Hay & Crop Farming in the US - Market Research Report (2014-2029)

Hay Fever: the Industry is Expected to Achieve a Diminishing Return Due to Inflationary Effects

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

The Hay and Crop Farming industry produces hay, sugar beets and other crops, such as hops and herbs, agave, spices, tea and maple sap. Most industry operators are dedicated to growing hay, though the low margin nature of this product causes it to only account for roughly one-quarter of industry revenue, despite the overwhelming number of industry establishments being hay farmers. Overall, industry revenue performance has been bolstered by annualized increases in the value of each industry product segment, with 2023 preliminary results indicating double digit growth in the revenue earned from and hay. Other segment leaders include outdoor grown marijuana and hops. Industry revenue is expected to have increased at a CAGR of 0.3% over the five years to 2023 to reach $37.9 billion, including an estimated 1.2% decrease in 2023 alone as sweetener consumption falls.

More than half the farms in this industry grow hay, while a small number grow sugar beets. A variety of other crops, such as hops and herbs, are included in the industry. Some operators also gather agave, spices, tea and maple sap.