The livestock monitoring market is estimated to be worth USD 1.6 billion in 2022 and is projected to reach USD 3.7 billion by 2030, at a CAGR of 11.0% during the forecast period. Increasing focus on real-time monitoring and early disease detection, growing adoption of IoT and AI for livestock monitoring, rising demand for meat globally and cost-saving achieved through the adoption of livestock monitoring solutions are some of the major factors driving the market growth.
Livestock monitoring involves using advanced solutions to improve the productivity and profitability of livestock farms. In livestock monitoring, advanced solutions are used for various applications, such as milk harvesting management, heat detection monitoring, feeding management, heat stress management, health monitoring management, and sorting and weighing management. Livestock monitoring involves using various hardware components such as smart tags, sensors, cameras, and GPS among others. These components can be integrated with software to gather insights to improve farm productivity. Livestock monitoring helps farmers provide real-time information on animal health, feeding behavior, hygiene, and location tracking to improve livestock management, increase productivity, and enhance production quality.
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The market in Asia Pacific is expected to witness a higher growth compared to the other regions. Rapid population growth in the developing countries of the region and the subsequently growing demand for meat and dairy products is exerting pressure on the suppliers of livestock products to become more efficient and productive, thus boosting the sales of livestock monitoring solutions in this region. The increasing use of IoT and AI-based advanced monitoring solutions is also expected to drive market growth in Asia Pacific.
Globally increasing cattle population with a subsequent rise in the number of dairy farms and the surging adoption of livestock monitoring solutions, especially in developing countries, are expected to provide growth opportunities to the players in the livestock monitoring market. Moreover, the growing global demand for meat and dairy products, the need to improve profitability and yield, and efforts to ensure minimum impact on the environment and prevent climate change are also expected to open opportunities for the livestock monitoring market in the near future. Furthermore, the increasing adoption of IoT and AI in monitoring solutions is a significant factor driving the market growth. However, the need for high initial investment for installing livestock farming equipment and devices not only acts as a restraint on the growth of the market but also makes it difficult for new players to enter the market.
Growing adoption of livestock monitoring solutions in developing countries and the increasing number of dairy, poultry and swine farms are providing ample growth opportunities for market players globally.
