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Artificial Intelligence (AI) In Precision Livestock Farming Market Growth, Size, Overview 2024 To 2033
Artificial Intelligence (AI) In Precision Livestock Farming Market Growth
According to The Business Research Company's, The artificial intelligence (AI) in precision livestock farming market size has grown exponentially in recent years. It will grow from $1.65 billion in 2023 to $2.11 billion in 2024 at a compound annual growth rate (CAGR) of 27.9%. The growth in the historic period can be attributed to increasing precision farming, the rise of predictive analytics, rising demand for high-quality livestock products, increasing precision agriculture, and growing concerns about animal welfare.
The artificial intelligence (AI) in precision livestock farming market size is expected to see exponential growth in the next few years. It will grow to $5.71 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%. The growth in the forecast period can be attributed to rising smart farming techniques, the need for efficient livestock management, rising global population and food demand, increasing demand for sustainable agriculture, focus on animal health and disease management, and the need for resilience to climate change. Major trends in the forecast period include automated monitoring, disease detection and prevention, automated feeding systems, automated climate control systems, computer vision technologies, the internet of things (IoT), remote monitoring and management, and advancements in sensor technology.
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Market Drivers and Trends:
The increasing poultry and dairy product consumption is expected to propel the growth of artificial intelligence (AI) in the precision livestock farming market going forward. Poultry and dairy product consumption refers to food items derived from poultry (such as chickens, turkeys, and ducks) and dairy animals (such as cows, goats, and sheep). Poultry and dairy product consumption is increasing due to a growing population, and awareness of their nutritional benefits. AI is employed in precision livestock farming for poultry and dairy production to enhance efficiency, monitor animal health, optimize feed management, and streamline reproductive practices, fostering increased productivity and sustainability. For instance, in August 2023, according to the European Commission (EC), the Belgium-based executive branch of the European Union (EU), raw milk production in the EU saw a 0.8% increase during the initial six months of 2023. Therefore, increasing poultry and dairy product consumption drives the growth of artificial intelligence (AI) in the precision livestock farming market.
Major artificial intelligence (AI) companies in the precision livestock farming market are focused on developing advanced technological solutions, such as automated feeding systems, to improve animal health and optimize production efficiency. Automated feeding systems leverage AI algorithms to analyze real-time data from various sensors, such as those monitoring animal behavior, weight, and environmental conditions. For instance, in January 2024, Precision Livestock Technologies Inc., a US-based software and hardware solutions provider for livestock feeding and health, launched an AI system to predict cattle feed intake and recommend feeding. The system uses data from PLT's Bunk Management System and external sources to improve feeding strategies, with daily quantitative feeding predictions aiming to optimize feeding practices. The system considers feeding rates, feeding times, cattle behavior, ration type, and weather conditions to generate daily quantitative feeding predictions, aiming to optimize feeding practices.
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Major Key Players of the Market:
Microsoft Corporation, Cargill Incorporated, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Tetra Laval International SA, Zoetis Inc., GEA Group AG, Big Dutchman International GmbH, Rex Animal Health Inc., Neogen Corporation, DeLaval International AB, Nedap N.V., Climate Corporation, Lely International Holding B.V., Cainthus Holdings Ltd (Ever.Ag), Trioliet B.V., Waikato Milking System, Afimilk Ltd, Hokofarm Group B.V., AgriWebb, SwineTech Inc, BinSentry Inc, Fancom B.V., Connecterra B.V., SomaDetect Inc.
Artificial Intelligence (AI) In Precision Livestock Farming Market 2024 Key Insights:
• The artificial intelligence (AI) in precision livestock farming market size is expected to see exponential growth in the next few years. It will grow to $5.71 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%.
• Rising Demand For Dairy Products Ignites Growth In AI Farming Solutions
• Technological Advancements In AI in Precision Livestock Farming
• North America was the largest region in the artificial intelligence (AI) in the precision 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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