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The Livestock Monitoring Market comprises products such as sensors, tags, collars, software platforms to identify, monitor and track livestock across various farms. Livestock monitoring facilitates in optimal utilization of resources for animal healthcare and nutrition management, improved productivity and ensures food safety.
The global livestock monitoring market is estimated to be valued at US$ 5.2 billion in 2023 and is expected to exhibit a CAGR of 17. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of technological advancements in animal husbandry has been a key trend propelling the growth of the livestock monitoring market. Integration of technologies such as GPS, RFID systems, accelerometers, thermal imaging and others have facilitated automated and real-time monitoring of livestock. Livestock monitoring devices assist farmers in monitoring critical parameters of animal health and behavior remotely. Devices like smart collars, smart tags and sensors help farmers make timely intervention to ensure good health and welfare of livestock. Growing focus towards precision livestock farming and adoption of IoT based monitoring solutions is expected to drive the demand for livestock monitoring market over the forecast period.
SWOT Analysis
Strength: Precision monitoring allows for improved animal health and welfare, leading to higher productivity and profitability. Remote monitoring reduces labor costs compared to manual checks.
Weakness: High initial investment costs for hardware such as sensors, cameras, software etc. Technical issues and connectivity problems can interrupt monitoring.
Opportunity: Growing demand for meat and dairy products worldwide presents an opportunity to scale livestock monitoring solutions. Advancements in IoT and data analytics will further optimize livestock management.
Threats: Non-adoption by small farmers due to financial constraints. Stringent regulations around animal welfare can increase compliance costs.
Key players operating in the livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. Precision monitoring solutions enable real-time health tracking, rapid disease detection, automated estrus detection and more. This helps improve productivity and decision making on farms.
Key Takeaways
The global livestock monitoring market is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market owing to high meat consumption and early technology adoption by farmers. Livestock monitoring finds widespread application in cattle farming for dairy and beef production.
Advancements in areas like sensor technologies, network connectivity and data analytics are making livestock monitoring more affordable and user-friendly. Integration of AI and IoT will enhance monitoring capabilities with features like predictive analysis. While developed markets are nearing saturation, emerging regions like Asia Pacific and Latin America offer high growth potential for solution providers.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
