The United States haying and forage machinery market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rise in global forage demand, which is rising forage cultivation.
An agricultural equipment that gathers forage crops to create feedstock is known as hay and forage machinery. Feedstock includes grass, maize, and hay that has been cut into small pieces and compacted in a storage silo, silage bunker. Agriculture businesses rely extensively on equipment to increase feed quality, productivity, cost-effectiveness, and operations such as drying rate. Variety of machinery including conditioner mowers and sickle bar mowers are preferred among farmers due to their benefits.
Machines with automated steering and advancements are used to boost production and profitability. Precision farming contributes to the long-term viability of the farm and increases the flexibility of these technologies. A manpower shortage in the agricultural industry due to high labor costs has increased demand for agricultural machinery, such as haying and forage machinery. The COVID-19 outbreak has caused thousands of illnesses in the US, which has been labeled a global health emergency by the World Health Organization. The haying and forage machinery market has been impacted by the pandemic; however, it is expected to recover by end of 2021.
Market Trends, Drivers, Restraints, and Opportunities
- Rising adoption of precision farming technology is estimated to drive the market growth.
- Increasing demand for automation in farming industry is anticipated to boost the market expansion during forecast period.
- Implementation of strict government policies is expected to drive market growth.
- High cost of machinery and a lack of awareness of machinery can hamper the haying and forage machinery market.
- Governments is providing credit facility to farmers from banking corporations, which is projected to offer lucrative opportunities in the coming years.
- Low- and middle-level countries is estimated to offer ample of opportunities due to increasing government support to boost the agricultural economy.
Scope of Haying and Forage Machinery Market Report
The report on the United States haying and forage machinery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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United States Haying and Forage Machinery Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Balers, Mowers, and Forage Harvesters)
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Country
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The US
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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CLAAS KGaA mbH; Deere & Company; Krone North America Inc.; AGCO Corporation; and PÖTTINGER Landtechnik GmbH
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United States Haying and Forage Machinery Market Segment Insight
Balers segment is expected to grow at a rapid pace
Based on types, the market is divided into balers, mowers, and forage harvesters. The balers segment is expected to grow at a rapid pace during the forecast period due to government support to the marginal farmers in the form of subsidies to buy machinery. The feedlot industry in the country has created a high demand for hay balers. According to the ITC Trade Map database, the US imported more than 3,000 units of fodder balers in 2018, up from 2,000 units the previous year.
The forage harvesters segment is anticipated to hold a key share of the market in the coming years due to increasing demand for animal feed. Moreover, the rising animal farming is propelling the segment growth. Furthermore, a rise in forage cultivation in the US is driving the haying and forage machinery industry. Green chop, Alfa Alfa, and corn silage were three fodder crops grown in the US in 2018, with farmed area of 4.2 million, 16.6 million, and 6.1 million acres, respectively.
Segments
The United States haying and forage machinery market has been segmented on the basis of
Types
- Balers
- Mowers
- Forage Harvesters
Country
Key Players
Competitive Landscape
Key players competing in the United States haying and forage machinery market are CLAAS KGaA mbH; Deere & Company; Krone North America Inc.; AGCO Corporation; and PÖTTINGER Landtechnik GmbH
The market for agricultural haying and forage machinery is fairly concentrated, with a few players controlling the bulk of market share. Companies operating in the rapid growing agricultural haying and forage machines market are focusing on making other strategic actions, such as acquiring more market share and expanding their acquired market size by engaging in partnerships and collaborations.
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