Livestock monitoring involves using various technologies to track livestock location, health, and productivity. Tools like RFID tags, sensors, and cameras help farmers manage their herds efficiently. Adopting livestock monitoring allows farmers to detect estrus cycles, treat illnesses early, manage grazing patterns, and gain insights into feeding and breeding habits.
The global Livestock Monitoring Market is estimated to be valued at US$ 5.2 Bn in 2024 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 key trends:
One of the major trends driving the livestock monitoring market is the increased adoption of Artificial Intelligence. AI tools are helping farmers gain actionable insights from the wealth of data generated through livestock monitoring solutions. Technologies like computer vision powered by AI and machine learning are being used for automatic cattle identification, estrus detection, and behavior monitoring. AI assists in detecting abnormalities or deviations from normal patterns. It also helps identify health issues at an early stage by analyzing biomarkers and changes in behavior, activity levels or grazing/feeding habits of livestock. This enables farmers to provide timely medical assistance and prevent disease outbreaks. With AI playing a bigger role in livestock management, its increasing usage is expected to significantly spur the demand for automated monitoring solutions over the coming years.
SWOT Analysis
Strength: Livestock Monitoring technologies enable improved productivity and herd management by providing real-time insights about animal health and behaviour. This helps farmers increase their efficiency and profitability.
Weakness: High initial investment cost associated with developing and adopting Livestock Monitoring solutions can be prohibitive for small and medium scale farmers. Technical challenges around network connectivity in remote areas can also hamper full potential of these technologies.
Opportunity: Growing demand for protein rich food coupled with rising global population is driving the need for more efficient livestock production methods. Livestock Monitoring solutions can play a key role in meeting this demand sustainably.
Threats: Data privacy and security concerns around technologies that collect sensitive information about livestock units persist. Lack of standards and interoperability between different solutions poses integration challenges for farmers.
Key Takeaways
The global Livestock Monitoring market is expected to witness high growth over the forecast period owing to increasing focus on precision livestock farming. The global Livestock Monitoring Market is estimated to be valued at US$ 5.2 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
The North American region currently dominates the market due to rapid adoption of advanced livestock management technologies by farmers. Europe is another major regional market for Livestock Monitoring driven by supportive government policies and initiatives promoting sustainable intensification of agriculture. Countries like Germany, France, UK, Netherlands and Spain are key markets in the region.
In the Asia Pacific region, countries like China, India, Australia and New Zealand are emerging as high potential markets. Growing meat consumption, increasing disposable incomes and efforts to boost productivity are fueling demand for Livestock Monitoring technologies. Players are focusing on developing affordable customized solutions for smallholder farmers in developing markets.
Key players operating in the Livestock Monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. These players offer comprehensive hardware and software products and services covering various animal types and farm management needs. Innovation and expansion into emerging markets will be key strategies adopted by players to gain competitive advantage.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
