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Alfalfa is a type of flowering plant that is majorly used for hay, grazing, and silage, and is a major source of nutrition for animals as it contains potassium, calcium, iron, and vitamins C, A, E, and K. The demand for high-quality animal feeds is rising in many countries across the world as the percentage of the meat-eating population is also increasing.
As per reports by experts, the annual meat consumption was expected to increase by 1.7% through 2022. These factors are estimated to bolster the demand for nutritious animal feeds to protect animals from various diseases, which will further propel the demand for alfalfa.
Fortune Business Insights has stated that the global market for alfalfa is predicted to reach a valuation of USD 35.20 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period of 2021-2028. The market reached the valuation of USD 19.87 billion in 2020 and USD 21.63 billion in 2021.