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AI In Livestock Farming Market Size, Industry Share, Analysis 2024-2033
AI In Livestock Farming Market Size
According to The Business Research Company's, The AI in livestock farming market size has grown exponentially in recent years. It will grow from $0.37 billion in 2023 to $0.47 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The growth in the historic period can be attributed to increasing industrialization, rising demand for protein, growing land scarcity, rising environmental awareness, rising urbanization.
The AI in livestock farming market size is expected to see exponential growth in the next few years. It will grow to $1.22 billion in 2028 at a compound annual growth rate (CAGR) of 26.9%. The growth in the forecast period can be attributed to increasing adoption of precision agriculture, increasing need for resource efficiency, increasing complexity of supply chains, growing focus on disease prevention and biosecurity, rising labor costs. Major trends in the forecast period include technological advancements, artificial intelligence, farm automation, precision livestock farming, animal breeding technologies, health monitoring wearable, genomic selection.
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Market Drivers and Trends:
The increasing demand for livestock products is expected to propel the growth of AI in the livestock farming market going forward. Livestock products encompass a range of items such as meat, dairy, eggs, and other commodities obtained from animals bred for agricultural use. AI technologies enable farmers to collect, analyze, and interpret large volumes of data from various sources such as sensors, drones, and satellite imagery. This data can be used to make informed decisions about animal health, nutrition, breeding, and management practices, improving productivity and efficiency. For instance, in March 2023, according to the Australian Bureau of Statistics, an Australia-based government agency, lamb meat increased to 121.8 tons in 2021. Further, it surged to 125.6 tons in 2022, indicating a growing upward trend. Therefore, the increasing demand for livestock products is driving the growth of AI in the livestock farming market.
Major companies operating in AI in the livestock farming market are developing intelligent and advanced solutions such as CowGPT, to gain a competitive edge. CowGPT is designed to provide solutions for the veterinary, dairy, and animal husbandry industries, which are crucial sectors for food production and animal welfare. For instance, in December 2022, eVerse.AI, a US-based technology company, launched CowGPT, the first generative AI program created especially for the veterinary, dairy, and animal husbandry industries. The generative AI technology employed in CowGPT can generate highly realistic and complex contents that imitate human creativity, making it a valuable tool for these industries.
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Major Key Players of the Market:
Zoetis Inc., Rex Animal Health Inc., DeLaval International AB, Sentera LLC, Afimilk Ltd., Actility SA, PrecisionHawk Inc., Allflex Group, AgriWebb Holdings Pty Ltd., Quantified AG, H2Oalert Inc., Faromatics S.L., FarrPro Inc., SwineTech Inc., Agersens Limited, Connecterra B.V., Cainthus Corporation, Vence Corporation, BinSentry Inc., Octopus Robots, Livestock Labs Inc., BovControl, SomaDetect Inc., Moocall Ltd., Simple Ag Solutions
AI In Livestock Farming Market 2024 Key Insights:
• The AI in livestock farming market size is expected to see exponential growth in the next few years. It will grow to $1.22 billion in 2028 at a compound annual growth rate (CAGR) of 26.9%.
• Rising Demand For Livestock Products Ignites Growth In AI Farming Solutions
• Next Frontier In Livestock Health And Productivity Enhancement
• North America was the largest region in the AI in livestock farming market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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