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Global haying machinery market: $9 billion industry by 2018

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Haying Machinery: A Global Strategic Business Report - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-14 08:01:03
The global Haying Machinery market is projected to reach US$8.9 billion by 2018, driven by increasing demand for livestock produce and technology developments in Haying Machinery.

As hay constitutes an important feed component for livestock, the state of the global livestock industry influences demand for haying machinery. The market for haying machinery witnessed a major setback during the 2007-2009 recession period. The most notable decline was recorded in the dairy industry, a key end-use sector for haying machinery. The decline in demand for dairy products forced farmers to reduce investments in livestock farming equipment, such as haying machinery. While demand in developed countries like the US and Europe declined sharply, demand in Asia-Pacific remained stable backed by the impetus provided by governments in the form of subsidies. In the year 2011, farming activity recovered in sync with the rise in global commodity prices. Increased commodity prices led to higher farm incomes, encouraging farmers to invest in farm equipment including haying machinery.

Rising farm consolidation in developed countries is expected to benefit demand for larger and high capacity haying machinery. Urbanization is a key factor responsible for consolidation of farms into larger farming plots. With shortages in farm labor supply, bigger equipment assumes mission critical importance in effectively managing large scale farm activities. Cashing on the trend, manufacturers are developing machines which fulfill haying requirements of large farm lands.

Asia-Pacific represents the leading market worldwide, primarily due to the towering presence of China. The region also includes India, which represents the fastest growing market for haying machinery. China and India together lead the global haying machinery market in terms of dollar sales. The US and Europe are the other major markets for haying machinery. These regions are primarily dotted with large size farms, which spells demand for higher horse power larger machinery.

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