LIVESTOCK MONITORING MARKET ANALYSIS

Market Challenges And Opportunities

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 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.