The global agricultural haying and forage machinery market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the modern technologies adopted by farmers to increase crop yields and meet the growing demand for food.
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Hay is forage or vegetable that has been cut, dried, stored, and made into cattle feed. It is used as feed for animals that cannot graze due to adverse weather conditions such as drought or animals that are kept in stables. Hay machines are used to cut crops and then store them in bales or silage. Forage is the plant material used by cattle to eat grass. Feed technology is widely used to harvest feed grains. A small part of the global agricultural machinery market.
Hay and forage technology are used to meet the growing demand for plant-based feeds. Growing demand for agricultural automation may promote the development of crop and feed market during the forecast period. Traditional agricultural techniques such as farming, tillage, and planters are being replaced by various modern agricultural tools. Modern agricultural machinery, such as sprayers, harvesters, hay and forage harvesters, combine harvesters, irrigation and plant cultivation equipment’s are used in various processes to improve overall yield and quality.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing government support for farmers in terms of loan for buying machinery and other equipment for farming is anticipated to boost the market during the forecast period.
- Rapid growth of the food industry due to increasing population and consumer demand is major factors fueling the market.
- Growing consumption of haying equipment by livestock industry and efficient farming techniques is expected to drive the market during the forecast period.
- High cost of agricultural equipment and presence of intermediaries are projected to hamper the market growth.
- Lack of awareness among farmers about the machinery and lack of adoption by farmers act as major challenges that can restrict the market growth during the forecast period.
- R&D investment and technological advancement in agricultural equipment and farming techniques is projected to offer immense opportunities for the market players.
Market Segment Insights
The mowers segment is projected to represent a major market share
On the basis of types, the agricultural haying and forage machinery market is fragmented into mowers, balers, forage, and harvesters. The mowers segment is expected to represent a key share of the market during the forecast period. A mower does not require much power, so a smaller tractor can be used to operate it.
North America is expected to dominate the market
On the basis of regions, the agricultural haying and forage machinery market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to the market demand in North About half of the demand comes from the country's highly developed commercial agricultural sector. Advances in technology have led to self-propelled balers equipped with unparalleled driving style and maneuverability technology.
Competitive Landscape
Key players competing in the agricultural haying and forage machinery market include Kubota Corp.; CLAAS; Krone North America Inc.; AGCO Corp.; and Deere & Co. (John Deere)
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The global agricultural and forestry machinery market size is predicted to surpass around US$ 401 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.2% over the forecast period 2021 to 2030.The global agricultural & forestry machinery market would be largely driven by factors such as increasing demand for modern equipment from farmers and demand for agro & forestry products, along with their export across the globe.
The mechanization of farming operations results in increased production and profitability by achieving timeliness in farming operations.
This in turn helps farmers in optimum utilization of costly inputs such as fertilizers, seeds, and irrigation.
This is likely to drive the agricultural & forestry machinery market over the next few years.Growth OpportunitiesFarmers are sometimes deprived of opportunities to purchase agricultural machinery for farm production due to inadequacy of funds.
In order to counter this restraint, governments worldwide are promoting and encouraging the adoption of farm machinery by providing subsidies on this equipment, thereby allowing manufacturers to offer the equipment at lower rates.
In addition, manufacturers collaborating with regional bodies to gain contracts for supply of innovative solutions such as electrified machinery to save energy and avoid toxic pollution under various schemes of sustainable environment programs is an opportunity for the growth of the market.Download Research Sample with Industry Insights @ https://www.trendsmarketresearch.com/report/sample/13648Growth in both exports and domestic demand provides manufacturers an opportunity to maximize their profit margins.
