Global Livestock Monitoring Market Projected to Surge at $15474.13 Million by 2028

June 16 19:28 2022
Global Livestock Monitoring Market Projected to Surge at $15474.13 Million by 2028
Livestock Monitoring Market
As per Triton’s research report, the global livestock monitoring market gathered $4534.03 million in 2021 and is estimated to advance at a CAGR of 19.33% by 2028.

A recent study by Triton Market Research titled ‘Global Livestock Monitoring Market’ includes the global analysis and forecasts by Animal Type (Poultry, Goat & Sheep, Cattle, Equine, Swine, Others), Application (Feeding Management, Behavior Monitoring, Milk Harvesting, Animal Health Monitoring & Comfort, Breeding Management, Heat Stress, Other Applications), Product Type (Standalone Software [On-Premise, On-Cloud], Hardware with Integrated Software & Systems [GPS, Sensors, Others], Services [Maintenance & Support, Integration & Deployment, Other Services]), Geography (Middle East and Africa, North America, Asia-Pacific, Latin America, and Europe). 

The livestock monitoring system helps farmers check livestock animals’ health, behavior, and wellness using IoT-based technology. 

 

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Triton’s report states that the global livestock monitoring market is likely to exhibit growth at a CAGR of 19.33% during the forecast years 2022 to 2028. It is further predicted to gain revenue worth $15474.13 million by 2028.

Over the years, there has been an increase in the prevalence of diseases impacting the health of the animals and hampering the production of livestock products. Untimely detection of disease results in deterioration of animal health, leading to deaths in certain cases. Such issues are resolved using IoT-based livestock management technology that ensures smooth maintenance of livestock, thus accelerating the livestock monitoring market’s growth.

On the other hand, many small-scale farmers oppose technology adoption, reducing the demand for livestock monitoring. It is because the machines used for livestock management are supported by technologies such as AI, drones, etc., that are uneconomic for such farmers. Therefore, these challenges are restricting the development of the studied market.

The livestock monitoring market is segmented into product, application, and animal type. The product segment is further divided into standalone software, hardware with integrated software & system, and services. The standalone software comprises on-premise and on-cloud, whereas the hardware with integrated software & system includes GPS, sensors, and others. The services include maintenance & support, integration & deployment, and others. The animal type segment includes poultry, goat & sheep, swine, equine, cattle, and others. Lastly, the application segment is categorized into feeding management, behavior monitoring, milk harvesting, animal health monitoring & comfort, breeding management, heat stress, and others. 

The Asia-Pacific is expected to have the fastest growth rate in the global livestock monitoring market during the forecasted period. The growth is supported by the rapid increase in the global population, which has boosted the demand for food, products, and other resources. To fulfill the requirements of the huge population, animal size has also significantly grown across the region. As a result, the players in the market are presented with lucrative opportunities to manufacture new and innovative products that can manage livestock smoothly. These factors are fueling the growth process of the livestock monitoring market.

The leading companies in the livestock monitoring market include Boumatic, Cainthus, Cattle Eye Ltd, Afimilk Ltd, Cowmanager BV, GEA Group, Delaval, Valley Agriculture Software, Allflex Livestock Intelligence, Herdx Inc, Sensaphone, Connecterra BV, Nedap NV, Lely, and Dairymaster.

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Question & Answer: Livestock Monitoring Market

Question 1: What factors are accelerating the livestock monitoring market’s growth?

Answer: Over the years, there has been an increase in the prevalence of diseases impacting the health of the animals and hampering the production of livestock products. Untimely detection of disease results in deterioration of animal health, leading to deaths in certain cases. Such issues are resolved using IoT-based livestock management technology that ensures smooth maintenance of livestock, thus accelerating the livestock monitoring market’s growth.

Question 2: What factors are restricting the development of the livestock monitoring market?

Answer: Many small-scale farmers oppose technology adoption, reducing the demand for livestock monitoring. It is because the machines used for livestock management are supported by technologies such as AI, drones, etc., that are uneconomic for such farmers. Therefore, these challenges are restricting the development of the studied market.

Question 3: Which region is expected to have the fastest growth rate in the global livestock monitoring market?

Answer: The Asia-Pacific is expected to have the fastest growth rate in the global livestock monitoring market during the forecasted period. The growth is supported by the rapid increase in the global population, which has boosted the demand for food, products, and other resources. To fulfill the requirements of the huge population, animal size has also significantly grown across the region. As a result, the players in the market are presented with lucrative opportunities to manufacture new and innovative products that can manage livestock smoothly. These factors are fueling the growth process of the livestock monitoring market.

Question 4: What are the leading companies in the livestock monitoring market?

Answer: The leading companies in the livestock monitoring market include Boumatic, Cainthus, Cattle Eye Ltd, Afimilk Ltd, Cowmanager BV, GEA Group, Delaval, Valley Agriculture Software, Allflex Livestock Intelligence, Herdx Inc, Sensaphone, Connecterra BV, Nedap NV, Lely, and Dairymaster.

 

Related Report:

Global Veterinary Research Laboratory (VRL) Market

The global veterinary research laboratory (VRL) market is likely to propel at a CAGR of 10.63% from 2021 to 2028 while gathering $5167.90 million by 2028.

Veterinary research laboratories are institutes where various responsibilities related to veterinary sciences are conducted. These include diagnosis of treatment, prevention, or monitoring of animal diseases. 

The market is expanding owing to the increasing awareness among people willing to pay for animal healthcare. Moreover, the implementation of stringent regulations pertaining to livestock health in the agriculture sector has also raised the demand for laboratory testing services. 

However, the shortage of skilled professionals in underdeveloped regions and the lack of standardized regulations regarding animal healthcare hamper the growth of the veterinary research laboratories (VRL) market. Such challenges are expected to reduce with the advancement in technology in animal healthcare and growing government initiatives to promote animal health.

 

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