LIVESTOCK MONITORING MARKET ANALYSIS

The global livestock monitoring market size was valued at US$ 5.2 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 17.9% from 2023 to 2030. The major drivers for livestock monitoring solutions are the growing consumer demand for meat products worldwide, increased focus on real-time monitoring and early disease detection and the rising adoption of IoT and AI for livestock monitoring. The need to meet these increasing demands for food has led to an increase in the number of cattle, poultry and swine farms globally. 

Global Livestock Monitoring Market: Regional Insights

North America is anticipated to gain considerable growth in the global livestock monitoring market over the forecast period. The regions is witnessing increased spending on animal health, which is further driving the adoption of livestock monitoring technology for animal productions. For instance, as per the USDA, the expenditure on agriculture production was US$ 366.2 billion in 2020. Moreover, the demand for milk production and meat production is increasing in the region. The aforementioned factors are thus expected to fuel growth of the global livestock monitoring market in North America region.

Moreover, Asia Pacific is projected to show promising growth in the global livestock monitoring market over the forecast period. This is owing to growing disposable income, rising population, changing dietary patterns, and rapidly growing urbanization in the region. The livestock production of the region has generated consistent profits. Moreover, the region also has presence of large cattle population. These factors are therefore likely to accelerate the market growth in the regions over the forecast future.

Figure 1: Global Livestock Monitoring Market Share (%), By Region, 2022

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Global Livestock Monitoring Market Drivers:

Growing population of livestock to accelerate market growth

There is a significant rise in livestock population all over the world. According to Coherent Market Insights, India, China, and Brazil accounted for nearly 65% of the global cattle inventory in 2021. The demand for livestock products is increasing in emerging countries, and with increasing livestock population, the need for livestock monitoring solutions continues to grow. Thus, growing demand for automated milking solutions, along with behavior monitoring and control solutions for livestock is expected to drive growth of the global livestock monitoring market over the forecast period.

Rising cases of zoonotic diseases to boost the market demand

The incidences of zoonotic diseases are increasing all over the world. Nearly 60% of growing infectious diseases in humans are zoonotic. The outbreak of COVID-19 is the most recent example of how these diseases can be hazardous. As a result, the need for security and safety in animal production to prevent such diseases and to keep the livestock healthy is increasing rapidly. Thus, this factor is further projected to boost growth of the global livestock monitoring market over the forecast period.

Global Livestock Monitoring Market Opportunities:

Growing number of poultry, swine, and dairy farms is expected to create growth opportunities in the global livestock monitoring market over the forecast period. The number of poultry, swine, and dairy farms has increased rapidly in recent years, to cater the rising demand for dairy products and meat. This is due to the population across the globe continues to increase, which in turn creates the demand for these products. Consequently, the demand for livestock monitoring solutions is increasing, and this is likely to generate growth opportunities in the global livestock monitoring market.

Government regulations regarding food quality is anticipated to generate business opportunities in the global livestock monitoring market over the forecast period. Due to government regulations around quality of food, the necessity of adopting animal monitoring technology has increased. The consciousness regarding food sources and its environmental impacts is growing among customers. Governments are proposing new frameworks that encourage use of animal tracking technologies. This is further expected to offer multiple opportunities in the global livestock monitoring market.

Global Livestock Monitoring Market Trends:

Poultry segment is gaining traction in the market

 With increasing consumption of poultry products on daily basis, the segment is gaining traction in the global livestock monitoring market. According to Coherent Market Insights, the consumption of meat has increased around the world, as it reached 324 million metric tons in 2020.  As a result, the need for animal tracking devices is increasing in poultry segment, which in turn is driving the adoption of livestock monitoring technologies. This trend is anticipated to continue in the global livestock monitoring market over the forecast period.

Intense Competition in market players is another trend in the market

There is an intense competition in market players with a major focus on innovations and product lines. For instance, in March 2020, CAttleEye, the U.S.-based company launched an AI-backed livestock management platform. With this platform, users can identify cows and living conditions of their feed, health, as well as environment for improving productivity. Thus, such growth strategies by market players are likely to fuel growth of the global livestock monitoring market over the forecast period.

Global Livestock Monitoring Market Restraints:

Lack of standardization of regulations to hamper growth of the market

The global livestock monitoring market growth is restricted due to lack of streamlining of national regulatory processes. Along with this, the lack of inefficiency and transparency in procurement of monitoring solutions is also limiting the market growth. As a result, the need for standardizing and harmonizing regulations regarding animal healthcare is growing across several countries. Therefore, the lack of such regulations is expected to hinder growth of the market in the coming future.

High cost involved with livestock monitoring solutions to limit market growth

Livestock monitoring solutions such as sensing and monitoring devices and herd management software can require high cost for set-up and maintenance. Farmers also require major investments in control devices and automation, systems based on GPS or RFID technology, and distribution wagons, and robotic equipment. This further incur high cost of installation and maintenance, due to which adoption of this technology becomes difficult among smaller farmers. This factor in turn is expected to hinder growth of the global livestock monitoring market.

Figure 2: Global Livestock Monitoring Market Share (%), By Animal Type, 2022

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Global Livestock Monitoring Market Segmentation:

The global livestock monitoring market report is segmented into Animal Type, Component, and Application.

Based on Animal Type, the market is segmented into Cattle, Poultry, Swine, Equine, and Others. Out of which, Cattle is expected to dominate the global market over the forecast period and this is attributed to the rise in consumption of dairy products as well as beef around the world. The demand for livestock monitoring devices is increasing as these products are needed to be of high quality, for which they have to be under constant scrutiny. Thus, the segment is likely to show strong growth in the coming years.

Poultry segment is also expected to witness significant growth in the near future and this is owing to the increased consumption of poultry products on daily basis around the world. With increasing population, the demand for poultry products continues to rise globally. This in turn drives the demand for livestock monitoring solutions. Thus, the segment is anticipated to show strong growth in the near future.

Based on Component, the market is segmented into Hardware, Software, and Services. Out of which, Hardware is expected to dominate the global market over the forecast period and this is attributed to the growing need to adopt technical and effective methods to increase productivity and reduce diseases in animals. As agriculture is the major income source in countryside regions all over the world, animals such as cow, buffalo, and sheep play an important role in human life. Thus, the need for adopting advanced methods in agriculture is growing, which is likely to drive the demand for livestock monitoring. This is expected to boost growth of the global livestock monitoring market in the near future.

Sensors segment is also expected to witness significant growth in the near future and this is owing to the growing popularity of sensors in agriculture due to their increasing applications in management of animal health. Many players in the market are focused on integration of sensors for producing an efficient online monitoring system. This is further likely to drive growth of this segment in the global livestock monitoring market.

Based on Application, the market is segmented into Milk Harvesting, Breeding Management, Feeding Management, Animal Health Monitoring & Comfort, Heat stress, Behavior monitoring, and Others. Out of which, Milk Harvesting is expected to dominate the global market over the forecast period and this is attributed to the increasing demand for auto milking systems to avoid spoiling of milk during unfavorable temperatures. With the use of auto milking, and IoT devices, the need for manpower as well as costs can be reduced. This in turn is expected to augment the market growth in the near future.

Breeding Management segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for advanced technology in breeding management of animals. The use of machine learning and Internet of Things in livestock monitoring systems helps predict the estrus, which increases the production and chances of pregnancy. Thus, the demand for livestock monitoring is increasing in breeding management applications due to its various benefits. This in turn is likely to boost growth of this segment in the forecast future.

Global Livestock Monitoring Market: Key Developments

In February 2021, DeLaval Inc. launched the new series of robot collector, for improving cow comfort, and specifically hoof condition; and this addition of novel product extended the DeLaval robots family.

In March 2021, GEA Group Aktiengesellschaft refrigeration technologies announced the opening of a novel service branch of the company in the western U.S.; as the company aims at expansion of its geographic footprints.

In April 2021, Kibbutz Afikim, a shareholder of Afimilk signed a contract with Fortissimo Capital for Fortissimo to acquire 25% of shares in Afimilk, to hold 55% share, while 45% are retained by Kibbutx Afikim.

In February 2020, Sensaphone launched a novel combination of humidity, temperature, and CO2 sensor that offers real-time values to any monitoring devices from Sensaphone. The new solution is likely to improve company’s monitoring solutions offerings.

Global Livestock Monitoring Market: Key Companies Insights

The global livestock monitoring market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone.

*Definition: A livestock tracking system is a piece of software that collects and analyzes data from connected sensors to provide information about a herd. It can then send the data to a dashboard, mobile application or IoT device so that it is easy for farmers to view and track.