The agricultural haying and forage machinery market is projected to grow at a CAGR of 2.08% between 2025 to 2030.
Haying and Forage Machinery are used to harvest the crops and forage plants which are then fed to livestock. As there is increasing consumption of livestock products on a regular basis, farmers are growing more forage crops to feed the growing livestock population. This is driving the market for haying and forage machinery. In addition, increasing governments initiative in the form of subsidies to help farmers purchase forage and haying machines is expected to boost the adoption of agricultural haying and forage machinery during the forecast period. How ever, high machinery cost and lack of credit facility to meet the high cost are expected to be the restraining factor for the growth of the market in many developing nations across the globe. By Geography, North America is expected to dominate the market share on account of eary adoption of technology and highly evolved commercial agriculture sector in the region couple with increasing area under forage crops.
DRIVERS
Increasing consumption rate of livestock products
Rising government support to farmers
RESTRAINT
High machinery cost
Small farm size
INDUSTRY UPDATE
Kemper announced in June 2019, that it has established a strategic agreement with Scherer (based in the US) to offer kernel processors (corn crackers) and rolls for various brands of forage harvester.
In October 2017, AGCO Corporation acquired a forage division of Lely Group, New Zealand, a leading manufacturer of equipment like round balers, rakes, loader wagons, tedders, mowers, and tillage products
SEGMENTATION
The Agricultural haying and Forage Machinery Market has been analyzed through the following segments:
By Type
Mowers
Balers
Tedders and Rakes
Forage Harvesters
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others