The livestock monitoring market is estimated to be valued at US$ 6.13 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Livestock monitoring involves tracking the physical activities and behaviors of livestock through various technologies such as sensors, cameras, tags, and networked monitoring systems. These devices help in animal identification, performance monitoring, livestock production, and farm management by providing real-time information about animal health and behavior. Major application areas include milk harvesting management, cattle management, heat detection, and calving/lambing management.

Market Dynamics:

The livestock monitoring market is primarily driven by the rising adoption of precision livestock farming across the globe. Precision livestock farming involves collecting data about animals using sensors, RFID tags, and cameras to analyze their behavior and environment to enhance herd management. Growing demand for meat and dairy products worldwide along with increasing focus on livestock health and productivity is also fueling the adoption of livestock monitoring solutions for better herd management. Additionally, increasing investments in dairy farming infrastructure and rising demand for sensor and RFID-based systems for livestock monitoring are some other factors estimated to boost the growth of this market over the forecast period.

SWOT Analysis

Strength: The Global Livestock Monitoring Market Size  provides real-time and historical data tracking of livestock locations and health conditions which improves farm management practices and decision making. These solutions help reduce livestock mortality rates and enhance productivity. Livestock monitoring solutions allow for early disease detection and prevention which saves treatment costs and potential loss of livestock.
Weakness: The initial investment cost of livestock monitoring solutions can be high for small farms. There is a lack of technology acceptance from some livestock farmers due to limited digital literacy. Variations exist in the quality and functionality of products offered by different providers in this emerging market.
Opportunity: The growing demand for traceability and food safety offers significant opportunities for livestock monitoring solution providers. Livestock insurance agencies are increasingly using livestocks' health statistics to develop risk assessment models, creating new collaborations. Open source IoT platforms provide opportunities to develop cost effective and customized monitoring solutions.
Threats: Strict data privacy and security laws pose compliance challenges for solution providers handling sensitive livestock data. Substitution threat from the adoption of other advanced technologies such as RFID, drones, and automation in livestock farming.

Key Takeaways

The global livestock monitoring market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing demand for real-time location and health data from large commercial farms and growing emphasis on livestock management.

Regional analysis:

North America dominates the global livestock monitoring market currently due to presence of large commercial farms and supportive government policies promoting precision farming in the region. Europe is expected to grow at a high CAGR during the forecast period supported by initiatives to modernize agriculture practices.

Key players operating in the livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. Key players are focused on new product innovations and adoption of advanced technologies to expand their market share.

Read Our More Blogs : https://www.pressreleasebulletin.com/livestock-monitoring-market-analysis-growth-forecast-outlook-2023-2030/