The global livestock monitoring market size is expected to reach USD 19.37 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.63% from 2022 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.
Livestock Monitoring Market Report Highlights
- The cattle animal type segment held the largest revenue share in 2021 owing to the rising demand for beef and dairy products
- 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 feeding management application segment accounted for the largest revenue share of over 25.0% in 2021. This can be attributed to the high demand for feeding management to monitor the food intake of the animal
- Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market in 2021 with a revenue share of over 30.0%
- 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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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.
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.
Livestock Monitoring Market Insights By Geographical Regions
North America held the largest revenue share of over 30.0% due to the progressive technological developments, coupled with the increased internet penetration in these regions. The prevalence of zoonotic diseases has fueled the demand for technology to monitor sick animals, which is anticipated to drive the North American market. Asia Pacific is expected to witness lucrative growth over the forecast period. Increasing disposable income, changing dietary patterns, growing population, and rapid urbanization in the Asia Pacific region have led to an increase in the consumption of food obtained from animal sources.
Industry Share Insights By Major Companies
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. Key players are involved in research and development activities to produce efficient livestock monitors. 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
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Livestock Monitoring Market Segmentation
Grand View Research has segmented the global livestock monitoring market on the basis of animal type, component, application, and region:
- Livestock Monitoring Animal Type Outlook (Revenue, USD Million, 2017 – 2030)
- Livestock Monitoring Component Outlook (Revenue, USD Million, 2017 – 2030)
- Livestock Monitoring Application Outlook (Revenue, USD Million, 2017 – 2030)
- Livestock Monitoring Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Livestock Monitoring Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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