The Livestock Monitoring Market is estimated to be valued at US$ 6.13 Bn or Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Livestock monitoring involves tracking livestock with the help of sensors and sensors-enabled devices that monitor various parameters of animals like temperature, location, activity levels etc. Precision livestock farming practices use monitoring technology to efficiently manage livestock production. These practices aid in improving animal welfare, ensuring optimal productivity and reducing environmental impact of livestock farming operations. Livestock rearing continues to be a significant source of livelihood globally, especially for smallholder farmers.
Market Dynamics:
Rising demand for meat and dairy products is a key driver propelling the livestock monitoring market growth. As populations and incomes grow globally, demand for animal protein sources like meat and dairy is increasing substantially. This is augmenting the need for efficient livestock monitoring solutions to optimize production. Additionally, growing awareness about animal welfare among consumers is also fueling adoption of livestock monitoring systems as they help prevent disease outbreaks and improve herd health through constant monitoring. Moreover, technological advances in sensors, IoT, and data analytics are making livestock monitoring more affordable and accessible, especially for smallholder farmers in developing regions.
Segment Analysis
The Global Livestock Monitoring Market Size can be segmented by species as cattle, poultry, swine, and equine. The cattle segment is dominating the market currently with largest livestock population globally. Cattle rearing requires monitoring of health, reproduction, nutrition, etc. and automated livestock monitoring solutions help in efficient management of large cattle heads.
PEST Analysis
Political: Government policies and regulations supporting precision farming and adoption of advanced livestock monitoring technologies are promoting market growth.
Economic: Rising demand for protein-rich animal-derived food products is driving commercial livestock farming which adopts monitoring solutions for higher productivity and profitability.
Social: Concerns over animal welfare and need for optimized livestock management are influencing farmers to use monitoring systems for cattle health tracking and improved care.
Technological: Advances in sensors, IoT, data analytics are enabling development of more automated solutions for livestock parameters monitoring in real-time.
Key Takeaways
The global livestock monitoring market is expected to witness high growth at a CAGR of 17% over the forecast period, due to increasing adoption of advanced livestock monitoring solutions in cattle farming worldwide.
Regional analysis: The North America region currently dominates the market owing to presence of large cattle farms and technological advancements in the US and Canada. However, Asia Pacific region is projected to witness fastest growth in the forecast period supported by rising meat consumption in China and India coupled with government initiatives for digitization of agriculture.
Key players operating in the livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. DeLaval is the global leader with wide range of solutions for cattle identification, health monitoring, and productivity tracking. Whereas, BouMatic provides dairy farm management systems and Fancom offers sensor-based livestock monitoring devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
