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. However, high cost of livestock monitoring solutions and dearth of skills and limited understanding of technology among farmers are likely to hinder the market growth.
The market for hardware to account for the largest share during the forecast period
Growing use of hardware devices such as smart tags, sensors, camera-based systems, and GPS devices in livestock farms is a major 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.
The market for feeding management is estimated to register the highest CAGR between 2022 and 2030 in livestock monitoring market
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.
The market for cattle to account for the largest share during the forecast period
Many market players offer tracking and monitoring solutions exclusively for cattle. Solutions such as RFID tracking devices help farmers track cattle on a regular basis. In recent years, there has been an increasing adoption of GPS-based systems due to their ability to provide real-time visibility for each animal. These systems not only help farmers accurately locate individual animals but also provide alerts in case of behavioral changes that may be a sign of injury or illness. Many governments globally imposed stringent regulations for the compulsory tagging of cattle, thereby driving the market growth for cattle. Moreover, the increased adoption of livestock monitoring solutions that facilitate automatic data capture is also expected to drive the market growth for the livestock monitoring market for cattle.
Livestock monitoring market in the Asia Pacific region is expected to witness a robust growth during 2022–2030
Livestock monitoring market in Asia Pacific is expected to register 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.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 50 %, Tier 2 – 30%, and Tier 3 –20%
- By Designation: C-level Executives – 35%, Directors– 30% and Others – 35%
- By Region: North America– 40%, Europe – 25%, Asia Pacific – 30%, and Rest of the World – 5%
The major players in the livestock monitoring 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), and Zoetis (US).
The report segments the livestock monitoring market and forecasts its size, by value, based on region, offering, livestock type, and application. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to offering, livestock type, application and region
- An in-depth value chain analysis has been done to provide deep insight into the livestock monitoring market.
- Major market drivers, restraints, opportunities, and challenges have been detailed in this report.
- The report includes an in-depth analysis and ranking of key players.