The North America haying and forage machinery market is projected to grow at a CAGR rate of 3.5% during the forecast period. Increasing forage cultivation, technological advancements, and shortage of labor are the key market drivers whereas high cost of the machinery is the main restraint of the market. The government support in developed countries such as the United States and Canda is anticipated to accelerate the market rapidly in the coming years.
Key Market Trends
Increasing Forage Cultivation Drives the market
The demand for forage feed from the livestock industries has been boosting the forage cultivation in North America. For instance, According to USDA, the total hay production in the United States was 128.8 million metric tons in 2019, which is 5.8 million metric tonnes more than the hay produced in 2018. In the United States alone, field and forage crops are grown on most of the more than 200 million acres of harvested cropland. Enormous cultivation of forage crops demands huge machinery to handle the farm operations, fuelling the haying and forage machinery market.
United States Dominates the Market
Being the most technologically advanced country and with a vast area under forage cultivation, the United States dominates the market with a major market share. Forage, grasslands, and grazing lands constitute more than two-thirds of all agricultural land in the USA. According to USDA statistics, pasture and hayland account for 73 million hectares in the USA and provide several ecosystem goods and services. Increasing animal feed demand is anticipated to boost the forage cultivation of the country, in turn increasing the sales of forage machinery.
The North America haying and forage machinery market is highly competitive with few players holding a major market share. These players have been actively promoting their products and expanding their operations to various regions to increase their sales. The companies are also following strategies such as merging and acquisition to continue their domination in the market.
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