Rising Use Of Advanced Hybrid Technique, Such As Drought Tolerance And Disease Resistivity To Boost The Alfalfa Seeds Market Growth

Alfalfa Seeds Market
Alfalfa Seeds Market

Alfalfa Seeds Market by Breeding Technology (Hybrids, Open Pollinated Varieties & Hybrid Derivatives ) and by Region ( Africa, Asia-Pacific, Europe, Middle East, North America, South America ) )-Outlook, Size, Share, and Opportunity Analysis, 2023 – 2030

The global Alfalfa Seeds Market is estimated to be valued at US$ 750.1 million in 2021 and is expected to exhibit a CAGR of 6.5 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Alfalfa, also called as lucerne, is a plant based seed that has been developed as feed for livestock for several years. It was stored for its dominating composition of vitamins, minerals, and protein than to other feed sources. Alfalfa is a part of the legume class, however it is also known an herb. It seems to have naturally derived from South and Central Asia, however it has been harvested globally for millennium. Additional to being utilized as feed, it has numerous uses such as a medicine herb for people.

Competitive Landscape:

Key players involved in the growth of global Alfalfa Seeds Market are RAGT Semences DLF, Bayer AG, Corteva Agriscience, and Royal Barenbrug Group.

Market Key Drivers:

Rising use of advanced hybrid technique, such as drought tolerance and disease resistivity by cultivators, is expected to augment the growth of global alfalfa seed for market. For instance, the cultivated region of transgenic alfalfa in North America has enhanced by 24%.

Increasing livestock production is projected to boost the growth of global alfalfa seed for market. For instance, as per FAO, the production of livestock was around billion tons.

The Alfalfa Hay Market is expanding primarily due to rising demand for dairy and meat products.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of global Alfalfa Seeds Market due to the surge in pandemic cases. The strict imposition of lockdown, disruption in supply chain, and halt in production and delay in manufacturing are the factors that impeded the market growth.

Key Takeaways:

The global alfalfa seed for market is expected to exhibit a CAGR at higher rate during the forecast period due to increasing product approvals and quick launches and acquistions. For instance, in October 2020 Barenbrug entered an acquisition with the Jacklin Seed Company in United States

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global Alfalfa Seeds Market due to high production and profitability/ productivity, rising demand of high protein feed and rising livestock production. For instance, Europe's share in the market of alfalfa seed was valued at 26% in 2021, with overall 3.6 million ha in cultivation.

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