China: Market Overview - Alfalfa Hay and Other Forages
Link to report:
China's demand for imported forages, mainly alfalfa hay, has been affected by weak market demand for dairy products and the falling price of fresh milk. Although dairy consumption remained stable, oversupply of milk became a challenge due to the excessive investment in dairy farming over the last few years. Imported alfalfa faces headwinds because of the weak Chinese yuan and China's farmers' desire to lower costs through forage substitution with other feed ingredients in daily rations. Demand for alfalfa hay in 2024 is expected to remain at 2023 levels.
