LONDON, March 29, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the livestock monitoring market forecasts the global livestock monitoring market size to grow from $2.7 billion in 2022 to $3.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 14%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The livestock monitoring market size is then expected to grow to $5.6 billion in 2027 at a CAGR of more than 15%.
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The growing emphasis on early disease detection and real-time monitoring in livestock is expected to drive the growth of the livestock monitoring market significantly. The emphasis on real-time monitoring and early disease detection is critical for providing proper care for the animals and assisting in their health maintenance. Any problems in livestock can be identified and corrected as soon as possible using sensor technologies that aid in real-time tracking and monitoring. For example, in May 2022, Eurostat, a European commission based in Luxembourg, The EU has a large livestock population, with 142 million pigs, 76 million cattle, 60 million sheep, and 11 million goats in December 2021. As a result, the growing emphasis on real-time monitoring and disease detection will drive the growth of the livestock monitoring market.
Major players in the livestock monitoring market are DeLaval Inc., Afimilk Ltd., Boumatic, Dairymaster, Lely, Fullwood Packo Ltd., GEA Group Aktiengesellschaft, Communications Group Lethbridge, Sensaphone, SUM-IT Computer Systems, SCR Dairy.
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A key trend gaining popularity in the livestock monitoring market is technological advancement, such as heard management systems. Herd management systems allow farmers to keep their cows fresh and healthy. The herd management system is a sophisticated system with a single tag that analyses livestock behaviour in real time using software modules. Farmers can use these devices to increase milk output while never overworking the cow. It is a less invasive method of tracking cows because it does not require branding or additional tagging. For example, in December 2020, BouMatic, a US-based milking technology company, released OneView, an upgraded management system for its Gemini milking robot.
North America was the largest region in the livestock monitoring market in 2022. The regions covered in the livestock monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global livestock monitoring market is segmented by livestock type into cattle, poultry, swine, equine, other livestocks; by offering into hardware, software, services; by application into milk harvesting management, heat detection monitoring, feeding management, heat stress management, health monitoring management, sorting and weighing management.
Livestock Monitoring Global Market Report 2023 by The Business Research Company provides insights on the livestock monitoring market size, livestock monitoring market segments, livestock monitoring market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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