Precision Livestock Farming Market worth $4.6 billion by 2024 with a growing CAGR of 9.2%
The report "Precision
Livestock Farming Market by Technology (Milking Robots, Precision Feeding
Systems, Identification & Tracking), Application (Milk Harvesting, Feeding,
Health) Offering (Hardware, Software, Services), and Geography - Global
Forecast to 2024", is estimated to be worth USD 3.0 billion in 2019
and is expected to reach USD 4.6 billion by 2024, at a CAGR of 9.2% from 2019
to 2024.
The rapid growth of the precision livestock farming market
can be attributed to the rising consolidation of livestock farms, increasing
herd size of dairy farms, growing adoption of livestock farming robots and
livestock monitoring devices, and increasing labor cost owing to shortage of
skilled labor. Precision livestock farming technology has the potential to
transform the livestock sector, making traditional livestock farming activities
more efficient and economical.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=29706557
Increasing global demand for dairy products, extended
profitability and high yield, and minimum impact on the environment and climate
change are fueling the growth of the precision livestock farming market. Also,
government initiatives in the form of incentives in many countries are helping
livestock farmers to adopt advanced technological tools to improve yield.
Milking robotics technology expected to hold the largest
market share during the forecast period
The advent of connected and autonomous milking robots on
dairy farms owing to substantial labor cost saving associated with it is a
major reason for the high adoption of milking robots. Milking robots offer
substantial cost advantage over traditional and conventional milking
techniques. Furthermore, traditional techniques are unsuitable for large,
commercial dairy farming operations. A sustained increase in the demand for
high-quality dairy products is expected to increase the adoption of milking
robots across the globe.
Milk harvesting application accounted for the largest
share of precision livestock farming market in 2018
Several factors such as the increasing preference for
automated milk harvesting systems, the focus of farmers toward increasing the
milk yield, and growing demand for dairy products are driving the market
growth. Automated milk harvesting reduces labor cost, increases milking
efficiency, and leads to higher milk yields. Milk harvesting software is also
used to devise and maintain harvesting schedules for each animal. These
benefits of automated milk harvesting systems, coupled with the scarcity of
personnel for milking cows, are the major factors driving the market growth.
The increasing adoption of milking robots on dairy farms across the globe is
expected to propel the growth of the milk harvesting management.
Europe expected to hold the largest share of precision
livestock farming market during the forecast period
Europe is likely to hold the largest share of the precision
livestock farming market between 2019 and 2024 owing to widespread automation
of livestock farms in Western Europe. Increasing herd size, rising labor cost
due to a severe shortage of labor force are the major factors for the high
adoption of livestock technology in this region. Growing replacement of older
milking systems with advanced and sophisticated ones in European countries is
further expected to boost the growth of the market in this region.
Request Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=29706557
Comments
Post a Comment