Concentrated alfalfa extract is a concentrated substance extracted from alfalfa plants, rich in various active ingredients such as alfalfa saponins, flavonoids, carotenoids, etc. These ingredients endow alfalfa extract with unique biological activity and application value. Concentrated alfalfa extract is mainly used as a food additive and has the function of a health ingredient.
Overview of Market Development
In recent years, thanks to the development of animal husbandry and the improvement of consumer health awareness, the global concentrated alfalfa extract market has steadily grown. According to our research data, the estimated global concentrated alfalfa extract market size in 2024 is $41.24 million, an increase of 6.46% compared to 2023.
In the next few years, it is expected that policy support and market demand will jointly promote the vigorous development of the market, providing a favorable development environment for the market. By 2029, the global concentrated alfalfa extract market size may increase to $55.80 million. The CAGR for 2024-2029 is estimated to be 6.23%.
Segmented Market Analysis
From the perspective of product types, concentrated alfalfa extract can be divided into two categories based on its appearance: concentrated alfalfa extract powder and concentrated alfalfa extract granules. Among them, concentrated alfalfa extract powder dominates the market, with an estimated market share of 85.17% in 2024.
From the perspective of downstream application patterns, concentrated alfalfa extract is mainly used in the fields of food, healthcare products, pet food, and poultry feed. Among them, the food industry is the largest downstream application market, with an estimated application share of 42.57% in 2024.
Global Concentrated Alfalfa Extract Market Analysis
Source: www.globalmarketmonitor.com
Market Analysis of Major Regions
From a regional perspective, the global concentrated alfalfa extract market is dominated by three major regions: North America, Europe, and Asia Pacific. Among them, North America is the largest revenue market. Data shows that the estimated revenue of the North American concentrated alfalfa extract market in 2024 is $13.78 million, with an expected revenue share of 33.41%; The European and Asia Pacific markets are expected to rank second and third with market shares of 29.68% and 29.46%, respectively.
Global Concentrated Alfalfa Extract Market Revenue and Revenue Share by Region Forecast in 2024
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Regions
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Market Revenue (Million USD)
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Revenue Share
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North America
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13.78
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33.41%
|
|
Europe
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12.24
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29.68%
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Asia Pacific
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12.15
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29.46%
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South America
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1.56
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3.78%
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Middle East & Africa
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1.51
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3.67%
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Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Concentrated Alfalfa Extract Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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