Hay Market Overview:
Hay is a collection of grass, legumes and other herbaceous plants that have been minced, dried and stored for use as animal feed. It is mainly a source of nutrition for grazing animals such as cattle, horses, goats and sheep.
The demand for hay is increasing all the more as farms are becoming more in number and farm animals is also increasing in number. The composition of hay may be widely varied with the most commonly used plants for hay including mixtures of grasses such as ryegrass, timothy, brome, fescue, Bermuda grass, orchard grass, and other species, depending on region. Hay may also include legumes, such as alfalfa and clovers which may be red, white and subterranean varieties.
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The growth of the hay market is mainly driven by the decrease in farm land. When there is not enough pasture for grazing animals, hay is used to meet the nutritional demand of the animals. Other drivers of the market include introduction of new composition formulas for hay as well as the favourable government policies regarding farm animal welfare. As for the restraints of the market, the storage of hay is always a challenge. This along with the preference of farmers towards conventional grazing is the main restraints for the market growth.
Hay Market Forecast Report (2018-2023)
Hay Market was worth USD XX.XX billion in 2018 and estimated to be growing at a CAGR of X.XX%, to reach USD XX.XX billion by 2023.
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Hay Market Segmentation
The Global Hay market is broadly classified on the basis of Product into Hay Bales, Hay Pellets and Hay Cubes and based on Type they are classified into Dairy Cow Feed, Beef Cattle & Sheep Feed, Pig Feed and Poultry Feed. Based on geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. The Hay Market is dominated by North America in 2016 with the region accounting for 36% of the overall market share. North America was followed next in line by Europe and Asia-Pacific. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. Another promising region for the market is Latin America, which is expected to show high growth rates in coming years.
The major companies dominating this market for its products and services are
Anderson Hay & Grain
Knight Ag Sourcing
Legal Alfalfa Products Ltd.
The Hay market is highly competitive with a large number of players.
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