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Precision Livestock Farming Market Report 2024: Growth, Trends, Competitive Landscape to 2033
Precision Livestock Farming Market
According to The Business Research Company's, The precision livestock farming market size has grown rapidly in recent years. It will grow from $4.53 billion in 2023 to $5.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing demand for livestock products, growing awareness about animal welfare, rising labor costs in agriculture, and environmental concerns.
The precision livestock farming market size is expected to see strong growth in the next few years. It will grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to shift towards data-driven decision making, emergence of precision feeding techniques, growth of smart farming solutions for livestock management, development of wearable devices for animal health monitoring, and expansion of precision breeding practices. Major trends in the forecast period include adoption of internet of things (IoT) in agriculture, advancements in sensor technology, integration of artificial intelligence (AI) and machine learning, government initiatives to modernize farming practices, and increasing focus on sustainable farming methods.
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Market Drivers and Trends:
The rising demand for protein and dairy products is expected to fuel the growth of the precision livestock farming market going forward. Protein and dairy products refer to food items rich in protein and derived from animal sources, primarily milk. This demand arises from changing dietary preferences and health and nutrition awareness. Precision livestock farming is utilized in protein and dairy production to optimize efficiency, enhance animal welfare, improve feeding management and milk harvesting, and improve overall productivity. For instance, according to reports published by Progressive Publishing, a US-based company that offers a range of publishing services, US dairy product consumption increased from 651 pounds in 2020 to 661 pounds in 2021. Furthermore, according to the University of Wisconsin-Madison, a US-based public research university, the milk protein test values have shown a consistent year-over-year increase, with an average of 3.22% in 2021 and 3.25% in 2022. Therefore, the rising demand for protein and dairy products drives the precision livestock farming market.
Major companies operating in the precision livestock farming market are focused on developing innovative advancements such as deLaval optimat to improve animal care and welfare, and increase output efficiency. This deLaval optimizes a system that automates feeding livestock using sensors, software, and robotics to distribute feed and manage feed inventory. For instance, in March 2023, DeLaval, a Sweden-based farm machinery and equipment company, launched deLaval optimat. This new autonomous feeding robot is a module within the automated feeding solution. It is designed to optimize the feeding process for livestock farms by automating tasks related to feed distribution and management. The system includes various components, such as feed stations, feed mixers, and a central control unit, that provide a comprehensive feeding solution. Its features are automatic feed distribution, feed mixing stations, real-time monitoring, and integration with precision analytics. It also offers a comprehensive approach to automated feeding, addressing the growing demands for improved efficiency, productivity, and sustainability in livestock farming.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Tetra Laval International SA, Zoetis Inc., Lely International Holding B.V., Neogen Corporation, DeLaval International AB, Nedap N.V., Fullwood Paco Ltd., BouMatic Inc., Waikato Milking Systems Ltd., VDL Agrotech B.V., Trioliet B.V., Dairymaster Inc., GEA Farm Technologies GmbH, Allflex Nederland B.V., Fancom B.V., Big Dutchman International GmbH, Connecterra B.V., IceRobotics Ltd., Moocall LLC, Afimilk Agricultural Cooperative Ltd., Cowlar Inc., Farm Control Oy, HokoFarm-Group GmbH, Agrispectral Technologies Inc., Scana Animal Health AB
Precision Livestock Farming Market 2024 Key Insights:
• The Precision Livestock Farming Market is expected to grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Precision Livestock Farming Growth Fueled By Increased Demand For Protein And Dairy Product
• Advancements In Precision Livestock Farming
• Europe was the largest region in the precision livestock farming market in 2023. The regions covered in the precision livestock farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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