Global alfalfa seeds market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Alfalfa is also termed as “Lucerne” and binomial nomenclature states it as a Medicago sativa, is a perennial flowering plant in the legume family “Fabaceae”. It is also considered as an herb. The seeds are eaten in the form of alfalfa sprouts and are used in medicine.
The factors that are playing a major role in the growth of alfalfa seeds market are the rising acceptance of hybrid seeds, the rise in industrial livestock production, diminishing area of grazing, and the growing demand for meat and dairy products. However, lack of awareness among populace regarding alfalfa seeds in the developing regions and for irrigation, the high quantity of water is required. Market is segmented based on product type, application, and region.
The non-dormant seed and dormant seed are the product types that could be explored in alfalfa seed market in the forecast period. Non-dormant sector accounted for the significant share of alfalfa seeds market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the rising demand from end-users. Based on the origin, inorganic and organic could classify alfalfa seeds in the forecast period.
The market could be categorized based on applications like food, dairy industry, agriculture, and others that could be explored in the forecast period. The dairy industry may account for the significant share of alfalfa seeds market and is estimated to lead the overall market in the years to come. Based on the distribution channel, distributor, online channel, direct sales, and others could classify alfalfa seeds in the forecast period.
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Globally, North America accounted for the substantial share of alfalfa seeds industry and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, better yield, its high versatility, and the growing demand from end-users. The United States and Canada are the major consumers of alfalfa seeds in this region.
The Asia Pacific and Europe are also estimated to have a positive influence on future growth. The Asia Pacific is the second largest region with significant market share. The developing countries like India and China are the major consumers of alfalfa seeds in this region. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players of alfalfa seeds market are S&W Seeds Company, Alforex Seeds LLC, Monsanto Company, DLF International Seeds, LG Seeds, DuPont Pioneer, Lacrosse Seed, Dyna-Gro Seed, Hazera Seeds Inc., and Forage Genetics International. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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