Global Livestock Monitoring Market Grows Tremendously at a CAGR of 17.99%

Introduction

Livestock monitoring uses technology to track and manage cattle in agriculture. Livestock monitoring data helps farmers enhance animal care, optimize agricultural methods, and make informed livestock decisions. Livestock monitoring also helps farmers analyze their animals' behavior, grazing, and mobility. This knowledge simplifies herd management and housing or grazing system design.

Behavior and reproductive trends can help farmers determine the ideal time for breeding or artificial insemination, which improves herd genetics and breeding success. In addition, livestock monitoring systems sometimes use GPS to track livestock. Monitoring livestock improves animal health, output, resource efficiency, and decision-making. Technology can also improve livestock management, animal welfare, and farm profitability.

Market Dynamics

Growing Interest in Meat Drives the Global Market

The objective of the meat industry is to maintain an affordable supply of flesh. The poultry industry has contributed over USD 20 billion to developing the meat industry over the past three decades. This trend also affects the production of other poultry species, such as ducks, geese, and quails, predominantly raised for meat or eggs. Further, there is a growing demand for beef, swine, and other types of meat. In Austria and many other countries, pork is the most popular flesh. Compared to conventional animal husbandry, pork production utilizing livestock monitoring market technology may improve animal welfare, lower costs, and have less environmental impact. Therefore, regular monitoring of livestock is necessary to increase production. The rising demand for livestock monitoring services will drive market expansion during the forecast period.

Expanding Numbers of Swine, Poultry, and Dairy Farms Creates Tremendous Opportunities

There has been an important rise in the quantity of dairy, poultry, and swine farms around the globe in recent years due to the world's rapid population growth. In order to meet the rising global demand for dairy products such as butter, cheese, curd, and yogurt, the number of dairy cows is increasing, which is a primary contributor to the rising demand for livestock monitoring solutions. Similarly, more poultry and swine farms are being constructed in response to the global demand for flesh. It becomes more difficult on dairy farms to manually locate and keep track of the herd as it expands. Due to the increasing scale of livestock herds on farms, the livestock monitoring industry has expansion potential. Large livestock ranches can be made more efficient by implementing high-tech systems that maximize yield and take advantage of economies of scale.

Regional Analysis

North America is the most significant global livestock monitoring market shareholder and is estimated to exhibit a CAGR of 16.40% over the forecast period. Due to advantageous trade agreements like the European Free Trade Association (EFTA) between Liechtenstein, Iceland, Norway, and Switzerland, which has sped up global trade and enhanced economic potential in the region, the European livestock monitoring industry is predicted to develop. Dairy cattle numbers are also rising in Europe as people become more environmentally conscious. As a result, the incidence of zoonotic illnesses has increased the need for technology to track sick animals, which is projected to drive the North American market. In addition, the increasing usage of livestock monitoring systems for raising animals results from the rising costs of veterinary care for animals. Canada is expected to experience tremendous growth due to technological advancements and growth in the production of genetic cattle, partly due to livestock tracking systems.

Key Highlights

• The global livestock monitoring market was valued at USD 5.9 billion in 2022. It is estimated to reach USD 19.3 billion by 2031, growing at a CAGR of 17.99% during the forecast period (2023–2031).
• Based on the animal type, the global livestock monitoring market is bifurcated into cattle, poultry, swine, equine, and others. The cattle segment dominates the global market and is projected to exhibit a CAGR of 16.25% over the forecast period.
• Based on components, the global livestock monitoring market is segmented into hardware, software, and services. The hardware segment owns the highest market share and is expected to exhibit a CAGR of 16.21% during the forecast period.
• Based on application, the global livestock monitoring market is bifurcated into milk harvesting, breeding management, feeding management, animal health monitoring and comfort, heat stress, behavior monitoring, and others. The feeding management segment dominates the global market and is predicted to exhibit a CAGR of 16.23% over the forecast period.
• North America is the most significant global livestock monitoring market shareholder and is estimated to exhibit a CAGR of 16.40% over the forecast period.

Competitive Players

Competitive Players

The key players in the global livestock monitoring market are GEA Group Aktiengesellschaft, Nedap N.V., Afimilk Ltd., Sensaphone, DeLaval, Intervet Inc. (a subsidiary of Merck & Co. Inc.), Dairymaster, BouMatic, Fancom BV, Lely, CowManager B.V., and Fullwood Packo.

Recent Developments

Market News

• In March 2022, KCB Foundation launched a livestock monitoring system in Taita-Taveta to help farmers ensure their livestock meets the required animal health.
• In March 2022, Allflex Livestock Intelligence announced a subscription-based version of its SenseHub beef and dairy cow monitoring solutions. It enables the farmers to use the SenseHub system without any upfront costs by paying a monthly fee for access to the essential equipment, installation, tags, and applications. It also allows users to modify or add to their system as their requirements change.

Segmentation

Global Livestock Monitoring Market: Segmentation

By Animal Type

• Cattle
• Poultry
• Swine
• Equine
• Others

By Components

• Hardware
• Software
• Services

By Applications

• Milk Harvesting
• Breeding Management
• Feeding Management
• Animal Health Monitoring and Comfort
• Heat stress
• Behavior monitoring
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa