(MENAFN- The Express Wire) Key Companies Covered are Krone North America Inc. Vermeer Corporation CNH Industrial N.V. Farm King Buhler Industries, Inc. Yanmar Company AGCO Corporation Kubota Corporation John Deere CLAAS KGaA GmbH
The global hay making machinery market size is expected to grow at a notable pace owing to increasing livestock production in developing countries, states Fortune Business InsightsTM in its report, titled“ Hay Making Machinery Market Size, Share and Industry Analysis, By Type (Mower, Balers, Tedder, and Rakes) and Regional Forecast, 2023-2030 ”. According to projections released by the Food and Agriculture Organization (FAO), annual meat production in developing countries is set to rise by 2.4% and annual milk production by 2.5% till 2030, raising the share of these countries in world meat production to 66% and in world milk production to 55%. Furthermore, the FAO predicts that meat production worldwide will increase from 258 million tons to 455 million tons between 2005 and 2050, the majority of which will be contributed by developing countries. Hay making machinery and equipment will play an essential role in ensuring steady supply of quality feed to livestock, which in turn will lead to the production of high-quality animal-based liquid and solid nutrients.
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Driving Factor
Long-term Advantages of Organic Hay Making to Create Numerous Opportunities
Traditional hay production necessitates the utilization of artificial fertilizers, herbicides, and pesticides by farmers to make the process cost-effective and the product aesthetically pleasing. However, as pointed out by Missouri-based Organic Hays Co-Op, this type of hay agriculture deprives livestock of critical micronutrients such as zinc, magnesium, and copper, which are essential for ensuring digestive regularity, good vision, and joints strength of animals. Aware of these problems, farmers are now showing an increasing preference for organically produced hay. Organic matter stimulates the natural decomposition processes, making the final produce more ecologically sustainable. Moreover, since the feed ingredients are naturally derived, the need for additional supplements and preservatives is eliminated, which lowers the overall cost of livestock care. In response to this evolving trend, several companies are upgrading and optimizing their existing hay making machineries to cater to organic hay producers and their specific needs. Together, these factors are bolstering the hay making machinery market growth trajectory.
Regional Insights
North America to Dictate Market Dynamics Backed by Rising Demand for Animal Products
Among regions, North America is expected to dominate the hay making machinery market share in the forthcoming period on account of increasing demand for dairy and animal products by consumers across Canada and the US. In addition, growing preference for organic feed by both buyers and producers in the region coupled with steadily expanding livestock production will also contribute to the growth of the regional market.
In Asia Pacific, market players are anticipated to enjoy lucrative opportunities as governments in the region are actively promoting off-farm activities such as animal husbandry. As a result, the demand for animal feed is spiking in countries such as India and Bangladesh, where a large proportion of the population is engaged in agriculture. Furthermore, decrease in grazing land area is pushing farmers to buy or grow hay, thus creating attractive opportunities in the region.
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Competitive Landscape
Key Players to Concentrate on Strengthening Product Portfolios
The innovation opportunities offered by the scope of this market is encouraging key players to diversify and strengthen their product portfolios to broaden their reach. This, in turn, is leading companies to invest heavily in research and development activities, upgrade their existing offerings, collaborate with other competitors, and expand their global presence.
Industry Developments:
January 2020: Kubota Canada introduced FastBale, its newest addition to its existing suite of hay making equipment. Featuring twin bale chambers and wrapping system wraps, FastBale aims at advancing continuous baling technologies across Canada, saving considerable time for farmers and boosting efficiency. August 2019: John Deere released C461R and C451R Combination Round balers that utilize the company's V-Series Variable-Chamber Baler with a wide pickup and the MaxiCutTM precutter. The new offering will enable producers to efficiently bale and wrap all kinds of forage for superior feed quality.
List of Key Players Covered in the Hay Making Machinery Market Report:
Krone North America Inc. Vermeer Corporation CNH Industrial N.V. Farm King Buhler Industries, Inc. Yanmar Company AGCO Corporation Kubota Corporation John Deere CLAAS KGaA GmbH
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