15, June 2022
Agricultural farms contribute significantly to the economy of countries across the world. The rise in farming issues has negatively impacted the production and income of farmers. This has raised the alarm for implementing strategic techniques to prevent farm issues. Livestock monitoring involves managing farm animals, their health, wellness, and behavior using IoT-based technologies such as sensors, milking robots, GPS-tracking systems, and other innovative techniques.
According to Triton’s study, the global livestock monitoring market is expected to surge at a CAGR of 19.33% during the forecasted period from 2022 to 2028. The increasing demand for meat and animal products across the globe has encouraged the farmers to take special care of farm animals, ensuring quality production. Also, the growing number of livestock animals has facilitated real-time monitoring for the early detection of problems productively and efficiently, which augments the growth of the global market.
However, the opposition to technology from small-scale farmers has restricted the development of the market. Technologies like sensors, GPS tracking, etc., require technical knowledge and high investment, which is a huge hurdle for small scale farmers. But operating players are working toward bringing cost-effective techniques, which presents lucrative opportunities for the market.
Our study has segregated the livestock monitoring market segmentation analysis into product type, animal type, and application. Below are the highlights of the leading segments boosting the market’s performance.
Hardware with integrated software & systems is leading the product type segment.
Various software and hardware systems have entered the market, making livestock management easier, more automated, and cost-efficient. For instance, BouMatic Robotics B.V. launched a milking robot called Gemini that offers fast identification and monitoring of health problems. Also, the launch has empowered all sizes of dairy farms worldwide.
The goats & sheep is estimated to progress with the highest CAGR under the animal type segment.
Several companies are introducing innovative products such as sensors, health monitoring systems, etc., to help farmers resolve the hurdles. For example, SmartShepherd, a wearable device, is used to collect real-time data on sheep herds.
Milk harvesting leads the application segment with the highest revenue.
With the introduction of robotics, the harvesting of milk has become easier. Robotics has successfully managed livestock management. Also, the increasing adoption of sensors equipped at the farms has boosted the demand for livestock monitoring.
North America leads the market with a CAGR of 19.08%.
The growth of the countries such as the United States and Canada in the region is attributed to compliance with policies and regulations related to the livestock industry for proper monitoring and real-time detection of farm animals, bolsters the market’s growth.
Asia-Pacific to witness the fastest growth at a CAGR of 20.25% by 2028.
The growing population and rising demand for livestock food in India, China, Japan, South Korea, Australia & New Zealand, and others have raised the number of animals. In this regard, the companies are launching new products to fulfill the need of the large population, thus accelerating the market’s growth.
The leading players in the market, namely, Boumatic, Cainthus, Cattle Eye Ltd, Afimilk Ltd, Cowmanager BV, GEA Group, Delaval, Valley Agriculture Software, Allflex Livestock Intelligence, Herdx Inc, Sensaphone, Connecterra BV, Nedap NV, Lely, and Dairymaster are focusing towards bringing innovative and effective technologies to make the process of livestock monitoring easy and profitable.
Following strategies by the players have influenced the market’s growth:
CowManager collaborated with Zoetis and Select Sires Inc in 2022 to integrate genomic tools and predictive sensor systems. It will help create value for cattle producers in farm management through intelligent cow data.
GEA Group launched a range of homogenizers for the dairy, beverage, pharmaceuticals, food, chemical, and cosmetics industries.
Lely Holdings S.a.r.l. launched milk sampling device in 2021 named ‘Sampler for Lely Astronaut’ used with milking robots.
The development of artificial intelligence has automated the operation of the livestock industry, making it more prominent and feasible. Several issues in traditional monitoring are addressed with the help of technologies such as cameras and drones, milking robots, GPS-tracking systems, etc. In this regard, companies’ efforts in curating innovative products to monitor farm animals have proven to be successful and are expected to boost the demand for the global livestock monitoring market.
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