Hay and forage rakes are agricultural equipment used for gathering cut and windrowed hay or forage crops into rows in preparation for further processing like baling. These rakes lift the cut crop material from the ground smoothly without damaging or shattering leaves and stems. They are available in various types such astedder rakes and wheel rakes used for lightly combining and aerating the cut crops and center-delivery rakes used for gathering wide windrows in the center for uniform drying and ease of further processing. The global hay and forage rakes market is estimated to be valued at US$ 1.91 Bn in 2023 and is expected to exhibit CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Increased Demand for Livestock Feed The demand for livestock feed has increased significantly over the years owing to the rising consumption of dairy, meat and other animal-based food products. According to Food and Agriculture Organization (FAO), the global demand for feed is estimated to increase by 70% between 2010 and 2050 to support the growing demand for food produced from animals. Hay and forage are the major components of livestock feed worldwide as they provide essential nutrients to animals. This rising demand for hay and forage from the livestock industry is expected to drive the demand for hay and forage rakes during the forecast period to ensure timely harvest and processing of hay and forage crops for livestock feed requirements. Porter's Analysis Threat of new entrants: Low-moderate as hay and forage rake market is mature. However, lower entry barriers allows new small players to enter. Bargaining power of buyers: Moderate. Large buyers can negotiate prices but limited product differentiation allows switching between suppliers. Bargaining power of suppliers: Moderate. Majority suppliers operate globally with proprietary technologies giving them some power. Threat of new substitutes: Low. No cost-effective substitute exists for hay and forage rakes. Competitive rivalry: High. Intense competition among key global players on pricing and product innovation. SWOT Analysis Strengths: Well-established brands and global distribution network. Larger players ability to invest in R&D for product innovation. Weaknesses: Seasonal nature of business leads to fluctuation in revenues. Increased mechanization reduces demand. Opportunities: Developing precision farming techniques and integrating technologies like AI and IoT offers growth avenue. Expanding agricultural sector in developing nations. Threats: Trade wars and policies impact availability and prices of raw materials. Changing weather patterns and low farm incomes in some regions. Key Takeaways Global Hay And Forage Rakes Market Growth is expected to witness high growth supported by the expanding agricultural sector worldwide. North America and Western Europe dominate the market currently owing to advanced agricultural practices and large cattle farms in the regions. However, Asia Pacific is emerging as a high growth market led by countries like India and China. Regional analysis of Asia Pacific comprises more than 25% market share currently and expected to grow at over 8% till 2030. Presence of large agriculture-based economies, favorable government initiatives and growing dairy industry are driving increased adoption of hay and forage harvesting equipment in the region. Key players operating in the hay and forage rakes market are Richel Group, Argus Control Systems Ltd, Rough Brothers Inc., Certhon, Logiqs BV, Lumigrow Inc., Nexus Corporation, Hort Americas, Heliospectra AB, and Agra Tech Inc. Larger players are focusing on acquisitions and new product innovations catering to precision farming while mid-sized companies target emerging Asian markets. Get More Insights On This Topic: https://www.pressreleasebulletin.com/hay-and-forage-rakes-market-size/
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