Dehydrated Alfalfa Market Size, Share, Growth, and Industry Analysis, By Type (Dehydrated Alfalfa Bales,Dehydrated Alfalfa Pellets), By Application (Dairy Cow Feed,Beef Cattle and Sheep Feed,Horse Feed,Camel Feed), Regional Insights and Forecast to 2035

Dehydrated Alfalfa Market Overview

Global Dehydrated Alfalfa market size is anticipated to be valued at USD 1181.1 million in 2026, with a projected growth to USD 1411.5 million by 2035 at a CAGR of 2.0%.

The Dehydrated Alfalfa Market represents a significant segment within the global forage and animal feed industry, with dehydrated alfalfa products used extensively in livestock nutrition. Globally, more than 30 million tons of alfalfa forage are processed annually, and approximately 18–22% of this volume undergoes dehydration processing to improve storage stability and nutritional consistency. Dehydrated alfalfa typically contains 16–22% crude protein, 25–30% crude fiber, and moisture levels below 12%, enabling shelf stability exceeding 12 months. The Dehydrated Alfalfa Industry Analysis indicates that livestock feed accounts for more than 85% of dehydrated alfalfa consumption, while specialty pet and equine feed contributes nearly 10%. Industrial dehydration facilities operate at temperatures between 450°C and 650°C, reducing moisture from 70–75% fresh forage to less than 12%, enabling long-distance transportation and global feed trade.

The USA Dehydrated Alfalfa Market plays a crucial role in global forage supply, supported by over 15 million acres of alfalfa cultivation across states such as California, Idaho, Arizona, and Washington. The United States produces more than 48 million tons of alfalfa hay annually, with approximately 7–9% processed into dehydrated alfalfa pellets and bales. Alfalfa dehydration plants in the U.S. operate with processing capacities exceeding 400–800 tons per day, serving dairy farms with herd sizes averaging 300–1,200 cattle. Dairy farms alone account for nearly 62% of dehydrated alfalfa consumption in the country. The Dehydrated Alfalfa Market Report highlights that pelletized alfalfa feed improves digestibility efficiency by 10–15%, while dehydration technology reduces microbial contamination risk by 30–35%, supporting consistent feed quality across large-scale livestock operations.

Download Free Sample to learn more about this report.

Key Findings

• Key Market Driver: Livestock feed demand accounts for nearly 72% usage, dairy farming contributes 48% demand, protein-rich forage adoption exceeds 65% among commercial farms, feed conversion efficiency improves by 18%, and nutrient retention levels reach 92%, strengthening livestock productivity across large-scale dairy and beef farming operations.
• Major Market Restraint: Processing energy consumption represents nearly 38% of operational cost, dehydration facilities experience 21% seasonal capacity fluctuations, transport costs contribute 17% of supply expenses, raw forage moisture variability reaches 25%, and climate-related yield fluctuations impact approximately 19% of annual production volumes.
• Emerging Trends: Pellet-based feed formats account for 56% of dehydrated alfalfa usage, precision livestock nutrition adoption reaches 41%, automated dehydration systems improve productivity by 28%, organic alfalfa production expands by 33%, and export-oriented forage processing accounts for 24% of international trade volumes.
• Regional Leadership: North America holds nearly 39% production share, Europe contributes 27% of global dehydration facilities, Asia-Pacific livestock feed demand accounts for 22% consumption, Middle East imports represent 11% trade share, and Latin America contributes approximately 9% of dehydrated alfalfa cultivation supply.
• Competitive Landscape: Top manufacturers collectively control nearly 44% of global production capacity, large-scale dehydration facilities process 500–1,200 tons daily, integrated feed companies manage 32% of supply chains, private-label forage processors represent 26% market participation, and export-focused producers contribute 21% of global shipments.
• Market Segmentation: Dehydrated alfalfa pellets represent approximately 63% market usage, dehydrated alfalfa bales account for 37%, dairy cattle feed contributes 46% application share, beef cattle and sheep feed represents 29%, horse feed usage accounts for 17%, and camel feed demand contributes 8%.
• Recent Development: Advanced dehydration equipment improves drying efficiency by 24%, automated pellet production increases throughput by 18%, moisture monitoring technologies reduce spoilage by 27%, precision forage harvesting improves yield quality by 21%, and sustainable biomass energy adoption in dehydration plants reaches 16% of facilities.

Dehydrated Alfalfa Market Latest Trends

The Dehydrated Alfalfa Market Trends show increasing adoption of nutrient-stabilized forage products across industrial livestock operations. Global livestock populations exceed 1.5 billion cattle, 1.2 billion sheep, and 60 million horses, creating strong demand for high-protein forage feed. Dehydrated alfalfa pellets contain 16–22% protein, 1.2–1.5% calcium, and 8–10% ash, making them a preferred feed supplement in dairy and equine nutrition.

One prominent Dehydrated Alfalfa Market Insight involves pelletization technology, which improves feed density by 40–45%, allowing storage efficiency improvements of 35% in commercial feed warehouses. Pellet feed reduces waste levels by 15–20%, compared with loose hay feeding systems. Another trend within the Dehydrated Alfalfa Market Analysis is the growth of organic forage production. Certified organic alfalfa cultivation increased by nearly 28% between 2020 and 2024, while organic livestock farms increased by 19% globally. Organic dehydrated alfalfa products maintain protein levels above 18%, supporting premium feed markets.

Automation is also transforming the Dehydrated Alfalfa Industry Report, as modern dehydration facilities now integrate automated moisture monitoring systems that reduce processing variability by 22%. Energy-efficient rotary dryers decrease energy consumption by 17%, while biomass-fueled dehydration plants reduce fossil fuel usage by 25%. Export demand is another major trend. Global forage exports exceed 9 million tons annually, with dehydrated alfalfa representing approximately 16% of total forage exports. Major importing regions include Asia-Pacific and the Middle East, where livestock feed demand continues to increase due to expanding dairy and meat production systems.

Dehydrated Alfalfa Market Dynamics

Market dynamics refers to the set of factors and forces that influence the growth, development, and performance of a market over time. These factors typically include drivers, restraints, opportunities, and challenges that affect supply, demand, pricing, production, and overall industry expansion. Market dynamics help explain why a market is growing, slowing, or changing in structure by analyzing elements such as technological advancements, consumer demand patterns, regulatory policies, resource availability, and competitive activities. In market research reports, the dynamics section provides a structured evaluation of these influences to help businesses understand how different factors impact market behavior, strategic decisions, and future industry trends.

DRIVER

"Rising demand for high-protein livestock feed"

The Dehydrated Alfalfa Market Growth is strongly driven by increasing demand for nutrient-rich livestock feed. Dairy cattle diets require approximately 18–20% protein content, and dehydrated alfalfa pellets provide protein concentrations ranging from 16% to 22%. Dairy farms using high-protein forage supplements report milk yield improvements of 8–12% per herd cycle. Global dairy herd populations exceed 270 million cattle, and feed consumption per dairy cow averages 20–25 kg of forage daily. Dehydrated alfalfa reduces feed spoilage by 30% compared with conventional hay storage, making it attractive for industrial dairy farms. Large-scale livestock farms using pelletized alfalfa also report feed digestibility improvements of 14–18%, supporting animal weight gain efficiency and improved milk fat content.

RESTRAINT

"High processing energy requirements"

The Dehydrated Alfalfa Market Analysis highlights energy-intensive dehydration processes as a significant restraint. Rotary dryers operate at temperatures between 450°C and 650°C, consuming approximately 1.1–1.5 megawatt-hours per ton of dehydrated alfalfa produced. Energy costs represent nearly 35–40% of operational expenses in dehydration plants. Seasonal alfalfa harvesting windows last only 90–120 days annually, creating operational inefficiencies in processing plants that must operate at high capacity during peak harvest months. Additionally, raw alfalfa contains 70–75% moisture, requiring extensive drying to reach safe storage levels below 12% moisture, increasing production complexity and energy requirements.

OPPORTUNITY

"Expanding livestock farming and export trade"

The Dehydrated Alfalfa Market Opportunities are growing due to increasing livestock farming and international forage trade. Global meat production exceeds 350 million tons annually, while dairy production surpasses 930 million tons of milk per year. Countries with limited arable land rely on imported forage, with the Middle East importing over 3 million tons of forage annually. Dehydrated alfalfa pellets are preferred due to compact density and long shelf life exceeding 12–18 months. Export-oriented dehydration plants have expanded capacity by 22% in the last decade, enabling improved global distribution networks. The expansion of livestock farms in Asia-Pacific, where dairy cattle populations increased by 17% in 5 years, creates additional opportunities for dehydrated forage suppliers.

CHALLENGE

"Climate variability affecting alfalfa cultivation"

Climate variability presents challenges for the Dehydrated Alfalfa Market Outlook. Alfalfa yields depend heavily on irrigation and stable weather conditions, with optimal growth requiring 18–28°C temperatures and 500–900 mm annual rainfall. Drought conditions can reduce alfalfa yields by 20–35%, while excessive rainfall increases fungal contamination risks by 15–18%. Climate-induced yield variability has affected approximately 12% of global alfalfa production areas in recent years. Water availability is another critical factor, as alfalfa cultivation requires approximately 1,200–1,500 mm of irrigation annually, creating pressure on water resources in arid regions.

Dehydrated Alfalfa Market Segmentation

The Dehydrated Alfalfa Market Segmentation includes product types such as dehydrated alfalfa bales and dehydrated alfalfa pellets, as well as applications including dairy cow feed, beef cattle and sheep feed, horse feed, and camel feed. Pellets dominate the market due to higher feed density and reduced transport costs, while bales remain widely used in traditional livestock farms. Dairy feed accounts for the largest application share due to increasing milk production demand worldwide. Livestock farms with herd sizes above 500 animals prefer pelletized feed due to easier storage and controlled feeding systems. Animal nutrition efficiency improves by 15–20% when balanced forage supplements such as dehydrated alfalfa are incorporated into feed formulations.

Download Free Sample to learn more about this report.

By Type

Dehydrated Alfalfa Bales: Dehydrated alfalfa bales account for approximately 37% of the Dehydrated Alfalfa Market Share, widely used in livestock farms that prefer traditional feeding systems. Bale weights range from 25 kg to 40 kg, while compressed industrial bales may reach 400–450 kg. Bales maintain crude protein levels of 16–18%, making them suitable for cattle and sheep feed applications. Bale density typically ranges between 120–160 kg per cubic meter, allowing efficient transport. Dairy farms using bale-based feeding systems report feed utilization rates exceeding 82%, with minimal processing requirements. Bale products remain particularly popular in regions where livestock farms operate at smaller scales.

Dehydrated Alfalfa Pellets: Dehydrated alfalfa pellets represent nearly 63% of the Dehydrated Alfalfa Market Size, widely adopted in large-scale livestock operations. Pellet diameters typically range between 6 mm and 10 mm, while pellet density exceeds 650 kg per cubic meter, enabling efficient storage. Pellets reduce feed waste by 18–22%, compared with loose forage feeding. Pellet production lines process 15–40 tons per hour, supporting high-volume feed supply chains. Dairy cattle fed pelletized alfalfa experience improved digestibility rates of 12–15%, supporting higher milk productivity and improved herd health.

By Application

Dairy Cow Feed: Dairy cow feed represents the largest application segment in the Dehydrated Alfalfa Market, accounting for nearly 46% of total market demand. Dairy cows require high-protein forage to maintain milk productivity, and dehydrated alfalfa pellets typically provide 16–22% protein and 1.2–1.5% calcium, supporting optimal milk production. An average dairy cow consumes approximately 18–25 kg of forage per day, and dehydrated alfalfa supplements improve feed digestibility by 12–15%. Global dairy cattle populations exceed 270 million animals, and large commercial dairy farms with herd sizes ranging from 300 to 1,200 cows rely heavily on pelletized alfalfa feed for consistent nutrition. Studies in commercial dairy operations show that incorporating dehydrated alfalfa into feed rations increases milk yield by 8–10% and improves milk fat content by 2–3 percentage points, making it a critical component of dairy feed formulations in the Dehydrated Alfalfa Industry Report.

Beef Cattle and Sheep Feed: Beef cattle and sheep feed accounts for approximately 29% of the Dehydrated Alfalfa Market Share, as both animals require fiber-rich diets to maintain healthy digestion and steady weight gain. Beef cattle typically consume 12–16 kg of forage daily, while sheep require approximately 1.5–2.5 kg of forage per day depending on body weight and production stage. Dehydrated alfalfa pellets provide a balanced combination of protein, fiber, and minerals, helping improve feed conversion efficiency by 10–14% in beef cattle operations. Sheep farms using alfalfa-based feed supplements report wool production improvements of 7–9%, while lamb growth rates increase by 6–8%. Globally, beef cattle populations exceed 1 billion animals, while sheep populations surpass 1.2 billion, creating consistent demand for nutrient-rich forage products in the Dehydrated Alfalfa Market Research Report.

Horse Feed: Horse feed represents around 17% of the Dehydrated Alfalfa Market, driven by demand from equestrian farms, racing facilities, and recreational horse owners. Horses require diets rich in fiber and moderate protein levels, typically between 12% and 16%, which dehydrated alfalfa easily provides. Horses consume approximately 7–10 kg of forage daily, depending on body weight and activity level. Pelletized alfalfa feed improves digestibility by 10–12%, while reducing feed waste by nearly 18% compared with loose hay feeding systems. Globally, the horse population is estimated at more than 60 million animals, with large equine industries present in North America, Europe, and parts of Asia-Pacific. Equine farms often prefer dehydrated alfalfa pellets because they maintain nutrient stability for over 12 months, ensuring consistent feed quality in commercial horse training and breeding operations.

Camel Feed: Camel feed accounts for nearly 8% of the Dehydrated Alfalfa Market, with the highest demand coming from the Middle East and North Africa. Camels require fiber-rich diets and typically consume 8–12 kg of forage daily. Dehydrated alfalfa pellets containing 16–20% protein support improved milk production and endurance in working camels. Camel milk production farms in countries such as Saudi Arabia and the United Arab Emirates maintain herd sizes ranging from 100 to 500 camels, and feed rations frequently include dehydrated alfalfa to ensure stable nutrient intake. The global camel population exceeds 35 million animals, with approximately 80% located in Africa and the Middle East, creating a consistent demand for imported forage feed. Dehydrated alfalfa products provide long shelf life exceeding 12–18 months, making them particularly suitable for arid regions where fresh forage availability is limited.

Regional Outlook for Dehydrated Alfalfa Market

Regional outlook refers to the analysis of how a particular market performs across different geographic regions by examining demand levels, production capacity, consumption patterns, and market share distribution. It evaluates how factors such as population size, industrial development, agricultural resources, infrastructure, and trade activities influence the market in regions like North America, Europe, Asia-Pacific, and the Middle East & Africa. In market research reports, regional outlook helps identify which regions dominate the market and which regions are emerging as growth centers. For example, one region may hold 35–40% market share, another may contribute 25–30% production, while developing regions may account for 15–20% increasing demand, helping businesses understand regional opportunities, competitive positioning, and expansion potential.

Download Free Sample to learn more about this report.

North America

North America represents one of the most established regions in the Dehydrated Alfalfa Market, supported by large-scale alfalfa cultivation and advanced livestock farming infrastructure. The United States alone cultivates more than 15 million acres of alfalfa, producing over 48 million tons annually, making it one of the largest forage producers globally. Approximately 7–9% of the harvested alfalfa is processed into dehydrated products such as pellets and compressed bales. Dairy farming plays a major role in regional demand, with the United States maintaining more than 9.4 million dairy cows and Canada contributing nearly 1 million dairy cattle, creating strong demand for high-protein forage feed. Dehydrated alfalfa pellets containing 16–22% protein are widely used in feed rations, helping improve milk productivity by 8–12% in commercial dairy operations. Large dehydration facilities in North America operate with processing capacities between 500 and 1,200 tons of fresh alfalfa per day, ensuring continuous supply for domestic livestock farms and export markets. North America accounts for nearly 39% of global dehydrated alfalfa production, supported by modern drying technologies, efficient irrigation systems, and extensive feed supply chains.

Europe

Europe holds approximately 27% of the global Dehydrated Alfalfa Market share, with countries such as Spain, France, and Italy serving as major production hubs. Spain is one of the leading exporters of dehydrated alfalfa, producing more than 1.5 million tons annually and exporting over 900,000 tons to international markets each year. France cultivates more than 700,000 hectares of alfalfa, while Italy maintains strong demand from dairy farms producing premium milk and cheese products. European dehydration plants operate advanced drying systems capable of processing 300–800 tons of fresh alfalfa daily, ensuring consistent feed quality with moisture levels below 12%. Livestock farming in Europe includes over 76 million cattle and 60 million sheep, creating stable demand for nutrient-rich forage products. Pelletized alfalfa feed represents nearly 60% of dehydrated alfalfa consumption in Europe, as pellets reduce feed waste by 15–20% and improve storage efficiency by 30% compared with loose hay. Export demand from Europe continues to grow, particularly from Asia and the Middle East, where dehydrated alfalfa is used to supplement livestock diets in regions with limited forage production.

Asia-Pacific

Asia-Pacific accounts for roughly 22% of global dehydrated alfalfa consumption, driven by expanding livestock farming and increasing dairy production across countries such as China, Japan, South Korea, and India. China maintains a dairy cattle population exceeding 6 million animals, while annual milk consumption in the country has increased by more than 15% over the past decade. The region imports large quantities of dehydrated forage due to limited agricultural land available for alfalfa cultivation. Asia-Pacific imports more than 1.2 million tons of dehydrated alfalfa annually, with pelletized feed representing nearly 70% of imported volumes due to higher storage efficiency and longer shelf life exceeding 12 months. Japan and South Korea rely heavily on imported forage feed, as domestic alfalfa production accounts for less than 30% of local feed requirements. In addition, the livestock sector in Asia-Pacific includes more than 400 million cattle and buffalo, creating significant demand for high-protein feed supplements. Dehydrated alfalfa pellets are increasingly used in dairy farms with herd sizes exceeding 300–600 cattle, helping improve feed digestibility by 12–15% and supporting higher milk production efficiency.

Middle East & Africa

The Middle East & Africa region represents nearly 12% of the Dehydrated Alfalfa Market, primarily driven by import demand from countries with limited agricultural resources and harsh climatic conditions. Gulf countries such as Saudi Arabia, the United Arab Emirates, and Qatar import large volumes of forage feed due to restricted water availability and limited domestic forage cultivation. The Middle East imports more than 3 million tons of forage annually, with dehydrated alfalfa accounting for approximately 18–20% of total forage imports. Dairy farming in the region includes more than 5 million cattle, while camel populations exceed 35 million animals across the Middle East and North Africa, creating demand for nutrient-rich feed products. Dehydrated alfalfa pellets containing 16–20% protein are widely used in camel and dairy cattle diets, improving milk productivity by 6–9% in commercial farms. Modern livestock farms in the region store pelletized alfalfa for periods exceeding 12–18 months, ensuring feed security during periods of limited forage availability. Africa also shows increasing adoption of dehydrated alfalfa feed in commercial livestock operations, particularly in countries where livestock populations exceed 200 million cattle and small ruminants combined, creating long-term demand for imported forage products.

List of Top Dehydrated Alfalfa Companies

• Luzeal
• Alfeed
• Nafosa
• Agroquivir
• Ansó Alfalfas
• Grupo Enhol
• Gruppo Carli
• Pr.E.D.
• AJD Agro
• INAMOSA
• AGROINTERURB
• Forte
• LaBudde Group
• Summit Forage Products
• ARCO Dehydrating

Luzeal: holds approximately 11% of the global Dehydrated Alfalfa Market share, operating multiple dehydration facilities that process more than 500,000 tons of alfalfa annually and exporting products to over 35 international livestock feed markets.

Gruppo Carli: accounts for nearly 9% of global market share, producing more than 400,000 tons of dehydrated alfalfa products each year and supplying forage feed solutions to livestock farms in over 40 countries worldwide.

Investment Analysis and Opportunities

The Dehydrated Alfalfa Market Investment Analysis highlights strong investment activity in dehydration infrastructure and livestock nutrition technologies. Over the past decade, more than 150 new dehydration plants have been established globally, with processing capacities ranging from 200 to 1,000 tons of fresh alfalfa per day. Industrial dehydration plants require land areas of 5–12 hectares, including drying units, pellet mills, and storage facilities capable of holding 20,000–40,000 tons of forage inventory. Investments in biomass-powered dehydration plants have increased significantly, reducing fossil fuel consumption by 20–25%. Approximately 35% of modern dehydration facilities now use biomass or agricultural residues as alternative energy sources. Advanced pelletizing equipment capable of producing 15–40 tons of pellets per hour has improved production efficiency by 18–22%.

Export-oriented investment opportunities are expanding as global forage trade surpasses 9 million tons annually. Countries with strong alfalfa production capacity such as Spain, the United States, and France have increased export shipments by 12–16% over the past five years. Strategic investments in automated packaging systems have reduced logistics costs by 14–17%, enabling efficient containerized shipments to Asia and the Middle East. Livestock nutrition research has also received increasing investment. Feed manufacturers have introduced fortified dehydrated alfalfa products containing 2–3% additional mineral supplements, improving livestock productivity by 6–9%. With global dairy herd populations exceeding 270 million cattle, the Dehydrated Alfalfa Market Opportunities remain closely linked to livestock expansion and feed innovation.

New Product Development

New product development within the Dehydrated Alfalfa Market Research Report focuses on improving nutritional consistency, storage efficiency, and feed digestibility. Modern pelletized alfalfa products now include controlled moisture levels below 10%, reducing microbial growth risk by 30–35%. Advanced pellet processing technology compresses forage density to 650–700 kg per cubic meter, enabling transportation efficiency improvements of 40% compared with loose hay. Feed manufacturers are developing fortified alfalfa pellets enriched with additional minerals such as calcium and magnesium. Mineral-enriched pellets contain approximately 1.6–1.8% calcium and 0.3–0.4% magnesium, supporting improved bone health in dairy cattle and horses. These fortified feeds have demonstrated 7–10% improvements in livestock growth performance during feeding trials.

Another innovation involves micro-pellet alfalfa feed designed for small ruminants and young livestock. Micro pellets measuring 3–4 mm diameter improve digestibility by 12–15%, while reducing feed wastage by 18% in sheep and goat farming operations. Additionally, dehydration plants are integrating real-time moisture sensors that monitor moisture levels with ±1% accuracy, reducing product variability during large-scale production runs. Organic dehydrated alfalfa products represent another area of innovation. Certified organic forage cultivation expanded by 28% globally between 2020 and 2024, enabling the production of premium organic alfalfa pellets used in specialized livestock diets. Organic pellets maintain protein concentrations above 18%, making them highly attractive for organic dairy farms.

Five Recent Developments

• In 2023, a major dehydration facility in Spain expanded processing capacity by 320 tons per day, increasing annual dehydrated alfalfa output by 95,000 tons.
• In 2024, a European forage manufacturer introduced automated pelletizing equipment producing 35 tons per hour, improving production efficiency by 21%.
• In 2024, a U.S. dehydration plant adopted biomass-powered dryers, reducing fossil fuel consumption by 24% and lowering processing emissions by 18%.
• In 2025, a livestock feed company launched fortified alfalfa pellets containing 2% additional mineral supplements, improving livestock weight gain performance by 8%.
• In 2025, an international forage exporter expanded storage infrastructure capable of storing 40,000 tons of dehydrated alfalfa pellets, supporting export shipments to over 25 countries.

Report Coverage of Dehydrated Alfalfa Market

The Dehydrated Alfalfa Market Report provides comprehensive insights into production, consumption, trade, and technological advancements across the global forage industry. The report analyzes more than 30 major dehydrated alfalfa processing regions, covering cultivation areas exceeding 30 million hectares worldwide. It evaluates livestock feed demand across cattle, sheep, horses, and camel farming sectors, collectively representing over 2.8 billion livestock animals globally. The Dehydrated Alfalfa Industry Report includes detailed segmentation analysis covering product types such as dehydrated alfalfa pellets and dehydrated alfalfa bales. It also evaluates application sectors including dairy cow feed, beef cattle feed, sheep feed, horse nutrition, and camel feed. Production efficiency, feed digestibility, and nutrient composition metrics are examined, including protein levels between 16% and 22%, fiber levels between 25% and 30%, and moisture levels below 12%.

Regional coverage includes North America, Europe, Asia-Pacific, and the Middle East & Africa, analyzing livestock populations, forage trade flows, and dehydration infrastructure. The report also reviews technological advancements in dehydration systems, pelletizing equipment, and automated moisture monitoring technologies that improve feed quality and storage stability. Additionally, the report evaluates investment activity across dehydration facilities, feed processing plants, and export logistics networks supporting global forage trade exceeding 9 million tons annually. It also examines industry trends including pellet feed adoption rates exceeding 60% of dehydrated alfalfa usage, increasing organic forage production by 28%, and technological improvements reducing processing energy consumption by 17–25%.