Alfalfa Hay Industry Forecast
Friday, March 1st, 2019
Global Alfalfa Hay Forecasts
Looking at the future of the Alfalfa Hay production and distribution industry is important for hay farmers to at least consider when choosing what crops to grow. Fortunately, this particular market is continuing to grow around the world, and the United States is positioned as a key exporter. According to Mordor Intelligence, the compound annual growth rate of the global Alfalfa Hay market will be 7.3% from 2018 to 2023.
Another noticeable trend that will play a significant role in the production of alfalfa hay is the dairy and livestock industries. As nations around the world become wealthier, they begin to introduce more meat into their diets. This is especially true in countries such as China, where the demand for dairy and beef products have skyrocketed. To meet the demand, farmers need more food to feed more animals, which means there is a correlating rise in demand for alfalfa hay. China has become a chief importer of hay from the United States, a trend that is expected to continue.
It’s an exciting time to be a hay producer! There is a positive outlook on the industry’s future so using services such as SB Hay can help give you a leg up and advance your business. Sign up today or contact us for more information!