Livestock Monitoring Market Projected to reach $3.7 billion by 2030

The livestock monitoring market is estimated to be worth USD 1.6 billion in 2022 and is projected to reach USD 3.7 billion by 2030, at a CAGR of 11.0% during the forecast period.
Increasing focus on real-time monitoring and early disease detection, growing adoption of IoT and AI for livestock monitoring, rising demand for meat globally and cost-saving achieved through the adoption of livestock monitoring solutions are some of the major factors driving the market growth.

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The rapid growth of the global livestock monitoring market is attributed to the some of the driving factors such as Increasing focus on real-time monitoring and early disease detection, growing adoption of IoT and AI for livestock monitoring, rising demand for meat globally and cost-saving achieved through the adoption of livestock monitoring solutions.

Hardware segment to account for the largest share of the livestock monitoring market during the forecast period

Growing use of hardware devices such as smart tags, sensors, camera-based systems, and GPS devices in livestock farms is a major factor driving the market growth. The other factors contributing to the market growth of the hardware segment include the increase in average herd size and the number of livestock farms globally, advancements in sensor technologies, and the need to achieve cost savings. The growing adoption of livestock monitoring solutions, especially on large farms, is expected to create a global surge in demand for hardware components.

Feeding management to register the highest growth in the livestock monitoring market during the forecast period

Feeding management solutions are used to formulate diet plans and ensure that the nutrients in the feed match the nutrient requirement of the herd. Advanced feeding management solutions help in formulating and updating diets regularly to ensure the supply of adequate nutrients and avoid overfeeding and fluctuations in milk production. The increasing availability of liquid and dry feeding systems is an important factor driving the market growth. Growing demand for dairy and meat products globally and the rising focus of farmers to improve the milk yield are some of the other factors boosting the market growth for feeding management systems.

Asia Pacific to register the highest growth in the livestock monitoring market during the forecast period

Livestock monitoring market in Asia Pacific is expected to register the highest growth during the forecast period. Rapid population growth in the emerging economies of the region and the subsequent rise in the demand for meat and dairy products is exerting pressure on the suppliers of livestock products to become more efficient and productive, thus pushing the sales of livestock monitoring solutions upward. The growing adoption of advanced technologies such as AI and IoT for animal monitoring applications is also expected to drive market growth in this region. Moreover, growing awareness among farm owners regarding the benefits of using livestock monitoring solutions and efficient interpretation of data offered by software platforms and mobile applications are expected to further boost the demand for livestock monitoring solutions in the Asia Pacific region.

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The report profiles key players such as Allflex Livestock Intelligence (Subsidiary of MSD Animal Health) (US), DeLaval (Sweden), Afimilk Ltd. (Israel), Nedap N.V. (Netherlands), BouMatic (US), ENGS Systems (Israel), CowManager B.V. (Netherlands), Dairymaster (Ireland), HerdInsights (Subsidiary of Datamars) (Ireland), and Zoetis (US).

News also Covered: https://www.prnewswire.com/news-releases/livestock-monitoring-market-worth-3-7-billion-by-2030--exclusive-report-by-marketsandmarkets-301518784.html

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This release was published on openPR.