Redding, California, June 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Livestock Monitoring Market by Offering (Hardware, Software, Services), Animal Type (Cattle, Poultry, Swine, Others), Deployment Mode, Application (Milk Harvesting, Breeding Management, Others), Technology, and Geography - Global Forecasts to 2030’, the livestock monitoring market is projected to reach $3.6 billion by 2030, at a CAGR of 12.1% from 2023 to 2030.
Livestock monitoring systems can track individual animals' or groups' vital signs and health parameters. Sensors can monitor body temperature, heart rate, respiratory rate, and rumination and even detect signs of illness or distress. This allows farmers to identify and address health issues promptly, preventing the spread of diseases and improving overall animal welfare. This monitoring system helps the farmers to keep a check on their farm animals remotely.
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Some of the major factors driving the growth of this market are the increasing adoption of livestock monitoring for early disease detection and the rising number of dairy, poultry and swine farms. In addition, the growing adoption of IoT and AI in livestock monitoring provides opportunities for market growth. However, the high cost of livestock monitoring solutions and the lack of understanding of technology among farmers can restrain market growth.
The livestock monitoring market is segmented by offering (hardware (tags & collars, implants, and other hardware), software, and services), animal type (cattle, poultry, swine, equine, and other animal types), deployment mode (on-premise and cloud-based deployments), application (milk harvesting, breeding management, feeding management, animal health monitoring & comfort, heat stress, behavior monitoring, and other applications), technology (IoT, artificial intelligence, big data analytics, GPS, and other technologies). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the livestock monitoring market is segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the global livestock monitoring market. However, the software segment is expected to record the highest CAGR during the forecast period. The rising need to analyze data collected from endpoints such as sensors, RFID, and injectable tags for location and feed management is expected to drive segment growth.
Based on animal type, the livestock monitoring market is segmented into cattle, poultry, swine, equine, and other animal types. In 2023, the cattle segment is expected to account for the largest share of the global livestock monitoring market. However, the poultry segment is expected to record the highest CAGR during the forecast period. The high consumption of poultry products 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 systems.
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Based on deployment mode, the livestock monitoring market is segmented into on-premise and cloud-based deployments. In 2023, the on-premise segment is expected to account for the larger share of the global livestock monitoring market. However, the cloud-based segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, the increasing incorporation of cloud-based solutions by small and medium-scale enterprises, and affordability.
Based on application, the livestock monitoring market is segmented into milk harvesting, breeding management, feeding management, animal health monitoring & comfort, heat stress, behavior monitoring, and other applications. In 2023, the feeding management segment is expected to account for the largest share of the global livestock monitoring market. However, the milk harvesting segment is expected to record the highest CAGR during the forecast period.
In a dairy farm, manual milking is time-consuming and slow. Hence, by implementing auto milking, IoT tackled this issue more effectively, reducing costs and the need for manpower. There is a high chance of spoiling the milk during unfavourable temperatures, but auto milking automatically preserves the milk by using various intelligent cooling tanks. Thus, factors such as the rising need to monitor milk production and ensure milk quality are expected to drive segment growth.
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Based on technology, the livestock monitoring market is segmented into IoT, artificial intelligence, big data analytics, GPS, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the global livestock monitoring market. The large share of the segment is attributed to the actors such as the rising need to monitor the health and vitality of livestock in real-time, enabling farmers to quickly treat animals and prevent the spread of disease, monitor grazing patterns and nutritional changes, track grazing animals, gather and analyze historical data to identify trends in cattle health, optimizing breeding practices. However, the segment is also expected to record the highest CAGR during the forecast period.
Based on geography, the livestock monitoring market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the livestock monitoring market. The large share of the segment is attributed to the rising consumption of meat, and the prevalence of zoonotic diseases has fueled the demand for technology to monitor sick animals. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. Government mandates, and interstate livestock exchange regulations are projected to lead most regional livestock monitoring growth.
Key Players:
The key players operating in the livestock monitoring market are GEA Group Aktiengesellschaft (Germany), Afimilk Ltd. (Israel), a subsidiary of Kibbutz Afikim - Agricultural Cooperative Society Ltd. (Israel), DeLaval (Sweden), a subsidiary of Tetra Laval (Switzerland), Sensaphone (U.S.), BouMatic (U.S.), DAIRYMASTER (Ireland), Lely (Netherlands), Fancom BV (Netherlands), Fullwood JOZ Ltd (U.K.), Communications Group Lethbridge (Canada), Merck & Co., Inc. (U.S.), HID Global Corporation (U.S.), Hokofarm Group (Netherlands), Nedap Livestock Management (Netherlands), ENGS Systems (Israel), CowManager B.V. (Netherlands), HerdInsights (Ireland) and Zoetis Inc. (U.S.).
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Scope of the report:
Livestock Monitoring Market Assessment, by Offering
- Hardware
- Tags & Collars
- Implants
- Other Hardware
- Software
- Services
Livestock Monitoring Market Assessment, by Animal Type
- Cattle
- Poultry
- Swine
- Equine
- Other Animal Types
Livestock Monitoring Market Assessment, by Deployment Mode
- On-premise Deployments
- Cloud-based Deployments
Livestock Monitoring Market Assessment, by Application
- Milk Harvesting
- Breeding Management
- Feeding Management
- Animal Health Monitoring & Comfort
- Heat Stress
- Behavior Monitoring
- Other Applications
Livestock Monitoring Market Assessment, by Technology
- IoT
- Artificial Intelligence
- Big Data Analytics
- GPS
- Other Technologies
Livestock Monitoring Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of the Middle East & Africa
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