Hay & Crop Farming in the US - Industry Market Research Report

Hay & Crop Farming in the US - Industry Market Research Report

  • April 2020 •
  • 38 pages •
  • Report ID: 198545 •
  • Format: PDF
New harvest: Changing consumer preferences will likely drive demand for industry products

Abstract

Hay & Crop Farming in the US
The Hay Crop Farming industry, which largely depends on downstream demand, has experienced a slight decline during the past five-year period, largely due to a steep decline in the price of corn and a bad growing season from 2015 to 2016. Demand from the beef cattle industry is essential for hay producers, because hay is one way farmers feed their cattle. However, over the five years to 2019, prices of alternative livestock feeds, such as corn, plummeted due to weakened demand from the biofuel market. This led corn to become a less-expensive cattle feed than hay, causing hay revenue to decline along with the industry’s profit margin. However, growth in the sugar beet segment of the industry helped partially offset some the decline from the hay segment. Over the next five years, the industry is expected to sustain slight revenue growth. In addition to changing consumer preferences toward organic meats and dairy that will increase demand for high-value organic hay, China’s booming dairy industry, which needs more alfalfa, offers an opportunity to US industry farmers to export products.

More than half the farms in this industry grow hay, while a small number grow sugar beets. A variety of other crops, such as hops and herbs, are included in the industry. Some operators also gather agave, spices, tea and maple sap.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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