With 10.2% CAGR, Precision Livestock Farming Market Growth to Surpass USD 11.2 billion

The precision livestock farming market is estimated to be USD 6.9 billion in 2023 and projected to reach USD 11.2 billion by 2028, at a CAGR of 10.2%. The rising adoption of smart sensors, camera systems, robotics, and automation in livestock farming has resulted in better farm management by gathering information about livestock. Moreover, the integration of emerging technologies such as artificial intelligence, machine learning, the internet of things (IoT), and hardware devices have increased demand for livestock farm automation in recent years.

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Large Farms are expected to dominate the precision livestock farming market, in terms of value, during the forecast period. Large farms deploy modern livestock farming technology, including milking robots, precision feeding systems, and livestock monitoring and tracking solutions. The increase in the average farm size has led to increased labor costs and animal management pressure on farmers, thereby potentially increasing the adoption of precision livestock farming technologies for better management and control. Identifying the correlation between herd size, required precision livestock farming adoption, and the acuity of the future of precision technologies in large farms is important.

The precision livestock farming technology adoption in swine farms is likely to witness high growth from 2023 to 2028. The adoption of precision feeding systems and tracking and monitoring systems is growing steadily across swine farms in developed and developing countries. In the coming years, precision livestock farming systems are expected to gain massive popularity due to increasing awareness about various advantages of these technologies among owners. Further, governments from different regions is focusing on awareness campaigns, providing funding, and technical assistance to help farmers implement best practices for disease prevention, such as livestock monitoring and testing of animals, and improved biosecurity measures. For instance, in September 2022, the Animal and Plant Health Inspection Service (APHIS) of the United States Department of Agriculture (USDA) launched a new initiative to prevent the spread of African swine fever in the country. This development is likely to boost market growth in the years to come.

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During the forecast period, India is likely to be the fastest-growing market in the Asia Pacific region. The adoption of precision livestock farming technologies in India is growing considerably due to various government initiatives for boosting the productivity of dairy farms. India has approximately 75 million dairy farms, most of which are family-owned small dairy farms. The average herd size of dairy farms in India is 2 to 3 cows per farm, which is very small compared to developed countries. Large-scale commercial farming in India is still nascent and comprises less than 1% of total dairy farms. Less than 6% of the milk produced in India comes from large commercial dairy farms. The intensifying need for optimum use of resources and increasing the yield of dairy farms in the country is likely to encourage the adoption of precision livestock farming solutions. The proliferation of commercial farms with the deployment of modern technology can transform the dairy sector in India and boost the precision livestock farming market.

News also covered: https://www.prnewswire.com/news-releases/precision-livestock-farming-market-worth-11-2-billion-by-2028---exclusive-report-by-marketsandmarkets-301837126.html

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This release was published on openPR.