Report Overview
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The global livestock monitoring and management market size was 6097.4 million in 2022. As per our research, the market is expected to reach USD 15910 million in 2028, exhibiting a CAGR of 17.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with livestock monitoring and management market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Growing livestock herd size globally is driving a vital need to augment the productivity by retaining efficient systems to simplify the management of large volumes of animals. The livestock monitoring and management is a smart farming method that monitors all types of diseases related with milk consumption, meat, animals, and medical value related to the animals. Livestock monitoring is a technology that is used to improve the performance of livestock and monitor their performance. Livestock monitoring supports in providing the data on the location and physical condition of animals. It assists then farmers in operative and efficient monitoring of the livestock. Rise in need to increase group size of livestock worldwide to avail increase in food demand is estimated to grow the livestock monitoring market. Livestock monitoring and management systems have uses which cover most of the operations performed in a livestock farm including milk harvesting, animal health monitoring and comfort, feeding management, heat stress & fertility monitoring and others. Rapid innovation and increasing research and technology are likely to confidently influence the market growth. The emergence of livestock monitoring systems in developed markets has permitted the real-time monitoring of livestock. Animal health monitoring & comfort and feeding management application segments are expected to display the maximum growth rates. The high demand for poultry products and growing consumer awareness about quality products have increased the demand for animal health and monitoring systems. The rapid perception of IoT technology in the livestock farming practices has managed to the augmentation in productivity level by minimizing the manual labour and providing efficient platform for proper management. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into hardware, software, services, others.
Hardware will capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into milk harvesting, animal health monitoring, feed management
Livestock monitoring and management market players cover segment as milk harvesting will dominate the market share during forecast period.
Driving Factors
"Increasing focus on real-time monitoring & early disease detection to boost the market growth"
The livestock monitoring solution allows farmers to check in on the health & location of each animal. The new product launches for livestock management, rapid innovation, growing research & technology, and raising animal husbandry occupations are other market progress factors. The improvement in sensor technology has allowed farmers to detect animal diseases at the initial and take essential movements.
"Technological advancement and development to upsurge the market."
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the livestock monitoring and management market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of carry out.
Restraining Factors
"High cost installation to hamper the market growth"
High capital investment cost is hampering development of livestock monitoring and management market. Installation of livestock monitoring incurs high hardware costs as farmers also invest in sensors, camera, monitors, GPS systems and others. Also, lack of a strong internet infrastructure in backward areas and lack of standardization for data management and data collection will also hamper the market growth rate. Technical difficulties will reduce the industry revenue.
Regional Insights
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"Asia Pacific to dominate the region due to technological development"
Asia Pacific is further expected to witness growth in the livestock monitoring and management market share. The region is dominating the market due to increasing urban population size, growing perception of internet in livestock management and favourable government investments. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- DeLaval (Sweden)
- GEA Farm Technologies (Germany)
- Lely (Netherland)
- Afimilk (Israel)
- Allflex (U.S.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 6097.4 Million in 2022 |
Market Size Value By |
US$ 15910 Million by 2028 |
Growth Rate |
CAGR of 17.3% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the livestock monitoring and management market expected to touch by 2028?
Livestock monitoring and management market is expected to touch USD 15910 million by 2028.
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What CAGR is the livestock monitoring and management market expected to exhibit during 2022-2028?
Livestock monitoring and management market is expected to exhibit CAGR of 17.3% during 2022-2028.
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What are the driving factors of the livestock monitoring and management market?
The new product launches for livestock management, rapid innovation, growing research & technology, and raising animal husbandry occupations are other market progress factors.
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Which are the key players or most dominating companies functioning in the livestock monitoring and management market?
The dominating companies in the livestock monitoring and management market are DeLaval, GEA Farm Technologies, Lely, Afimilk and Allflex.
