Livestock Monitoring Industry Overview
The global livestock monitoring market size is expected to reach USD 19.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.99% from 2023 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 RD 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.
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 Segmentation
Grand View Research has segmented the global livestock monitoring market on the basis of animal type, component, application, and region:
Based on the Animal Type, the market is segmented into Cattle, Poultry, Swine, Equine, and Others.
- The cattle segment accounted for the largest revenue share of over 45.0% in 2022 owing to the associated benefits with the usage of cattle livestock monitoring systems. The increase in the consumption of dairy productsand beef is a high-impact rendering driver for the segment.
- The poultry segment is expected to expand at the fastest CAGR of 18.60% during the forecast period. The high consumption of poultry products daily is a major factor contributing to the growth of this segment. The high demand for poultry products and growing consumer awareness regarding quality products have increased the demand for animal health and monitoring.
Based on the Component, the market is segmented into Hardware, Software, and Services.
- The hardware segment dominated the market with a revenue share of over 35.0% in 2022. The use of hardware is anticipated to enhance the productivity of the farming trade and reduce the challenges faced by farmers, thus boosting production.
- The software segment is expected to register the fastest growth rate of 18.28% over the forecast period. The software segment consists of a suite of multiple applications suitable for livestock monitoring, bundled together. These applications have related user interfaces and functions and features. Several companies are incorporating software to ease livestock data collection.
Based on the Application, the market is segmented into Milk Harvesting, Breeding Management, Feeding Management, Animal Health Monitoring Comfort, Heat Stress, Behavior Monitoring, and Other.
- The feeding management segment held the largest revenue share of over 25.0% in 2022. The need for providing continuous access to water and feed and keeping the living areas of animals clean is increasing. Proper feeding and manure handling are vital not only for veterinary health, comfort, and well-being, but also for reducing disease, illness, and parasites.
- The milk harvesting segment is expected to register the fastest CAGR of 18.6% over the forecast period. In a dairy farm, manual milking is very time-consuming and slow. Hence, by implementing auto milking, IoTtackled this issue more effectively, reducing costs and the need for manpower.
Key Companies Market Share Insights
Key players are involved in research and development activities to produce efficient livestock monitors. For instance, in March 2021, GEA launched DairyNet, which is a new herd and farm management solution. It would be accessible for use with the GEA DairyRobot R9500. Furthermore, 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. Some prominent players in the global livestock monitoring market include:
- GEA Group Aktiengesellschaft
- Afimilk Ltd.
- DeLaval
- Sensaphone
- Intervet Inc., a subsidiary of Merck Co. Inc.
- BouMatic
- Dairymaster
- Lely
- Fancom BV
- Fullwood Packo
Order a free sample PDF of the Livestock Monitoring Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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