Hay Market By Product (Hay Bales, Hay Pellets And Hay Cubes), By Type (Dairy Cow Feed, Beef Cattle & Sheep Feed, Pig Feed And Poultry Feed)
Hay Market was worth USD XX.XX billion in 2016 and estimated to be growing at a CAGR of X.XX%, to reach USD XX.XX billion by 2021. 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 are 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 are the main restraints for the market growth.
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Dairy Cow Feed
Beef Cattle and Sheep Feed
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 analysed 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.
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The Hay market is highly competitive with a large number of players. Key market players dominating the market with their products 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:
- Global, regional and country-level analysisand forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysisin terms of Product and Type along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities and challenges (DROC)in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economic and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysisfor analyzing the level of competition and business strategy development
- A comprehensive list of key market playersalong with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysislisting out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunitiesto provide both individuals and organizations a strong financial foothold in the market
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