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 rapidly as the farms are becoming more in number and farm livestock is also increasing in number. The composition of hay may be usually varied with the most commonly used plants for hay comprising mixture of grasses such as ryegrass, timothy, brome, fescue, Bermuda grass, orchard grass, and other species, depending on region. Hay may also contain legumes, such as alfalfa and clovers which may be red, white and subterranean ranges.
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Globally Hay Market range is around USD 839.1 million in 2017. It is estimated to grow at a CAGR of 4.9% to increase approximately up to USD 1118.06 million by 2023.
Drivers and restraints:
The major driving forces that are contributing to the growth of Hay Market globally are, 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
The retraining factor which is affecting Hay is the storage of hay is always a challenge. This along with the preference of farmers towards conventional grazing are the main restraints for the market growth.
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Partition of the Market:
Hay Market is partitioned globally according to Product and Type. With respect to product market is sectioned into Hay Bales, Hay Pellets and Hay Cubes. With respect to types market is shared by Dairy Cow Feed, Beef Cattle & Sheep Feed, Pig Feed and Poultry Feed.
Topographically, The Hay Market has been partitioned into Latin America, Europe, Middle East, North America, and Asia Pacific & Africa. The North America region is leading the market with 36% of share in 2016, and is tailed by Asia Pacific and Europe. Asia Pacific region is projected to boost the market hastily with high CAGR over the estimated time period. Value of Latin America market is also growing with brisk rates making it a prominent region for the market.
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Key players of the market:
Significant players in Hay Market are Anderson Hay & Grain, Border Valley, Knight Ag Sourcing, Hay USA, Bailey Farms, Hayday Farm, Barr-Ag, Standlee, Legal Alfalfa Products Ltd. And M&C Hay.
Scope of the Report:
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