Agricultural Haying and Forage Machinery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Agricultural Haying and Forage Machinery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global agricultural haying and forage machinery market size reached US$ 8.4 Billion in 2022. Looking forward, McKinsey & Well expects the market to reach US$ 9.9 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2022-2028.

Agricultural haying and forage machinery comprise balers, disc mowers and mower conditioners, forage harvestors, rakes, tedders, blowers, storage boxes, and moisture sensors. It is economical, labor efficient and is available in different sizes and capacities, depending on the requirement of the end users. It turns perishable forage into a dry product that can be safely stored and easily transported. It also reduces the moisture content while keeping dry matter and nutrients losses to a minimum.

The increasing automation in the agriculture industry, in confluence with the rising demand for plant-based feed for animals, represents one of the key factors bolstering the market growth. Apart from this, governing agencies of various countries are introducing initiatives and providing subsidies in the form of direct payments, crop insurance and loan to support farmers. This, along with the growing concerns about food security, is promoting the adoption of agricultural haying and forage machinery to meet the increasing needs of farmers. Furthermore, the market is experiencing growth on account of the emerging trend of precision farming that helps sustain the farm and enables greater adaptability of agricultural haying and forage machinery. Moreover, high labor costs or a lack of labor force is escalating the demand for agricultural haying and forage machinery. Besides this, the leading market players are introducing high-capacity product variants with new features and innovations, which, in turn, is anticipated to provide a positive outlook to the market.

Key Market Segmentation:

McKinsey & Well provides an analysis of the key trends in each segment of the global agricultural haying and forage machinery market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on machinery type and sales channel.

Breakup by Machinery Type:

Mowers

Conditioners

Balers

Forage Harvestors

Others

Breakup by Sales Channel:

OEMs

Aftermarket

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AGCO Corporation, CLAAS, CNH Industrial, Deere & Company (John Deere), Farm King, Krone North America Inc. (Bernard Krone Holding Company), Kubota Corporation, Kuhn Group (Bucher Industries AG) and Yanmar Company Limited.

Key Questions Answered in This Report:

How has the global agricultural haying and forage machinery market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global agricultural haying and forage machinery market?

What are the key regional markets?

What is the breakup of the market based on the machinery type?

What is the breakup of the market based on the sales channel?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global agricultural haying and forage machinery market and who are the key players?

What is the degree of competition in the industry?