New York, United States , Aug. 19, 2024 (GLOBE NEWSWIRE) -- The Global Precision Livestock Farming Market Size is Anticipated to Exceed USD 8.76 Billion by 2033, Growing at a CAGR of 8.71% from 2023 to 2033.
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The combined use of sensor technologies, related algorithms, interfaces, and animal husbandry is known as precision livestock farming, or PLF. PLF technology, which has been most extensively addressed in the context of dairy farming, is used in all animal production systems. PLF is developing swiftly, beyond health alarms to become a complete decision-making system. It includes sensor and animal production data in addition to external data. It is yet unknown how the many uses that have been proposed or made commercially available will impact animal welfare, productivity, and health due to only a small percentage of them have undergone scientific review. Furthermore, the production of meat, milk, and eggs by the livestock industry makes a substantial contribution to the worldwide supply of calories and protein, making it an essential part of the global food security equation. Production of meat and milk from ruminants is essential, especially in grazing systems, and sometimes requires the use of land unsuitable for crop development. It is well known that one of the main causes of climate change and a significant contributor to greenhouse gas (GHG) emissions is animal husbandry. Furthermore, automation is becoming more and more in demand in the cattle sector due to higher production, better farm management, and cheaper labor. The application of AI and IoT to livestock regulation has had a significant impact on farm output efficiency. The utilization of big data is one of the most significant innovations in the PLF industry. However, a significant barrier to its broader acceptance. Investing in PLF technology entails large upfront investments, such as buying cutting-edge monitoring equipment, updating the infrastructure to support the new technology, and training staff members on system management.
Browse key industry insights spread across 210 pages with 120 Market data tables and figures & charts from the report on the "Global Precision Livestock Farming Market Size, Share, and COVID-19 Impact Analysis, By Offering (Software, Hardware, and Services), By Technology (Identification & Tracking, Milking Robots, and Precision Feeding Systems), By Application (Milk Harvesting, Livestock Health, Feeding Management & Behavior Monitoring, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is anticipated to hold the greatest share of the global precision livestock farming market during the projected timeframe.
Based on the offering, the global precision livestock farming market is divided into software, hardware, and services. Among these, the hardware segment is anticipated to hold the greatest share of the global precision livestock farming market during the projected timeframe. In modern agriculture, PLF (precise livestock farming) technologies are becoming more and more common. They are frequently paired with other state-of-the-art technology to improve output, run modern farms sustainably and profitably, and strengthen ties between humans and livestock. Large-scale agricultural systems that rely on pastures, as well as targeted farming activities, are always in need of innovative systems.
The milking robots segment is expected to grow at the fastest pace in the global precision livestock farming market during the projected timeframe.
Based on the technology, the global precision livestock farming market is divided into identification & tracking, milking robots, and precision feeding systems. Among these, the milking robots segment is expected to grow at the fastest pace in the global precision livestock farming market during the projected timeframe. Dairy production has been revolutionized globally by milking robots, one of the pioneers of precision animal husbandry advancements. Even as robots take over the milking process, there have been numerous modifications to the management of the entire farm system. Instead of being done at set times, milking can now be done whenever the cow pleases, allowing it to happen throughout the day. Despite this potential, there hasn't been as much thought given to milking robot use around the clock.
The milk harvesting segment is predicted for the largest revenue share in the precision livestock farming market during the estimated period.
Based on the application, the global precision livestock farming market is divided into milk harvesting, livestock health, feeding management & behavior monitoring, and others. Among these, the milk harvesting segment is predicted for the largest revenue share in the precision livestock farming market during the estimated period. Growing farmer emphasis on increasing milk yields and expanding demand for dairy products are projected to drive growth in this market segment. The increased demand from customers for automated milk harvesting systems and the rapid adoption of milking robots by dairy farms will drive growth in the milk harvesting market. This application can help save labor expenses, increase milking efficiency, and preserve individual animal harvesting timetables.
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Europe is expected to hold the largest share of the global precision livestock farming market over the forecast period.
Europe is expected to hold the largest share of the global precision livestock farming market over the forecast period. Europe is at the forefront of the worldwide precision livestock farming industry. The region's leadership is fueled by the application of cutting-edge farming technologies, including automated monitoring systems and precision feeding, which enable efficient and sustainable livestock farming techniques. Furthermore, Europe's significant emphasis on animal health and welfare guarantees the greatest circumstances for cattle, increasing productivity and improving the quality of produce. Furthermore, supportive government policies and regulations that promote the use of precise and sustainable farming practices support the industry's growth and innovation.
North America is predicted to grow at the fastest pace in the global precision livestock farming market during the projected timeframe. The livestock industry in North America has a high adoption rate for sophisticated farming and monitoring practices. Precision feeding systems, livestock identification, monitoring, and tracking systems, as well as milking robots, have become commonplace due to rising labor costs and the growing demand for milk and meat. As a result, there will likely be a significant need for conditioners due to the increased land used immediately for agricultural and population growth. The market for precision livestock farming in the region has developed due to the presence of multiple enterprises and forward-thinking farmers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Precision Livestock Farming Market are Afimilk Agricultural Cooperative Ltd, Aleis Pty Ltd, Allflex USA, BouMatic, Cainthus, Connecterra, Dairymaster, DeLaval Holding AB, Fancom BV, Fullwood Packo SAS, GEA Group, Aktiengesellschaft, HokoFarm-Group, IceRobotics, and Other Key Vendors.
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Recent Developments
- In March 2024, To revolutionize the livestock farming sector, the Ministry of Fisheries, Animal Husbandry, and Dairying, Government of India, introduced a revolutionary program under the National Digital Livestock Mission. The most current development in this project is the Farmers Mobile Application, "1962," which is available for download from the Google Play Store.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Precision Livestock Farming Market based on the below-mentioned segments:
Global Precision Livestock Farming Market, By Offering
- Software
- Hardware
- Services
Global Precision Livestock Farming Market, By Technology
- Identification & Tracking
- Milking Robots
- Precision Feeding Systems
Global Precision Livestock Farming Market, By Application
- Milk Harvesting
- Livestock Health
- Feeding Management
- Behavior Monitoring
- Others
Global Precision Livestock Farming Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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