The global livestock monitoring market size is expected to reach USD 8.53 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.56% from 2024 to 2030. The market growth can be attributed to the increased focus on livestock monitoring, along with disease detection. Furthermore, the prevalence of zoonotic diseases among livestock, rising adoption of IoT and AI by dairy farmers, increasing number of dairy farms, and significant cost-saving due to livestock monitoring management are some of the major drivers of the market.
Extensive animal-derived food production and an increase in the investments in R&D and animal health management in developed economies have led to higher productivity. Encouragement from government animal welfare organizations is also boosting the market growth. Further, government funding and reforms are expected to propel market growth shortly. In addition, increasing awareness regarding animal nutrition, genetic breeding, milk harvesting, and animal health is expected to promote the adoption of livestock monitoring systems.
There is an increased demand for animal products, and thus several countries are focusing on livestock rearing. This has led to an increase in the livestock population. In addition, the prevalence of zoonotic diseases is further fueling the growth of the market. This is because these disease outbreaks in the livestock 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 livestock owners.
Gather more insights about the market drivers, restrains and growth of the Global Livestock Monitoring Market
The COVID-19 pandemic has triggered an unexpected crisis in the general agricultural processing industries and the processing of dairy products. The onset of the pandemic has caused tremendous economic losses to the beef, pork, poultry, and dairy industries worldwide. As the COVID-19 virus spread across the globe, several industries evaluated its impact on their businesses. Given the increased demand for goods as consumers stock up for possible quarantines or restrict their visits to the grocery store, companies faced challenges to cope with the increasing demand and protect the supply chain. However, with the improving situations, the market is expected to witness growth in the coming years.
Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansion to gain an edge over the competition. For instance, in February 2021, Fancom announced an enhanced version of the light control for Lumina 38H and 36/38 poultry computers. In February 2021, MSD Animal Health announced the acquisition of PrognostiX Poultry Limited, a provider of health and environmental monitoring solutions for the poultry business, which expanded its product portfolio.
Livestock Monitoring Market Report Highlights
· The software component segment is expected to register the fastest growth rate over the forecast period. This is because the software has promoted interoperability between different data management systems and ultimately added value for customers.
· The milking management segment dominated the market with a share of over 24.3% in 2023.
· Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market in 2023 with a revenue share of over 28.5%.
· Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to the high potential and rapidly growing markets of India, Japan, and China in this region.
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Livestock Monitoring Market Segmentation
Grand View Research has segmented the global livestock monitoring market report based on animal, solution, application, sector, and region:
Livestock Monitoring Animal Outlook (Revenue, USD Million, 2018 - 2030)
· Bovine
· Poultry
· Swine
· Other Animals
Livestock Monitoring Solution Outlook (Revenue, USD Million, 2018 - 2030)
· Hardware
o Sensors
o GPS/RFID
o Other Hardware
· Software
o On-premise
o Cloud
· Services
Livestock Monitoring Application Outlook (Revenue, USD Million, 2018 - 2030)
· Milking Management
· Breeding Management
· Feeding Management
· Health Monitoring
· Behavioral Monitoring
· Other Applications
Livestock Monitoring Sector Outlook (Revenue, USD Million, 2018 - 2030)
· Dairy
· Meat
· Other Sectors
Livestock Monitoring Regional Outlook (Revenue, USD Million, 2018 - 2030)
· North America
o U.S.
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Italy
o Spain
o Denmark
o Sweden
· Asia Pacific
o Japan
o India
o China
o South Korea
o Australia
o Thailand
· Latin America
o Brazil
o Argentina
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o UAE
o Kuwait
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