Livestock Monitoring Market

Market Overview

The global livestock monitoring market size 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). Factors such as growing emphasis on ongoing surveillance and early disease detection, significantly drives the livestock monitoring market demand by 2031.

The process of employing technology to track and manage cattle in agricultural operations is known as livestock monitoring. Animal health, location, behavior, and general well-being are all tracked using various techniques and systems. Farmers may improve animal welfare, optimize their farming methods, and make educated decisions regarding their livestock with the help of the data acquired through livestock monitoring. Farmers can better understand their animals' social interactions, grazing patterns, and movement patterns using livestock monitoring. This knowledge makes designing improved housing or grazing systems and optimizing herd management easier.

Farmers can choose the best period for breeding or artificial insemination by observing behaviors and reproductive trends. This enhances the herd's overall genetics and breeding success rates. GPS technology is frequently included in livestock monitoring systems, allowing farmers to follow the whereabouts of their livestock. This is especially helpful when animals stray or disappear in large grazing systems. Farmers can gain much from monitoring their livestock, including better animal health, increased output, resource efficiency, and improved decision-making. Utilizing technology, farmers may improve their methods for managing their livestock and improve the animals' welfare and farm profitability.

Highlights

• Cattle dominate the animal-type segment.
• Hardware dominates the components segment.
• Feeding management dominates the application segment.
• Latin America is the highest shareholder in the global market.

Market Dynamics

Global Livestock Monitoring Market Drivers

Growing Emphasis on Ongoing Surveillance and Early Disease Detection

Farmers can now identify animal infections. Thanks to developments in sensor technology, farmers can act as possible and take the necessary actions. Cutting-edge sensor technology help keep the cost of monitoring cattle to a minimum. These innovations support farmers in properly identifying, tracking, and tracing the animals in addition to collecting real-time data about the health and general behavior of the animals, such as feeding habits, food, and water quality, biosecurity, levels of hygiene, etc. In addition, animals with sensors and smart tags affixed give farmers real-time data that they can use to make preventative and remedial decisions. For instance, mastitis and ketosis are reduced in animals thanks to rumination monitoring systems, and animals with infections can be quickly identified and isolated thanks to heat detection devices. The demand for sophisticated monitoring systems for livestock has increased due to the affordable availability of sensors and smart tags.

Growing Interest in Meat

The meat industry strives to ensure a reliable meat supply at reasonable prices. The poultry industry has contributed over USD 20 billion to the meat industry's growth during the previous few decades. The output of other poultry species, such as ducks, geese, and quails, which are raised primarily for their meat or eggs, is also affected by this trend. Additionally, there is a growing demand for other meats, including beef, pork, and others. In Austria and many other nations, pork is the most widely consumed meat. Compared to conventional animal husbandry, pork production utilizing livestock monitoring market technology may result in greater animal welfare, reduced costs, and a smaller negative environmental impact. Therefore, regular livestock monitoring is required to increase production. Rising demand for the livestock monitoring business will eventually drive market expansion over the forecast period.

Global Livestock Monitoring Market Restraint

Lack of Regulation Standardization

One of the key obstacles halting economic growth is the inability of national regulatory systems to be streamlined. Acquiring ineffective monitoring technologies and a lack of transparency also harms overall progress. As a direct result, there is a pressing need for standardization and harmonization of the laws governing the healthcare of animals worldwide. This is considered one of the main obstacles that must be removed before the animal health sector can become more productive on a global scale. The general failure of emerging nations to support effective transportation infrastructure exacerbates the mismatch between supply and demand. The global animal trade is also negatively impacted by the predominance of unregulated distribution routes for animal products in poorer countries, which further slows expansion.

Global Livestock Monitoring Market Opportunities

Expanding Numbers of Swine, Poultry, and Dairy Farms

The rapid growth in the world's population has led to a significant increase in dairy, poultry, and swine farms worldwide. In order to fulfill the growing demand for dairy products like butter, cheese, curd, and yogurt worldwide, there are an increasing number of dairy cows, which is a significant component in the growing demand for livestock monitoring solutions. Similarly, more poultry and swine farms are being built thanks to increased meat demand worldwide. It gets more challenging to manually locate and keep track of the herd on dairy farms as the herd grows. Therefore, the livestock monitoring sector has chances for expansion due to the growing size of livestock farms' herds. By using high-tech systems on large farms to optimize yield and take advantage of economies of scale, livestock farms can be made more efficient.

Regional Analysis

Based on region, the global livestock monitoring market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Latin America Dominates the Global Market

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. The European market for livestock monitoring is anticipated to grow due to favorable trade agreements like the European Free Trade Association (EFTA) between Liechtenstein, Iceland, Norway, and Switzerland, which has sped up international trade and increased economic potential in the region. The number of dairy cattle is increasing in Europe due to growing environmental awareness. Therefore, the demand for technology to track sick animals has increased due to the frequency of zoonotic infections, which is expected to drive the North American market. The rising costs of animal veterinary care cause the expanding use of livestock monitoring devices for producing animals. Further, Canada is anticipated to experience significant expansion, ascribed to technological advancements and an increase in the production of genetic cattle through livestock tracking systems.

Asia-Pacific is anticipated to exhibit a CAGR of 15.9% over the forecast period. The region has constantly contributed to the profits from cattle production since the turn of the century, and this trend is projected to continue during the projection period. Further, the region's market expansion can be linked to the region's notably high cattle population. For instance, more than 30% of the world's cattle are found in China and India. The demand for meat production has also increased due to the expanding population of animals.

In Latin America, the market for monitoring livestock is anticipated to expand during the projection. The market is expanding favorably due to several variables, including the growing prevalence of diseases and the rising need for monitoring equipment. The expansion of the livestock monitoring market in Latin America is anticipated to be fueled by good government efforts and interventions in the livestock sector. In the region, agriculture is a significant industry. As a result, animal husbandry approaches are being used more frequently, supporting market expansion. Further, rising meat consumption and improved livestock production are key industry drivers.

The Middle East and Africa market is expanding as pet and livestock owners become more conscious of animal health and as animal adoption rates rise. Cattle dominated and controlled most of the market according to animal type, which fueled the market expansion. The market in this region is predicted to grow due to the government's increasing efforts to support animal healthcare facilities. In addition, the market is growing due to the consumer trend toward a healthy lifestyle. Rising meat consumption and the need for animal products high in protein are two factors pushing prices higher in the Middle East and Africa.

Segmental Analysis

The global livestock monitoring market is bifurcated into animal types, components, and applications.

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. Increased consumption of beef and dairy products is a significant factor driving the demand for livestock monitoring equipment. These beef and dairy products must be of the highest caliber, so several public and private organizations are constantly inspecting them to ensure safety and stop the spread of disease. Additionally, as farmers and consumers become more aware of the importance of disease control, the use of livestock monitors has increased, contributing to the segment's rise. The demand for livestock monitoring systems has also expanded due to large-scale cattle production to satisfy dietary needs in the United States and Canada.

Based on components, the global market for livestock monitoring 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. In rural areas, agriculture is the primary industry. Animals like buffalo, cows, sheep, etc., are important to human existence. They are employed as a means of support, so farmers must adopt practical strategies to increase productivity and lower animal disease rates. This is anticipated to raise demand for hardware components over the forecast period. In addition, hardware use is expected to increase farming productivity and lessen the difficulties farmers experience, which will increase output. Hardware technology is safe for the environment and animals, which appeals to many farmers raising cattle. Sensors, GPS, and other devices are further divided into sub-segments within the hardware market.

Based on application, the global market for livestock monitoring 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. Food is necessary for healthy nutrition since an animal's access to nutrients at any given time is directly correlated with the amount of food it consumes. Lack of nutrition can cause development to be stunted, which may also impact an animal's health. In addition to raising prices, overnutrition can result in an unsustainable nutritional burden on the environment, harming or harming the population's health. There is a considerable demand for feeding management to keep track of the amount of food animals eat. Giving animals unfettered access to food and water and keeping their living spaces clean is becoming increasingly important. In addition to being crucial for veterinary patients' health, comfort, and well-being, proper feeding and waste management are crucial for avoiding disease, illness, and parasites. These previously mentioned elements also aid in the livestock monitoring market's growth.

Recent Developments

• March 2022- KCB Foundation launched a livestock monitoring system in Taita-Taveta to help farmers ensure their livestock meets the required animal health.
• 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.