The increasing global demand for high-quality forage and animal feed and the growing awareness & rising demand for nutrient-rich foods are the factors projected to drive the global alfalfa seeds market's growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.
WILMINGTON, Del., April 15, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Alfalfa Seeds Market Size, Share, Competitive Landscape and Trend Analysis Report by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global alfalfa seeds market generated $500 million in 2022, and is anticipated to generate $963.9 million by 2032, rising at a CAGR of 7.1% from 2023 to 2032.
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Prime Determinants of Growth
The increasing global environmental awareness and recognition of sustainable agricultural practices and the rising consumer awareness of the nutritional benefits of alfalfa & its alignment with healthy dietary choices are the factors expected to drive the growth of the global alfalfa seeds market in the forecast period from 2023 to 2032. However, the vulnerability of alfalfa seed production to adverse weather conditions & environmental risks and challenges posed by crop diseases & pests may hamper the market growth in the coming future. On the contrary, the increasing consumer awareness about nutrition & healthy eating and the versatility of alfalfa as a nutrient-dense ingredient in various food products, including sprouts, salads, and smoothies are expected to offer remunerative opportunities for the expansion of the alfalfa seeds market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $500 million |
Market Size in 2032 | $963.9 million |
CAGR | 7.1 % |
No. of Pages in Report | 310 |
Segments Covered | Application and Region |
Drivers | Increasing global demand for high-quality forage and animal feed |
Rising awareness among farmers & livestock producers about alfalfa's nutritional benefits | |
Growing demand for alfalfa seeds in crop rotation systems | |
Opportunities | Versatility of alfalfa as a nutrient-dense ingredient in various food products |
Growing demand for nutrient-rich foods | |
Restraints | Vulnerability to adverse weather conditions and environmental risks |
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Application: Agriculture Sub-segment to Flourish Immensely During the Forecast Period
The agriculture sub-segment accounted for the largest market share of 51.7% in 2022 and is expected to rise at the highest CAGR of 7.4% during the forecast period. This is mainly because the agriculture sector showcases dynamic innovation, research, and technological advancements, expanding traditional uses in livestock feed to include emerging applications in alternative therapies and functional foods. Strategic partnerships between seed companies and research institutions further accelerate market growth, catering to shifting consumer preferences towards sustainable and nutritious food choices. These factors collectively fuel the anticipated growth of the sub-segment.
Region: North America Market to be the Most Dominant by 2032
The alfalfa seeds market in the North America region accounted for the largest share of 40.2% in 2022 and is predicted to continue to maintain its dominance by growing at the highest CAGR of 8.0% during the forecast period. This growth is mainly owing to the increasing demand for high-quality forage and livestock feed. Alfalfa's nutritional benefits, including high protein content and essential nutrients, appeal to livestock producers. Moreover, growing awareness of sustainable farming practices encourages alfalfa cultivation, benefiting soil health and promoting eco-friendly agriculture. These factors contribute to the region's thriving alfalfa seeds market.
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Leading Players in the Alfalfa Seeds Market:
- Lacrosse Seed
- DLF International Seeds
- Forage Genetics International, LLC
- S&W Seed Company
- Great Basin Seeds
- Corteva
- Dyna-Gro Seed
- alforex seeds llc
- Allied Seed LLC
- W-L Alfalfas
The report provides a detailed analysis of the key players of the global alfalfa seeds market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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