As per the current market research conducted by the CMI Team, the global Livestock Monitoring Market size is expected to record a CAGR of 8.4% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 2.1 billion. By 2032, the valuation is anticipated to reach USD 5.8 billion.
Livestock Monitoring Market: Growth Factors and Dynamics
- Increasing Demand for Efficiency in Livestock Management: As meat, dairy, and livestock product demand rise globally, efficient management solutions are crucial. Livestock monitoring tracks health, detects diseases early, optimizes feeding, and improves reproduction, boosting productivity and profitability.
- Tech Advances Fuel Livestock Monitoring Growth: Integration of IoT, sensors, RFID, and data analytics drives livestock monitoring market growth. Real-time tracking of health, behaviour, and environment enhances management practices, meeting modern demands effectively.
- Focus on Animal Welfare and Health: Consumer preferences for ethically produced and high-quality animal products have driven the adoption of livestock monitoring solutions. These technologies enable farmers to provide better care for their animals by ensuring optimal living conditions, early disease detection, and prompt intervention, ultimately enhancing animal welfare and product quality.
- Data-Driven Decision Making: Livestock monitoring systems generate vast amounts of data related to animal behaviour, health parameters, and environmental conditions. The application of data analytics and machine learning allows farmers to gain valuable insights from this data. By making informed decisions based on data-driven insights, farmers can enhance their operational efficiency and minimize losses.
- Rising Trend of Precision Livestock Farming: Precision livestock farming is gaining traction as a methodology that leverages technology to manage livestock operations with precision and efficiency. Livestock monitoring plays a crucial role in this approach by enabling farmers to monitor individual animals, deliver personalized care, and optimize resource usage, aligning with sustainable and environmentally friendly practices.
- Integration of AI and Predictive Analytics: Artificial Intelligence (AI) and predictive analytics are being integrated into livestock monitoring systems to provide more accurate and timely predictions regarding animal health issues and productivity trends. This enables farmers to take preventive measures and plan interventions proactively, reducing the risk of disease outbreaks and optimizing resource allocation.
- Enhanced Animal Welfare and Product Quality: Livestock monitoring systems contribute to improved animal welfare and product quality. By ensuring optimal conditions and detecting issues early, these technologies align with ethical consumer preferences and elevate the overall standard of livestock care.
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Livestock Monitoring Market: Partnership and Acquisitions
- Datacor Acquires Format Solutions: In 2022, Datacor Acquires Format Solutions, a leader in software for the animal nutrition and pet food markets. Cargill has signed an agreement to sell its Format Solutions business to Datacor, a company with deep expertise and experience in providing software and services to the process manufacturing industries.
- Connecterra and Lely: In 2021, Connecterra, a major player in artificial intelligence to deliver insights to farmers, and Lely, the global leading supplier of robotics and management systems for dairy farming, announced the start of a robust co-development and commercial partnership. The announcement follows a pilot with Lely’s Digital Farming Group.
Livestock Monitoring Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Livestock Monitoring Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The livestock monitoring market faced disruptions due to COVID-19-related lockdowns, impacting the supply chain for hardware components and equipment. Reduced production and delays in deliveries affected the availability of monitoring systems, hindering market growth.
- Farm Operation Challenges: Movement restrictions and labor shortages caused challenges in managing livestock farms. Social distancing measures limited the on-site workforce, increasing the demand for remote monitoring solutions to ensure animal health and welfare during a period of reduced physical presence.
- Resilience Through Digitalization: The pandemic highlighted the importance of digital solutions. Livestock monitoring providers focused on enhancing remote monitoring capabilities, ensuring real-time data access and analysis, and making farms more resilient to future disruptions.
- Emphasis on Food Security: The crisis underscored the significance of a secure food supply chain. Livestock monitoring aids in disease prevention and early detection, aligning with the need for sustainable food production and boosting the adoption of these technologies.
List of the prominent players in the Livestock Monitoring Market:
- DeLaval Inc.
- GEA Group AG
- Afimilk Ltd.
- BouMatic LLC
- Allflex Group
- DairyMaster Ltd.
- Lely Holding S.A.R.L.
- Cainthus
- Farmcontrol
- SCR Dairy
- Others
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