During the projected period, the Lucerne market is anticipated to grow at a CAGR of 5.80%. Forecasts indicate that the market will increase in value from US$ 354.6 million in 2023 to US$ 623.2 million by 2033.
The growth of Lucerne market is driven by the growth of Lucerne market, which in turn is driven by some factors including shrinking of the land for grazing of animals, increasing demand for dairy products, growth in demand for cattle for feeding and much more.
Lucerne, also called Alfalfa, is an adaptive perennial flowering plant of the pea family which is native to warmer temperate climates and has productive stand life if about 5 to 7 years. Lucerne is used in some regions for hay, silage, feeding, chaff, and others. Lucerne hay is the hay made from Lucerne plant, used for feeding animals such as horses, cattle, sheep, and goat, during the time of scarcity.
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Lucerne provides high-quality supplements as compares to other plants used as a fodder. Lucerne, in turn, affects the dairy and equine industries as it promotes animal vigor with respect to milk production, reproductive response and growth rates. Fresh Lucerne also contains vitamin A and E, the otherwise high concentration of Magnesium and Calcium is present. France, Canada, Spain, and USA are the leading producers of Lucerne hay market.
Lucerne Market Drivers and Trends:
In general, livestock owners are the one who prefers to buy Lucerne hay in bulk in proportion to their ruminant’s intake or livestock owing to other owners can graze at the rental basis. Few challenges associated with Lucerne plantation includes the requirement of well-drained soil for better production, removal of weeds while preparing the seedbed, and not able to tolerate waterlogged soil.
Other than feeding and grazing usage for animals, Lucerne is also used as healthy food for humans. With respect to human serving functionality, Lucerne is used by medical industry as it fights against pregnancy sickness, allergies, stomach ulcers, arthritis and bad breath. Stock feed producers also use Lucerne for producing different feed products.
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The cost of Lucerne hay depends on its harvesting, and on its quality and size. Even lower quality of Lucerne hay is useful as it might not be suitable for horses but it can be used for mulch as it increases soil nitrogen, suppresses weeds, conserves moisture, and provides a variety of minerals such as iron, calcium, potassium, and others.
In some regions where there are crops, such as cotton, which needs to be protected from insects, Lucerne can be introduced there as it can attract parasitic and predatory insects and thus the other crop is remained safe from insects. The growth of Lucerne market is driven by the growth of Lucerne market, which in turn is driven by some factors including shrinking of the land for grazing of animals, increasing demand for dairy products, growth in demand for cattle for feeding and much more.
Lucerne Market Segmentation:
The Lucerne market is segmented on the basis of end use, and product type. On the basis of end use, the Lucerne market is segmented into dairy industry, equine industry, poultry, household, and others. Lucerne market growth of the segments depends on the region of the market. On the basis of product type, the Lucerne market is segmented into hay, chaff, silage, and others. Silage is fodder which is highly moisturized and can be fed to ruminants. Hay is dried Lucerne stored so that it could be used as livestock fodder, during scarcity. Chaff is a satisfactory source of roughage for equine industry.
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Lucerne Market Key Players:
The key player in the Lucerne market only includes Haykingdom Inc., Glenvar Hay, Anderson Hay & Grain Inc., Hay USA, Haykingdom Inc. Al Dahra ACX Global, Inc., and Glenvar Hay.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Lucerne market segmentation
By Type:
- Hay
- Silage
- Chaff
By End-use:
- Dairy industry
- Household
- Equine
- Feed industry
By Distribution channel:
- Store Based Retail
- Specialty Stores
- Online Retail
- Supermarkets
- Hypermarkets
By region:
- north America
- Latin America
- Asia pacific
- eastern Europe
- western Europe
- Japan
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