Livestock Monitoring Market size is set to account for prolific gains over 2021-2027, given the rising need for livestock diseases detection. Elevating adoption of AI and IoT by dairy farmers, and cost-saving pertaining to livestock monitoring management would further impel the industry growth.
An upsurge in the demand for animal products like milk, meat, and others is also likely to augment the market statistics through 2027. According to credible sources, the world consumes 346.14 million tons of meat every year, as cited in 2018. The number is expected to rise to 453 million tons, depicting a 44% spike by 2030.
Based on the component bifurcation, the global livestock monitoring market is characterized by the hardware segment, primarily due to the mounting adoption of hardware devices like sensors, GPS technology, smart cameras, and RFID on livestock farms. It has been observed that the data collected through these devices alarms farmers on health, reproduction, and wellbeing of the animals. Various companies have also been relentlessly working towards introducing novel technologies in the business space to boost the market demand. For instance, Dublin-based Cainthus, in 2020, revealed its first product, ALUS Nutrition. The technology allows a producer to track availability of feed 24*7. It also alerts times when the feed is inaccessible, enabling adjusting of feeding plans, if and when required.
In terms of the application spectrum, livestock monitoring market is projected to leverage major benefits from behavior monitoring and control applications. This can be reasoned to the expanding market size, mainly driven by the rising adoption of hardware devices. Moreover, growing cognizance among livestock owners regarding the monitoring technology along with the increasing popularity of software solutions for animal health and behavior monitoring, is further fueling the market revenue.
The poultry segment is anticipated to gain major impetus in the ensuing years propelled by the increased consumption of poultry products on a daily basis. It has been observed that the Chinese subcontinent consumes about 20 million tons of poultry, followed by the United States, which consumes nearly 19 million tons of poultry products.
Asia Pacific livestock monitoring market is poised to account for a significant growth through 2027, given the growing population and pressing need on the suppliers of livestock products to cater to the burgeoning animal product demand. This has indeed pushed the sales of livestock monitoring solutions. Meanwhile, increasing penetration of IoT in the animal monitoring application would further foster the regional market growth.
Some of the well-known players include Boumatic, LLC, Afimilk Ltd. (Kibbutz Afikim - Agricultural Cooperative Society Ltd.), Dairymaster, GEA Group AG, Delaval Inc.(Tetra Laval International, S.A.), and SCR Dairy, Inc. (Allflex Group), amongst others. These market vendors have been effortlessly working towards introducing novel ideas and innovations in the space, thus upscaling their business growth and positions in the market.
Even amidst the ongoing COVID-19 health crisis, the global livestock monitoring industry is estimated to gain substantial returns in the coming years. This can be accounted to the rising demand for poultry and animal products to keep healthy and stay fit during the health crisis.