Livestock Monitoring Market was estimated at USD 1,450 million in 2021 and is expected to reach USD 3,415 million in 2029, expanding at a CAGR of 11.3% over the forecast period 2022-2029 attributed to rapid increase in cattle population and growing meat production worldwide.
Key Livestock Monitoring Market Drivers
Livestock monitoring market is majorly driven by growing consumption of meat around the world, rising focus of early-disease detection, incidences of zoonotic diseases, increasing livestock population and concerns related to food security. Meat has become one of the most widely consumed food items worldwide as it is rich in proteins, and provides essential nutrients such as iron, zinc and B vitamins. According to OECD-FAO Agriculture Outlook, the global consumption of meat proteins is estimated to rise by 14% by 2030 as compared to average base period of base period average of 2018-2020 attributed to increasing per capita incomes and population growth rates. As the consumption of meat product increases, farmers will require livestock monitoring solutions like GPS trackers, and remote monitoring systems to track health to track animal's health, behaviour and location in real-time, which in turn will create lucrative growth opportunities for livestock monitoring market.
Request For a FREE Sample Report on Livestock monitoring market
Livestock monitoring has become an essential part of agriculture, especially in livestock farming. Advancements in sensor technology, is one of the major factors, which is boosting the demand for different livestock monitoring system. Advancements in sensing technologies have enabled farmers to gain critical information about animal's feeding behaviour, general hygiene and also identifying and tracking animals accurately. Accessibility to smart tags and sensors at reasonable prices, is accelerating the demand for advanced livestock health monitoring systems globally. However, through livestock farming, a significant amount of man-made greenhouse gasses are released in the air, thus contributing to global warming. Livestock farming further contributes to deforestation and losses in biodiversity, thus adding more pressure on natural resources, which is creating challenges for the global livestock market.
Based on Offering, Hardware segment is forecast to hold the largest market share.
Growing demand for cost-effective livestock monitoring system, advancements in the field of sensor technologies, rapid increase in average herd size and growing number of livestock farms, are some of the factors supplementing the segment's growth.
Based on Type, Cattle segment is expected to dominate the market.
GPS-based systems are gaining traction in the livestock monitoring market as it allows farmers to track individual animals accurately and sends alerts instantly if it sees any change in animal's behaviour which can be illness or any injury. Additionally, governments in various countries have made tagging of cattle mandatory in many countries, which is projected to have a positive impact on segment's growth.
Based on Region, North American region is projected to lead the market.
North American livestock monitoring market is propelled by high internet penetration in United States and Canada, growing prevalence of zoonotic diseases and advancements in livestock monitoring systems. Asia-Pacific livestock monitoring market is driven by increasing urbanization, growing disposable incomes of consumers, changes in dietary patterns and rising population growth rates.
Top Market Players
Some of the leading players operating in the livestock monitoring market are BouMatic, Merck & Co. Inc., DAIRYMASTER, Lely, GEA Group Aktiengesellschaft, DeLaval Inc., Afimilk Ltd., Fancom BV, and Fullwood Packo, among others.
- In May 2021, Waikato Milking Systems, a major manufacturer of dairy technology, based out of New Zealand announced that it has partnered with Nedap to launch 2 new products namely, CowTraQ system and TracHQ platform. These systems will help in automating daily task and will help farmers to make informed decisions.
- In August 2021, Merck & Co. Inc, acquired IdentiGen Ltd, a leading DNA-based animal traceability solution provider for Livestock based in Ireland, to offer evidence-based animal traceability solution to its customers.
Market SegmentationSegmentation by Offeringo Hardwareo Softwareo Services
Segmentation by Livestock Typeo Cattleo Poultryo Swineo Equineo Others
Segmentation by Farm Sizeo Small Farmso Med-sized Farmso Large Farms
Segmentation by Applicationo Milk Harvesting Managemento Breeding Managemento Feeding Managemento Heat Stress Managemento Animal Comfort Managemento Behaviour Monitoring & Controlo Others
Segmentation by Vehicle Typeo Passenger Carso Light Commercial Vehicles (LCVs)o Heavy Commercial Vehicles (HCVs)
Segmentation by Applicationo Powertraino Chassiso Exhausto Safety & Controlo Body Electronicso Telematicso Others
Segmentation by Region• Asia Pacifico China o Japano Indiao Rest of APAC• North Americao United States of Americao Canada• Europeo United Kingdomo Germanyo Franceo Spaino Rest of Europe• RoWo Brazilo South Africao Saudi Arabiao UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Tags: Livestock Monitoring Market, livestock health monitoring, Livestock Monitoring System, Livestock Monitoring
See Campaign: https://www.gmiresearch.com/report/livestock-monitoring-market-analysis-industry-research/
Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: email@example.com Phone: Europe - +353 1 442 8820; US - +1 860 881 2270 Address: Dublin, Ireland Website: https://www.gmiresearch.com/
, Extended Distribution
, iCN Internal Distribution
, Research Newswire