DUBLIN--(BUSINESS WIRE)--The "Precision Livestock Farming Market by Functional Process (Climate Control, Water Usage, Feed Dosage, Weight Estimates, Animal Behaviour), Hardware (Camera, Milking Robots, Sensors, Microphones), Application, and Geography - Analysis & Forecast to 2019 - 2024" report has been added to ResearchAndMarkets.com's offering.
The precision livestock farming market is estimated to be worth USD 3.0 billion in 2019
The major drivers for the precision livestock farming market are increasing consolidation of livestock farms, increasing herd size of dairy farms, increasing adoption of livestock farming robots and livestock monitoring devices, and increasing labor cost owing to shortage of skilled labor.
Precision livestock farming technology has the potential to transform the livestock sector, making traditional livestock farming activities more efficient and economical. Increasing global demand for dairy products, extended profitability and high yield, and minimum impact on the environment and climate change are fueling the growth of the precision livestock farming market. Also, government initiatives in the form of incentives in many countries are helping livestock farmers to adopt advanced technological tools to improve yield.
The market for livestock identification & tracking technology estimated to grow at highest CAGR during the forecast period
The market for livestock identification & tracking is expected to grow at the highest CAGR between 2019 and 2024. Key factors driving the growth of livestock identification & tracking devices include an increase in average herd size and number of dairy farms around the world, development of sensors which can gather a wide range of information, and demand for cost savings associated with livestock monitoring & management. The utilization of systems for weighing and identifying animals is already pronounced worldwide, and it is anticipated that systems for tracking animals, monitoring basic health-related factors such as body temperature and heart rate, and for assessing body conformation, will witness high growth rate in coming years.
The market for livestock behavior and health monitoring application to grow at the highest CAGR from 2019 to 2024
The precision livestock farming market for livestock behavior and health monitoring application is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is predominantly driven by the increasing adoption of hardware devices such as sensors, RFID tags & readers, and livestock collars for early detection of disease in livestock, management of the herd, and identification and tracking of livestock.
Precision livestock farming market in APAC to grow at the highest CAGR between 2019 and 2024
The increasing automation of livestock farm in countries such as Australia, Japan, China, and India is a major factor driving the precision livestock farming market in APAC. Population expansion in the region's developing countries is mounting pressure on the supplies of livestock products to become more efficient and productive, pushing the sales of livestock farming technology upward. Asia Pacific has a large number of cattle and a high population for consuming livestock products. The precision livestock farming market in Asia Pacific is in its initial stages and is expected to grow rapidly till 2024. The markets in India, Australia, China, and Japan collectively account for more than 60% of the Asia Pacific market.
- Increasing Adoption of IoT and AI in Dairy Farms
- Increasing Need for Optimization of Dairy Herds
- Growing Demand for Protein, Food Traceability, and Food Safety
- Substantial Cost-Saving Associated With Livestock Monitoring Management
- High Initial Investment
- Lack of Technological Awareness Among Dairy Farmers
- Increasing Adoption of Livestock Monitoring Technology in Developing Countries
- Increasing Number of Dairy Farms
- Stringent Regulations and High Trade Barriers
- Environmental Concern and Global Warming
- Advent of AI and Blockchain in Livestock to Influence Market Expansion
- Milking Robots and Feeding Robots to Mitigate Labor Shortage
- Delaval (Subsidiary of Tetra Laval International, S.A.)
- Antelliq (Subsidiary of Merck & Co., Inc.)
- GEA Farm Technology (GEA Group AG)
- Afimilk Ltd.
- Boumatic, LLC
- Lely International N.V.
- Fancom B.V. (Subsidiary of CTB International Corp.)
- Fullwood Packo. Ltd
- Waikato Milking Systems LP
- Hokofarm Group
- Trioliet B.V.
- VDL Agrotech (VDL Groep)
- HID Global
- MI Robot Ltd.
- Farm Control
- Aleis Pty Ltd.
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