Overview and Scope
Livestock monitoring refers to a method that uses IoT-enabled sensors to track and monitor the health of animals, most frequently cattle, and is also known as precision livestock farming. The monitoring system for livestock aids in keeping an eye on the wellbeing of the animals. One can keep an eye on the grazing pattern and decide better on things like the weight of the livestock and when to feed them.
Sizing and Forecast
The livestock monitoring market size has grown rapidly in recent years. It will grow from $3.09 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to precision livestock farming adoption, disease prevention and management, productivity and efficiency improvement, government initiatives for livestock welfare, consumer demand for quality.
The livestock monitoring market size is expected to see rapid growth in the next few years. It will grow to $6.23 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to environmental sustainability, smart farming initiatives, animal identification and traceability, customization for livestock species, integration with farm management systems. Major trends in the forecast period include integration of Internet of things (IoT), GPS tracking for grazing management, automated health monitoring systems, data analytics for predictive insights, non-invasive monitoring technologies.
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Segmentation & Regional Insights
The livestock monitoring market covered in this report is segmented –
1) By Livestock Type: Cattle, Poultry, Swine, Equine, Other Livestocks
2) By Offering: Hardware, Software, Services
3) By Application: Milk Harvesting Management, Heat Detection Monitoring, Feeding Management, Heat Stress Management, Health Monitoring Management, Sorting And Weighing Management
North America was the largest region in the livestock monitoring market in 2023. The regions covered in the livestock monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing focus on early disease detection and real-time monitoring in livestock is expected to significantly drive the growth of the livestock monitoring market. The focus on real-time monitoring and early disease detection is crucial for providing proper care for the animals and helping maintain their good health. With sensor technologies that aid in real-time tracking and monitoring, any issues in livestock can be identified so that they can be rectified as early as possible. For instance, in May 2022, Eurostat, a Luxembourg-based European commission, The number of livestock in the EU is significant; in December 2021, there were 142 million pigs, 76 million cattle, 60 million sheep, and 11 million goats. Hence, the increasing focus on real-time monitoring and early detection of diseases will propel the growth of the livestock monitoring market.
Key Industry Players
Major companies operating in the livestock monitoring market report are Cargill Incorporated, ENGS Systems Inc., Zoetis Inc., Intervet Inc., GEA Farm Technologies GmbH, Afimilk Ltd., HID Global Corporation, VDL AgroTech B.V., Antelliq Corporation, Lely Holding B.V., Nedap N.V., Boumatic LLC, Dairymaster USA Inc., CowManager B.V., Sensaphone Inc., BovControl B.V., Allflex Livestock Intelligence Ltd., Cainthus Ltd., DeLaval Inc., Fancom B.V., Fullwood Packo Ltd., HerdInsights (Subsidiary of Datamars AG), Livestock Monitoring Systems Pty Ltd., Pure Cultures BV, Quantified AG, Rex Animal Health Inc., SmartShepherd Ltd., Communications Group Lethbridge Ltd., Connecterra, Hokofarm-Group BV
The livestock monitoring market report table of contents includes:
Table of Contents
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29. Future Outlook and Potential Analysis
30. Appendix
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