Inc., Border Valley, Knight Ag Sourcing, Hay USA, Bailey Farms, Riverina Pty Ltd and Gruppo Carli.
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