May 18, 2024

Growth Accelerated by Increasing Adoption of Precision Livestock Farming Technologies

 

Livestock monitoring involves tracking key parameters of animals such as health, growth performance, and behavioral patterns. It involves using technologies such as RFID tags, sensors, cameras and others, which help farmers and breeders in gaining insights to enhance productivity, protect animal welfare and minimize livestock farming costs. Rising demand for protein-rich animal food products is propelling the adoption of precision livestock farming techniques.

The global Livestock Monitoring Market is estimated to be valued at US$ 5.2 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of precision livestock farming is one of the key trends driving the growth of the livestock monitoring market. Precision livestock farming utilizes automated systems like robotic milking systems, precision feeding systems, real time locating systems and others to track livestock activities and behaviour and help optimize farm operations. These technologies help farmers gain critical insights about health stats, estrus detection, calving prediction and more. This allows farmers to maximize productivity while also improving herd welfare. Adoption of precision farming techniques has been on the rise as they help boost production efficiency and reduce production costs for farmers over the long term.

Segment Analysis
The global livestock monitoring market is dominated by the cattle segment. Around 60% of the market share is accounted by cattle monitoring solutions. Cattle rearing is a major agricultural activity worldwide and there is a rising demand for technologically advanced monitoring systems to track cattle movement, health, milk production, etc. This makes cattle the largest sub-segment in the livestock monitoring market.

Key Takeaways
The global livestock monitoring market is expected to witness high growth over the forecast period of 2023 to 2030. The global Livestock Monitoring Market is estimated to be valued at US$ 5.2 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.

Regional analysis – North America is currently the largest as well as the fastest growing regional market for livestock monitoring. The region accounts for over 35% share of the global market due to rapid adoption of advanced livestock monitoring technologies by cattle farmers in the US and Canada.

Key players related content comprises – Key players operating in the livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., and Sensaphone. DeLaval Inc. is currently the leading player with over 20% market share due to its comprehensive portfolio of real-time monitoring solutions for cattle, hogs, and other livestock.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it