DUBLIN--(BUSINESS WIRE)--The "Haying Machines Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global haying machines market as it emerges from the COVID-19 shut down.
The global haying machines market is expected to grow from $21.34 billion in 2020 to $23.61 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $32.84 billion in 2025 at a CAGR of 8.6%.
Companies Mentioned
- AGCO Corporation
- Buhler Industries Inc
- Kuhn Group
- Kubota
- Deere & Company
- CLAAS
- CNH Industrial
- IHI
- Pottinger Landtechnik
- Buhler Industries
- Iseki
- Krone
- CNH Industrial
- Bernard Krone Holding
- Kverneland
- Lely
- Vermeer
- Foton Lovol
- Alois Pttinger Maschinenfabrik
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The haying machines market covered in this report is segmented by machine type into mowers, tedders, and rakes, balers, others, by sales channel into OEMs, aftermarket.
In September 2018, Deere and Company, a USA-based company that operates in agricultural, forestry, and diesel machinery production announced the acquisition of PLA for an undisclosed amount. With the acquisition of PLA, Deere and Company has planned to provide innovative and cost-effective equipment, services, and company to farmers to improve productivity. PLA is an Argentina-based company that manufactures planters, sprayers, and special machinery and equipment for agriculture.
Rising demand for plant-based feed for animals is expected to drive the demand for the haying machines market over the forecast period. In agriculture, dried grasses and other foliage are used as animal feed. Typical hay crops are timothy, alfalfa, and clover. The rising livestock population is likely to generate higher demand for plant-based feed for animals. According to the Food and Agriculture Organization of the United Nations, the global population of cattle and goats, and sheep is projected to increase to 2.6 billion and 2.7 billion by the end of 2050. Moreover, according to the 20th Livestock Census, in 2019, the total livestock population in India is 535.78 million which recorded an increase of 4.6% over the Livestock Census 2012. According to the People for the Ethical Treatment of Animals, in 2018, 80% of the total agricultural land in the USA is used to raise animals for food and cultivate grain to feed them which is nearly half the total landmass of the lower 48 states. Besides, in 2019 the value of total hay produced in the USA was $18.16 billion. Increasing the use of grass-fed, grass-finished beef, and other plant based-feed for animals is likely to propel the growth of the haying machines market.
Lack of credit options to farmers limits the growth of the haying machines market, especially in small economy countries. Agriculture is a significant activity in African economies and still, less than 4% of total lending by commercial banks goes into the agricultural sector. Various reasons for which commercial banks do not lend to small landowners include lack of irrigation, pests and crop diseases, lack of transportation, and small size of farms among others. Thus, lack of credit to farmers from financial institutions because of uncertain earnings and cash flows is restraining the haying machines market growth during the forecast period.
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