The Global Agricultural Haying and Forage Machinery Market Size is expected to register a CAGR of 3.74% during the forecast period 2018-2023.
Europe is likely to grow at a faster CAGR, due to its increasing orders for agricultural machineries from domestic as well as international.
Improvement in productivity and ease of doing chores are the major reasons for the growing popularity of haying and forage machinery in agricultural fields.
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Increasing Cultivation of Forage Crops for Livestock Feed
The haying & forage machinery industry and livestock industry are interrelated and have grown simultaneously.
The growing livestock population and their feed demand are the primary drivers of the market. As the global experiencing increase in the consumption rates of livestock products on a regular basis, thus, driving the farmers to produce more forage crops to meet the growing animal feed demand.
Europe is one of the major forage crop cultivators in the world, is likely to see more adoption of haying and forage machinery in their forage crops cultivation during the forecast period.
Labor shortage in North America, Europe, and other highly urbanized countries is likely to deploy these machineries during the forecast period to improve their agriculture economy. The high machinery cost and unavailability of credit options are some of the most important constraints in the developing countries.
However, during the forecast period, the demand for these machineries or equipment will experience increase in developing countries like China, India, and Brazil as a result of the government subsidies in these countries.
At worst cases like, low commodity prices, is likely to affect farmers from purchasing these machineries. Reasonable prices could increase the sales of haying and forage machinery mainly in developing countries in Asia-Pacific and Africa.
Of late, in underdeveloped countries like South Africa, industrial investments are at their peak in order to strengthen the economy as well as the infrastructure.
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Key Developments in the Market:
- October 2017: AGCO Corporation has acquired a forage division of Lely Group, New Zealand, a leading manufacturer of equipment like round balers, rakes, loader wagons, tedders, mowers and tillage products.
- October 2017: John Deere unveiled new hay baler range equipment with 2.2 meter (7.2 foot) MegaWide pick-up with optional 2.5 meter (8.2 ft)- widest in the agricultural machinery industry.
- DEERE & COMPANY
- AGCO CORPORATION
- KUHN GROUP
- CNH INDUSTRIAL
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