Published Date : 19 Jan 2023
The global livestock monitoring market size is expected to hit around USD 23.35 billion by 2032 from USD 6.43 billion in 2022 with a CAGR of 15.40% from 2023 to 2032.
Today, technology is being used in livestock monitoring to raise the productivity and profitability of livestock production. Instead of relying entirely on the perception of farmers, on-site tracking sensors offer information on the whereabouts and physical state of the animals. Hardware sensors assist farmers in monitoring the general health of animals, including reproduction, feeding habits, and hygiene.
With the use of connected sensors and wearable technology, farmers can be warned when an illness is just beginning by keeping an eye on their heart rate, blood pressure, digestion, respiration rate, temperature, and other physical vitals. Owners of animals would find it simpler to increase agricultural efficiencies thanks to IoT technologies. The production of livestock will probably undergo a significant transformation because to intelligent IoT sensors.
Livestock Monitoring Market Report Scope
|Market Size in 2023||USD 6.43 Billion|
|Market Size by 2032||USD 23.35 Billion|
|Growth Rate from 2023 to 2032||CAGR of 15.40%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Component, By Animal Type, By Application and By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Due to its advanced technology advancements and higher internet penetration, North America maintained the greatest revenue share of about 29.8% percent in 2021. It is projected that the North American market would be driven by the high occurrence of zoonotic illnesses, which has pushed the desire for technology to track sick animals.
Over the forecast period, a sizable share is anticipated for the European market. Due to the exponential growth of meat and dairy products, European nations, primarily France, the United Kingdom, and Italy, are expanding significantly.
During the anticipated period, Asia Pacific is anticipated to see profitable growth. In the Asia Pacific region, there has been a rise in the consumption of food derived from animal sources as a result of rising disposable income, evolving dietary habits, expanding populations, and quick urbanisation. Additionally, the region has regularly produced profits in the world's cattle production since the 1900s, and it is projected that this trend will continue during the period of forecasting.
Farmers are now able to identify infections in animals as soon as possible and take the appropriate measures thanks to advancements in sensor technology. Utilizing cutting-edge sensing technologies lowers the expense associated with monitoring cattle. These technologies assist farmers in obtaining reliable identification, tracking, and tracing information about the animals as well as real-time data about the health and general behaviour of the animals, such as feeding habits, nutrition and quality of water, levels of hygiene, etc.
Animals with sensors and smart tags affixed give farmers with real-time data that they can use to make preventative and remedial decisions. The demand for sophisticated monitoring systems for livestock has increased as a result of the affordable accessibility of smart sensors devices and tags.
The primary barrier to market expansion is the massive price of solutions for livestock monitoring. The setup and maintenance expenses for livestock monitoring solutions including monitoring and sensing equipment and herd management software are significant.
Additionally, farmers must spend a lot of money on automation and control devices, distribution waggons, RFID or GPS-based systems, and robotic equipment, all of which have substantial installation and maintenance costs, making them expensive for smaller farmers. Similar to this, the adoption of different poultry automation systems in poultry farms, which are mostly unstructured small or medium-sized farms, might affect the returns of poultry farmers because expenditures associated with the utilisation of sophisticated technology in poultry farming are relatively costly.
The implementation and adoption of livestock monitoring methods require significant upfront costs, effective farming equipment, and knowledgeable farmers. However, technological improvements are anticipated to bring down the cost of livestock monitoring and management solutions in the upcoming years, which would in turn spur an increase in demand for sophisticated livestock monitoring solutions.
In order to meet the rising demand for meat and dairy products brought on by the rapid increase in world population, there has been a major increase in the number of dairy, poultry, and swine farms internationally in recent years. The rising number of dairy cows needed to meet the rising demand for dairy products like butter, cheese, curd, and yoghurt around the world is largely to blame for the rising demand for livestock monitoring technologies.
Also, more swine and poultry farms have emerged as a result of an increase in meat consumption around the world. It gets more challenging to manually identify and manage the herd as dairy farms grow in size. As a result, the market for livestock monitoring has room to grow as livestock farms have larger herd sizes. By implementing high-tech systems in sizable farms to accomplish yield optimization and economies of scale, livestock farms can be made more productive.
Livestock production potentially has a negative impact on the environment and leaves a large environmental footprint. Around 14 to 15 percent of the greenhouse gas emissions caused by human activity that cause global warming are a result of livestock raising. The nitrogen cycle can be severely disrupted or streams can get contaminated by animal dung. Deforestation, acid rain, coral reef deterioration, biodiversity loss, and land and water pollution are all caused by it.
Approximately 10% of the world's arable land and 8% of the freshwater supply are already used by the livestock industry. Additionally, it is substantially to blame for deforestation, biodiversity loss, and 15% of the world's CO2 emissions. By 2030, the environment is probably going to be under additional strain due to the rising demand for animal products. In addition, because chicken meat is cheaper and has a smaller environmental impact than other meats, demand for it has increased recently.
In June 2021, LIC (Livestock Improvement Corporation) Automation Ltd., a New Zealand-based company that provides integrated herd management systems and sensors for milk testing, announced its intention to buy the assets of MSD Animal Health. With this acquisition, MSD Animal Health hopes to broaden the range of products it offers for the welfare of animals.
For their Gemini milking robot, BouMatic introduced the OneView management system in December 2020. OneView gives consumers quick access to the robot and a performance summary for the robot, herd, and cow.
DeLaval announced in July 2020 that it had purchased milkrite | InterPuls (UK) from Avon Rubber. Providing comprehensive milking point solutions to dairy farmers worldwide, milkrite | InterPuls is a market leader and would function independently within the DeLaval business.
Major Key Players
By Animal Type
By End User
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2155
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org| +1 9197 992 333