With 9.0% CAGR, Precision Livestock Farming Market Growth to Surpass USD 4.8 billion

Posted by edwardzmusso on November 8th, 2022

The global Precision Livestock Farming Market is expected to grow to USD 4.8 billion by 2025 from an estimated USD 3.1 billion in 2020, at a CAGR of 9.0% during the 2020-2025 period.

The rapid growth of the global precision livestock farming market is attributed to the factors such as the implementation of IoT- and AI-enabled devices for livestock monitoring, surging labor costs and rising demand for automation in the livestock industry, increasing focus on real-time monitoring and early disease detection, and growing demand for protein and dairy products have become the prominent factors for the growth of the precision livestock farming market globally.

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Dairy farms held the major market share in the precision livestock farming market in 2019 and is expected to dominate the market during the forecast period

Precsion livestock farming market for the dairy farm type is expected to hold a major share in the precision livestock farming market during the forecaat period. The increasing demand for the milk and milk prodsucts has resulted in the lage scale production of milk and has increased the herd size. The adoption of milking robots, precision feeding systems and livestock identification, monitoring and tracking devices has been witnessing a great demand due to the shortage of labor in the developed countries.

Hardware offerings to hold larger market share during forecast period

The hardware offering are expected to hold the largest market share in the precision livestock farming market during the forecast period. This is due to the increasing penetration of several sensors, devices, equipment and components among the livestock farmers. The resulting penetration could boost the precision livestock farming market for hardware further to grow at a significant rate. The progressive farmers in various parts of the world has witnessed several benefits of precision livestock farming which has increased the adoption of livestock farmig equipment, devices and other hardware devices.

Europe to hold largest share of precision livestock farming market during forecast period

Europe is expected to hold the largest share of the precision livestock farming market during 2020–2025. The region is an early adopter of precision livestock farming technology with several major companies like DeLaval (Sweden), Lely International (Netherlands), Fancom (Netherlands), GEA Farm Technology (Germany) having its headquarters in Europe. Moreover, the European region faces a crucial challenge of labor shortage with the developed countries in Europe depending upon the workforce coming from Eastern Europe and North Africa.

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The report profiles key players such as DeLaval (Sweden), Allflex (Israel), GEA Farm Technology (Germany), Afimlik (Israel), BouMatic (US), Lely International (Netherlands), Dairymaster (Ireland), Livestock Improvement Corporation (New Zealand), Fancom (Netherlands), Fullwood Packo (UK).

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edwardzmusso
Joined: February 8th, 2021
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