Precision Livestock Farming Market worth $4.6 billion by 2024 with a growing CAGR of 9.2%
The precision livestock farming market is estimated to be worth USD 3.0 billion in 2019 and is projected 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, rising herd size of dairy farms, growing adoption of livestock farming robots & livestock monitoring devices, and rising 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.
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The precision livestock farming market in APAC is expected to grow at the highest CAGR from 2019 to 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 market for livestock identification & tracking technology 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 precision livestock farming market for services is expected to grow at the highest CAGR during the forecast period. The technological advancement in software and services used in precision livestock farming management systems is one of the key factors driving the market over the past few years. There is a growing demand for managed and maintenance services owing to the increasing demand for deployment of autonomous milking system and feeding systems on livestock farms across the globe. Increasing demand for managed services is also a major reason behind the high growth of the precision livestock farming market for services.
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 driven predominantly 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.
The major players in the precision livestock farming market have executed acquisitions, partnerships, and product launches and developments to grow in the market. For instance, in April 2019, Merck completed the acquisition of Antelliq Corporation to become a leader in emerging digital technology for livestock. In June 2018, DeLaval launched VMS™ milking system V300. In January 2017, GEA introduced DairyRobot R9500, a new box-style robot to enhance the milking process and increase on-farm efficiency.
