Livestock Monitoring Market Set to Grow at the Fastest Rate

Posted by edwardzmusso on November 8th, 2021

The report \"Livestock Monitoring Market with COVID-19 Impact Analysis by Offering, Livestock Type, Application (Milk Harvesting, Feeding, Breeding, Behavior Monitoring & Control), Farm Size, Application, Geography - Global Forecast to 2026 \", is expected to grow from USD 1.4 billion in 2021 to USD 2.3 billion by 2026; it is expected to grow at a CAGR of 10.4% during 2021–2026. Key factors fueling this markets growth include livestock monitoring and disease detection; increasing adoption of IoT and AI by dairy farmers; and substantial cost-saving associated with livestock monitoring management industry. Growing population of cattle with increasing dairy farms and increasing adoption of livestock monitoring technology in developing countries create a strong demand for livestock monitoring in the midst of COVID-19.

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Software component to witness highest CAGR during 2021–2026

The livestock monitoring market for software components is broadly classified into on cloud, on premise, and AI and data analytics. Technological advancements in software used in livestock monitoring management systems as well as modernization in services provided are the major factors propelling the livestock monitoring market growth. Major advantages offered by livestock monitoring software are optimized performance, efficient time management, and ease of access.

Behavior monitoring & control held largest share of livestock monitoring market in 2020

The behavior monitoring & control application is expected to continue to account for the largest size of the livestock monitoring market, mainly due to the increasing adoption of hardware devices such as sensors, RFID tags & readers, and livestock RFID active collars for early detection of disease in livestock, management of herd, and identification and tracking of livestock. Increasing awareness among owners regarding livestock monitoring technology along with the increasing popularity of software solutions for animal behavior and health monitoring is fueling market for this application.

Livestock Monitoring market in APAC to grow at the highest CAGR during the forecast period

The Livestock monitoring market in APAC is expected to grow at the highest CAGR during the forecast period.  Rising awareness among owners regarding livestock monitoring technology and efficient interpretation of data offered by software platforms and mobile applications are estimated to fuel the demand for livestock monitoring devices in the APAC region. Moreover, rapid population growth in the developing countries of the region is exerting pressure on the suppliers of livestock products to become more efficient and productive, thus pushing the sales of livestock monitoring solutions.

Key players in the livestock monitoring market are GEA Farm Technologies (Germany), DeLaval (Sweden), Afimilk Ltd. (Israel), BouMatic, LLC (US), Merck Animal Health (US), Dairymaster Ltd. (Ireland), Lely International NV (Netherlands), Fancom BV (Netherlands), Fullwood Packo Ltd. (UK), and Nedap NV (Netherlands). These players are increasingly adopting growth strategies such as product launches and developments, partnerships, collaborations, agreements, and acquisitions to develop and introduce new technologies and products in the market.