Livestock Monitoring Market Projected to reach $3.7 billion by 2030
The livestock monitoring market is estimated to be worth USD 1.6 billion in 2022 and is projected to reach USD 3.7 billion by 2030, at a CAGR of 11.0% during the forecast period.
Increasing focus on real-time monitoring and early disease
detection, growing adoption of IoT and AI for livestock monitoring, rising
demand for meat globally and cost-saving achieved through the adoption of
livestock monitoring solutions are some of the major factors driving the market
growth.
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Hardware to dominate the livestock monitoring market
during the forecast period
Growing adoption of hardware devices such as smart tags, sensors,
camera-based systems, and GPS devices in livestock farms is a key factor
driving the market growth. The other factors contributing to the market growth
of the hardware market include the increase in average herd size and the number
of livestock farms globally, advancements in sensor technologies, and the need
to achieve cost savings. The growing adoption of livestock monitoring
solutions, especially on large farms, is expected to create a global surge in
demand for hardware components.
Feeding Management to register the highest CAGR during
the forecast period
Advanced feeding management solutions are used to formulate
diet plans and ensure that the nutrients in the feed match the nutrient
requirement of the herd. Advanced feeding management solutions help in
formulating and updating diets regularly to ensure the supply of adequate
nutrients and avoid overfeeding and fluctuations in milk production. The
increasing availability of liquid and dry feeding systems is an important
factor driving the market growth. Growing demand for dairy and meat products
globally and the rising focus of farmers to improve the milk yield are some of
the other factors boosting the market growth for feeding management systems.
Asia Pacific to register the highest growth in the
livestock monitoring market during the forecast period
Livestock monitoring market in Asia Pacific is expected to
register the highest growth during the forecast period. Rapid population growth
in the emerging economies of the region and the subsequent rise in the demand
for meat and dairy products is exerting pressure on the suppliers of livestock
products to become more efficient and productive, thus pushing the sales of
livestock monitoring solutions upward. The growing adoption of advanced
technologies such as AI and IoT for animal monitoring applications is also
expected to drive market growth in this region. Moreover, growing awareness
among farm owners regarding the benefits of using livestock monitoring
solutions and efficient interpretation of data offered by software platforms
and mobile applications are expected to further boost the demand for livestock
monitoring solutions in the Asia Pacific region.
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The report profiles key players such as 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), and Zoetis (US).
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