July 16, 2024
Ict

The global Livestock Monitoring Market Growth Accelerated by Adoption of Advanced Livestock Monitoring Techniques

Livestock Monitoring involves the use of smartphones, tablets, devices and applications for tracking major livestock parameters such as feeding patterns, estrus detection, health monitoring, milk production, cattle weight and production quantity. Advanced techniques like IoT sensors, RFID tags and Electronic Identification (EID) help farmers remotely monitor cattle activity and take necessary actions. This saves time and effort of farmers while ensuring optimum productivity.

The global livestock monitoring markets estimated to be valued at US$ 5.2 Billion in 2023 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:

Implementation of advanced monitoring techniques like IoT sensors and RFID tags is one of the major trends driving the growth of the Livestock Monitoring Market. IoT sensors attached to livestock continuously monitor vital parameters like temperature, heart rate and movement patterns and send this data to smartphones or computer applications in real-time. This allows farmers to analyze livestock behavior and health status from a remote location. Any suspicious activity or health issues can be identified early. Furthermore, RFID tags eliminate the need for visual identification of animals and help in tasks like herd management and cattle tracking. The real-time monitoring and early problem detection enabled by advanced technologies significantly improve livestock productivity and farm management efficiency.

Segment Analysis

The global livestock monitoring market is dominated by hardware segment which accounted for over 45% share in 2023. Hardware segment comprises sensors, cameras and other monitoring devices that are attached to livestock to monitor their activities and behaviors. The hardware segment is witnessing high demand as they are essential components in livestock monitoring systems. Advancement in technologies has led to development of innovative hardware such as smart tags, cameras and sensors with improved features which is driving their adoption.

Key players

DeLaval Inc., MSD Animal Health, Afimilk Ltd., BouMatic, Sensaphone are some of the key players operating in the livestock monitoring market. DeLaval Inc. offers comprehensive range of livestock monitoring solutions including Lely Welkom monitoring system for cattle farming. MSD Animal Health provides innovative solutions like DogTection to monitor health and behaviors of livestock pets.

Regional analysis

North America accounts for the largest share in global livestock monitoring market and is expected to maintain dominance during the forecast period as well. Presence of advanced livestock farms along with growing adoption of technology driven solutions among farmers in the region are major factors contributing to its leading position. Asia Pacific is poised to witness fastest growth over the coming years. Rapid industrialization of livestock farming in countries such as India and China due to rising meat consumption will drive high demand for livestock monitoring solutions in Asia Pacific.

Key Takeaways

The global livestock monitoring market  is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 17% during the forecast period to reach a size of US$ 15.3 Bn by 2030.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it