The precision livestock farming market is estimated to be worth USD 3.0 billion in 2019 and is expected to reach USD 4.6 billion by 2024, at a CAGR of 9.2% from 2019 to 2024
The precision livestock farming market is estimated to be worth USD 3.0 billion in 2019 and is expected to reach USD 4.6 billion by 2024, at a CAGR of 9.2% from 2019 to 2024.
NEW YORK, Sept. 17, 2019 /PRNewswire/ --
Precision livestock farming market anticipated growing at CAGR of 9.2% from 2019 to 2024
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The precision livestock farming market is estimated to be worth USD 3.0 billion in 2019 and is expected to reach USD 4.6 billion by 2024, at a CAGR of 9.2% from 2019 to 2024. 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.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the precision livestock farming market are DeLaval (Sweden), GEA Farm Technology (Germany), Lely (Netherlands), Antelliq (France), Dairy Master (Ireland), Afimilk (Israel), BouMatic (US), Fancom B.V. (Netherlands), Fullwood Paco Ltd. (UK), Waikato Milking System (New Zealand), HokoFarm-Group (Netherlands), Trioliet B.V (Netherlands), VDL Agrotech (Netherlands), IceRobotics (UK), HID Global (US), Cainthus (Ireland), Connecterra (Netherlands), MiRobot (Israel), Farm Control (Portugal), Aleis Pty Ltd (Australia), Moocall (Ireland), and Cowlar (US). These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.
Research Coverage
This report covers the precision livestock farming market based on offering, technology, application, and region.The market based on offering has been segmented into hardware, software, and services.
Based on application, the market has been segmented into milk harvesting, feeding management, behavior monitoring and health management, and others.Based on technology, the market has been classified into milking robots, precision feeding systems, and identification & tracking.
Based on the region, the precision livestock farming market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
• This report includes the market statistics pertaining to offering, application, technology, and region.
• An in-depth value chain analysis has been done to provide deep insight into the precision livestock farming market.
• Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
• Illustrative segmentation, analyses, and forecasts for the market based on offering, application, technology, and region have been conducted to provide an overall view of the precision livestock farming market.
• The report includes an in-depth analysis and ranking of key players.
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