The global Alfalfa Seeds Market was valued at US$ 799.7 Mn in 2022 According to Global Alfalfa Seeds Market Report By Application Type (Agriculture, Food, Others) By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) as published by Coherent Market Insight
The global alfalfa seeds market is estimated to account for US$ 1,389.5 Mn in terms of value by the end of 2030.
Global Alfalfa Seeds Market: Drivers
Considering the growing demand for food products, the market for global alfalfa seeds is thriving globally. This forage crop is known to provide a higher level of proteins, vitamins, minerals, and fibers. Moreover, alfalfa also helps meet the demand for dairy products because of it provide nutrients needed by dairy cow in a package which is highly cost effective and digestible. In developing countries, such as Bangladesh, Nigeria, and Pakistan, the demand for alfalfa in animal feed is increasing due to rising a income level of developing nation.
Global Alfalfa Seeds Market: Opportunities
The market for alfalfa seed is also expected to witness significant growth during the forecast period. This is expected to hold significant growth opportunities. The demand for dormant seeds is increasing due to the availability of high protein content in the seeds and high yield per hectare. Moreover, farmers are willing to pay a high price for the seeds, which is a positive factor for the growth of this market. The market for hybrid seeds is expected to grow at a high pace due to the availability of improved hybrid varieties.
Global Alfalfa Seeds Market: Restraints
The negative impact of COVID-19 on the global economy is expected to hamper the market growth over the forecast period.
There is low awareness across the all farmers and many countries are not well aware of the forage crop and its advantage they still using traditional technique for feed their livestock this reason hampers the market growth in the forecast period
Global Alfalfa Seeds Market - Impact of Coronavirus (COVID-19) Pandemic:
The COVID-19 pandemic disrupted the working of several markets including the global alfalfa seeds market. The pandemic affected the manufacturing process and supply chain networks, resulting in major losses for alfalfa hay producers and farmers as well. According to the Food and Agricultural Organization (FAO), more than 60% of the world’s population relies on agriculture for survival. Moreover, according to FAO world merchandise, trade declined by 13% to 22% due to COVID-19, which affected all the processes that connect farm production to the final consumer.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/alfalfa-seeds-market-5396
Key Takeaways:
The global alfalfa seeds market was valued at US$ 799.7Mn in 2022 and is forecast to reach a value of US$ 1,389.5 Mn by 2030 at a CAGR of 7.1% between 2023 and 2030.
The agriculture application segment held a dominant position in the global alfalfa seeds market in 2022 accounting for 90% shares in terms of value. Increasing product approvals and the launch of new products are expected to propel the growth of the segment during the forecast period.
Global Global Alfalfa Seed Market Trends:
The growing demand for quality agricultural seeds, which is primarily due to increasing income levels in developing countries, is observed as a major trend for the global alfalfa seed market. The market is also boosted by the growing awareness about organic food, which is driving its growth. In addition to this, the increasing demand for animal feed is also driving the market growth over the forecast period.
The increasing number of partnerships and agreements among key players in the alfalfa seeds market is a growing trend. This trend is expected to continue over the forecast period. For instance, in November 2020, S&W Seed Company, a global agricultural company headquartered in Longmont, Colorado, country announced that it had agreed to commercial terms with Calyxt, Inc., is a plant based biotechnology company which focused on engineering innovation headquartered in Roseville, most popular city in California for the exclusive license of an improved-quality alfalfa seed in the U.S. and other select geographies. The new trait, branded as IQTM Alfalfa (IQA), gives farmers a new way to produce alfalfa forage with improved ruminant digestibility for livestock.
Global Alfalfa Seed Market: Competitive Landscape
Alforex Seeds LLC, DLF International Seeds, DuPont Pioneer, Dyna-Gro Seed, Forage Genetics International, Lacrosse Seed, LG Seeds, Monsanto Company, S&W Seeds Company, and Allied Seed LLC
Alfalfa can be grown in both dryland and irrigated land. These seeds are planted about 1/4 inch under the heavy soil. They can also be planted in late summer or early spring. Alfalfa is a highly resilient seed variety. It is adapted to a variety of environments, including the Northern Great Plains. It is highly disease-resistant, and it produces powerful tonnage. It has a strong leaf-to-stem ratio and delivers rapid recovery after each cutting. Alfalfa has been cultivated as livestock feed for centuries. Today, it is one of the most reliable sources of forage for producers. It is native to warmer temperate climates, and it can tolerate some of the more challenging growing conditions.
