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Livestock monitoring involves keeping track of the health, location, and behavior of cattle and livestock reared on farms. Livestock monitoring systems allow farmers to remotely monitor cattle through sensors, cameras, and other devices that track vital signs, feeding patterns, early signs of illness and estrus in cattle. This helps farmers make timely decisions and improve productivity through efficient cattle management. Livestock monitoring solutions provide real-time visibility into cattle farming operations and help reduce production costs.
The global livestock monitoring market is estimated to be valued at US$ 5.2 Billion in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the livestock monitoring market is the growing focus on precision livestock farming. Precision livestock farming utilizes modern technologies like sensors, automation, software and big data analytics to optimize farm operations. Livestock monitoring solutions provide precise analytics and real-time information to farmers for timely intervention and optimized management of cattle. This helps improve production efficiency and reduces production losses. As profit margins in cattle farming remain under pressure, livestock farmers are increasingly adopting precision farming techniques through livestock monitoring solutions to drive productivity and maximize returns on investment. The promising growth outlook of the livestock monitoring market is expected to attract more innovators and new entrants in this space over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the livestock monitoring market is moderate. The livestock monitoring technology requires large capital investments in R&D, thus posing a barrier.
Bargaining power of buyers: The bargaining power of buyers is moderate. Livestock farmers can opt for low-cost alternatives or choose not to adopt new technologies.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The livestock monitoring market comprises multiple technology providers offering diverse products and analytical services.
Threat of new substitutes: The threat of substitutes is low as livestock monitoring offers unique benefits over traditional livestock management methods.
Competitive rivalry: The competitive rivalry among existing players is high given their focus on new product launches and partnerships.
Key players operating in the livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. Livestock monitoring solutions offer herd health monitoring, estrus detection, mastitis detection, calf monitoring, and heat stress monitoring. The technology allows livestock farmers to enhance productivity and minimize losses.
Key Takeaways
The global livestock monitoring market is expected to witness high growth over the forecast period owing to the rising demand for animal health and productivity. Regionally, North America dominates the market currently due to widespread adoption among farms. Europe and Asia Pacific are anticipated to register fastest growth on account of the presence of major players and a growing focus on modern dairy farms.
The global livestock monitoring market provides significant opportunities with growing demand for protein. Livestock monitoring solutions enable improved livestock management and production efficiency. The industry players focus on new product innovations, partnerships and expansion plans to strengthen market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
