Livestock Monitoring Market To Generate Revenue worth $3,517.7 Million by 2030
- Published: February 2024
The global livestock monitoring market is projected to generate USD 3,517.7 million revenue by 2030, advancing at a CAGR of 10.9% during 2024–2030. This is attributed to the growing prevalence of livestock diseases and the rapidly growing number and size of dairy farms in order to meet the increasing demand of dairy products. Moreover, the rising need for these solutions on small & mid-sized farms due to the increase in their herd sizes is fueling the growth of the global market.
Livestock monitoring solutions collect and analyze critical data points both on the herd and individual levels. These identification systems allow farmers to gather information on livestock members’ identity easily, by entering the animals’ details into the software just as they are born.
Additionally, the high prevalence of zoonotic diseases, such as lumpy skin disease and brucellosis, and the implementation of animal disease traceability programs are bolstering the adoption of livestock monitoring solutions for collecting historical data, to identify the trends in animal health, and tracking the spread of illnesses.
Feeding Management Systems Hold Significant Revenue Share
The feeding management system category held 20% share in 2023. The growth is attributed to the development of advanced feeding management solutions that help in formulating and updating diets on a regular basis, to ensure cattle are gaining an adequate amount of proteins and other nutrients, avoid overfeeding, and prevent fluctuations in milk production. Additionally, proper feeding and manure handling play an essential role not only in maintaining veterinary health, comfort, and wellbeing but also in reducing the likelihood of parasitic and other kinds of diseases.
The milk harvesting category is expected to register the fastest growth over the forecast period. The extent of dairy farming is rising globally to cater to the rising demand for dairy products. In dairy farming, manual mixing of milk is a time-consuming and slow process. The implementation of automation in milk mixing could help tackle this problem, thereby leading to a reduction in operational expenses and the need for manpower. Without automation, there is a high chance of the milk spoiling under unfavorable temperatures. Milking automation automatically preserves the milk by using various intelligent cooling tanks.
North America Holds Second-Largest Share
Geographically, North America occupied the second-largest share, of around 20%, in 2023, and it is expected to experience a strong CAGR during the projection period.
This can be attributed to the progressive technological developments, coupled with the increasing internet penetration in the region. Moreover, the rising prevalence of zoonotic disease in the reason due to the large population of livestock propels the market. Moreover, the U.S. is one of the biggest producers of meat products.
Additionally, the growing implementation of various advanced technologies, such as IoT, AI, and biometrics and the emergence of software for gathering real-time data on animals’ feed consumption, breeding, and health will continue to drive the North American livestock monitoring market over the forecast period.
Canada is witnessing significant growth in this market, driven by the development in animal husbandry technologies, rise in cattle populations, robust support from the government for the implementation of animal traceability measures, and growth in the number of poultry and swine farms.
Moreover, companies are showing a strong interest in mergers and acquisitions to meet the growing demand for livestock monitoring solutions. For instance, in June 2021, MSD Animal Health conformed plans to completely acquire Livestock Improvement Corporation Limited, to widen its animal health portfolio with complementary products and technologies.
Some of the major providers in the market are Afimilk Agricultural Cooperative Ltd., DAIRYMASTER, CowManager BV, Merck & Co. Inc., BouMatic LLC, Nedap N.V., GEA Group Aktiengesellschaft, Lely International N.V., DeLaval, and Fancom BV.