Livestock Monitoring Market

Global Livestock Monitoring Market

Livestock Monitoring Market- By Offering, Livestock Type, Application and Region;

Market Synopsis:

Global Livestock Monitoring Market is valued at USD 1468.55 Million in the year 2022 and is projected to reach a value of USD 3264.28 Million by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 10.50% over the forecast period.

The Livestock Monitoring Market is witnessing growth due to the increasing focus on real-time monitoring and early detection of disease, increasing demand for meat globally and the cost-saving accomplished by the adoption of Livestock Monitoring solutions, and the increasing adoption of IoT and AI for livestock monitoring. Moreover, the rising numbers of dairy farms and the incidences of zoonotic diseases among livestock are the other major factors driving the growth of the market during the forecast period. Moreover, the requirement for remote monitoring of livestock, and the increasing labor costs, and labor shortages on farms are likely to drive the growth of Livestock Monitoring software in years to come.

Additionally, the adoption of innovative sensing technologies decreases the cost incurred for Livestock Monitoring during the forecast period. These technologies not only help farmers in assembling real-time data related to animals’ health and general behavior, including their feeding behavior, food and water quality, biosecurity, hygiene levels, etc., but also support in recognizing, tracking, and tracing the animals accurately which is expected to fuel the growth of the market in the upcoming future. Wide animal-derived food production and an upsurge in the Research & Development investments and animal health management in developed economies have led to higher productivity which boosts the demand for Livestock Monitoring Market during the forecast period. Encouragement from government animal welfare organizations is also enhancing the Livestock Monitoring Market growth during the forecast period. Furthermore, government subsidies and modifications are expected to propel market growth. In addition, growing awareness concerning animal nutrition, milk harvesting, genetic breeding, and animal health is anticipated to encourage the acceptance of Livestock Monitoring systems in the coming future.

Market Segmentation:

The Livestock Monitoring Market is segmented on the basis of offering, livestock type, and application. On the basis of offerings, the market is segmented as Hardware, Software, and Services. Based on type, the market is segmented as Cattle, Poultry, Swine, Equine, others. Based on application, the market is segmented as Milk Harvesting Management, Heat Detection Monitoring, Feeding Management, Heat Stress Management, Health Monitoring Management, and Sorting and Weighing Management.

The hardware segment is projected to hold the largest market share during the forecast period

Based on offering, the hardware segment is anticipated to grow at the highest rate during the forecast period. The growth of this segment is attributed to, the rising adoption of hardware devices like sensors, smart tags, GPS devices, and camera-based systems. Moreover, the rising adoption of Livestock Monitoring solutions on large farms is projected to generate a global increase in demand for hardware components.

Feeding management is expected to grow at the highest CAGR during the forecast period.

Based on application, the feeding management segment is expected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The advanced feeding management solution helps in updating diets regularly along with formulating and ensuring the supply of adequate nutrition in order to avoid overfeeding and fluctuations in milk production. Moreover, the increasing accessibility of liquid and dry feeding systems is a major factor driving the growth of this segment in the coming years.

North America is accounted to hold the largest market share during the forecast period

North America is estimated to hold the largest share of the Livestock Monitoring Market during the forecast period. The growth of North America is attributed to high technological developments and the rising expenditure on adopting agricultural solutions in developed countries like the United States, and Canada. The demand for animal products from North America globally is likely to continue to increase if consumer income increases and trade barriers are reduced.

Asia Pacific is estimated to grow at the highest CAGR during the forecast period

Asia Pacific is estimated to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The interstate livestock exchange regulations and government mandates are predicted to lead to most regional Livestock Monitoring growth. The growth of the Livestock Monitoring Market is attributed to the growing adoption of advanced Livestock Monitoring systems in China and Southeast countries. The rapidly growing population in emerging countries such as India and China and the successive increase in demand for meat and dairy products are expected to fuel the adoption of Livestock Monitoring solutions in the coming years.

Competitive Landscape:

The Livestock Monitoring Market is fragmented in nature due to the presence of the major key players in the market. Some of the major key players in the market are Allflex Livestock Intelligence (Subsidiary of MSD Animal Health) (US), DeLaval (Sweden), Afimilk Ltd. (Israel), Nedap N.V. (Netherlands), BouMatic (US), ENGS Systems (Israel), CowManager B.V. (Netherlands), Dairymaster (Ireland), HerdInsights (Subsidiary of Datamars) (Ireland), Zoetis (US) and others.

Segmentation of the Global Livestock Monitoring Market: