Livestock Monitoring Market to be Worth $19.37 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, April 18, 2022 /PRNewswire/ — The global livestock monitoring market size is expected to reach USD 19.37 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.63% from 2022 to 2030. The market growth can be attributed to the increased focus on livestock monitoring, along with disease detection. Furthermore, the prevalence of zoonotic diseases among livestock, rising adoption of IoT and AI by dairy farmers, increasing number of dairy farms, and significant cost-saving due to livestock monitoring management are some of the major drivers of the market.
Extensive animal-derived food production and an increase in the investments in R&D and animal health management in developed economies have led to higher productivity. Encouragement from government animal welfare organizations is also boosting the market growth. Further, government funding and reforms are expected to propel market growth shortly. In addition, increasing awareness regarding animal nutrition, genetic breeding, milk harvesting, and animal health is expected to promote the adoption of livestock monitoring systems.
Key Insights & Findings from the report:
- The cattle animal type segment held the largest revenue share in 2021 owing to the rising demand for beef and dairy products.
- The software component segment is expected to register the fastest growth rate over the forecast period. This is because the software has promoted interoperability between different data management systems and ultimately added value for customers.
- The feeding management application segment accounted for the largest revenue share of over 25.0% in 2021. This can be attributed to the high demand for feeding management to monitor the food intake of the animal.
- Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market in 2021 with a revenue share of over 30.0%.
- Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to the high potential and rapidly growing markets of India, Japan, and China in this region.
Request a free sample copy or view report summary, “Livestock Monitoring Market Size, Share & Trends Analysis Report By Animal Type (Cattle, Poultry), By Component (Hardware, Software), By Application (Milk Harvesting, Breeding Management), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Livestock Monitoring Market Growth & Trends
There is an increased demand for animal products, and thus several countries are focusing on livestock rearing. This has led to an increase in the livestock population. In addition, the prevalence of zoonotic diseases is further fueling the growth of the market. This is because these disease outbreaks in the livestock can be major socioeconomic threats, resulting in production loss and disruption of local markets, rural economy, and international trade factors like these are expected to encourage the adoption of livestock monitoring systems among livestock owners.
The COVID-19 pandemic has triggered an unexpected crisis in the general agricultural processing industries and the processing of dairy products. The onset of the pandemic has caused tremendous economic losses to the beef, pork, poultry, and dairy industries worldwide. As the COVID-19 virus spread across the globe, several industries evaluated its impact on their businesses. Given the increased demand for goods as consumers stock up for possible quarantines or restrict their visits to the grocery store, companies faced challenges to cope with the increasing demand and protect the supply chain. However, with the improving situations, the market is expected to witness growth in the coming years.
Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansion to gain an edge over the competition. For instance, in February 2021, Fancom announced an enhanced version of the light control for Lumina 38H and 36/38 poultry computers. In February 2021, MSD Animal Health announced the acquisition of PrognostiX Poultry Limited, a provider of health and environmental monitoring solutions for the poultry business, which expanded its product portfolio.
Livestock Monitoring Market Segmentation
Grand View Research has segmented the global livestock monitoring market on the basis of animal type, component, application, and region:
Livestock Monitoring Animal Type Outlook (Revenue, USD Million, 2017 – 2030)
Livestock Monitoring Component Outlook (Revenue, USD Million, 2017 – 2030)
- On Cloud
- On Premise
- Integration & Deployment
- Maintenance & Support
Livestock Monitoring Application Outlook (Revenue, USD Million, 2017 – 2030)
- Milk Harvesting
- Breeding Management
- Feeding Management
- Animal Health Monitoring & Comfort
- Heat Stress
- Behavior Monitoring
Livestock Monitoring Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Livestock Monitoring Market
- GEA Group Aktiengesellschaft
- Afimilk Ltd.
- Intervet Inc., a subsidiary of Merck & Co. Inc.
- Fancom BV
- Fullwood Packo
Check out more related studies published by Grand View Research:
- Veterinary Artificial Insemination Market – The global veterinary artificial insemination market size is anticipated to reach USD 7.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 6.5% from 2022 to 2030.
- Smart Agriculture Market – The global smart agriculture market size is anticipated to reach USD 29.18 Billion by 2028, expanding at a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Factors such as consistent growth in population, low availability of cultivable land, government incentives, and demand for fresh and high-quality food are expected to drive the smart greenhouse market.
- Canine Atopic Dermatitis Market – The global canine atopic dermatitis market size is expected to reach USD 1.8 billion by 2027, expanding at a CAGR of 9.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of the disease and growing companion ownership are the key factors driving the market growth.
Browse through Grand View Research’s Animal Health Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
Grand View Compass | Grand View Pipeline
Follow Us: LinkedIn | Twitter
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.