Livestock Monitoring Market Growth & Trends

The global livestock monitoring market size is expected to reach USD 11.5 billion by 2027 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.9% from 2020 to 2027. An increase in the population of domesticated animals coupled with the farmer’s focus on increasing yield and productivity is the key contributor to market growth.

The key advantages of livestock monitoring such as milk harvesting, feeding management, animal health monitoring, behavior monitoring are anticipated to drive the market. Furthermore, there is an increase in the adoption of IoT and AI by livestock farmers. This is due to an increase in internet penetration and widespread technological advancements.

There is an increased demand for animal products and thus several countries are focusing on rearing of domesticated animals. This has led to an increase in the livestock population. In addition, a prevalence of zoonotic diseases is further fueling the growth of the market. This is because these disease outbreaks in the domesticated animals can be major socioeconomic threats, resulting in production loss and disruption of local markets, rural economy, and international trade factors like these are expected to encourage the adoption of livestock monitoring systems among the owners of domesticated animals.

Livestock Monitoring Market Report Highlights

  • The cattle segment is expected to witness a CAGR of more than 15.0% over the forecast period owing to the rising demand for beef and dairy products
  • The software segment dominated the market with a revenue share of around 38.1% in 2019. This is because software has promoted interoperability between different data management systems and ultimately added value for customers
  • The feeding management segment accounted for the largest revenue share of 27.0% in 2019. This higher share can be attributed to high demand for feeding management to monitor the food intake of the animal
  • Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market as of 2019 with a revenue share of 31.0%
  • However, in Asia Pacific, the market is anticipated to witness the fastest growth rate over the forecast period owing to high potential and rapidly growing markets of India, Japan, China, in this region
  • Industry players are involved in strategies including mergers and acquisitions, collaborative agreements, and geographic expansion to gain an edge over the competition. For instance, in November 2019, DeLaval launched the milking system V310. This would boost the company’s milking equipment and solutions by adding to the VMS product line