Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global livestock monitoring market was valued at US$ 3.51 billion in 2022 and is expected to register a revenue CAGR of 14.3% to reach US$ 11.68 billion by 2031.
Livestock monitoring refers to collecting data on the health, behavior, and productivity of individual animals in a livestock operation. This data can be used to inform decisions about herd management, health treatment, and breeding programs. Livestock monitoring systems typically use a combination of sensors, data analytics, and connectivity to collect and transmit data in real time. The benefits of livestock monitoring systems include improved animal welfare, more efficient use of resources, and increased productivity. By monitoring individual animals, farmers can identify and address health issues before they become more serious, improve breeding programs by selecting animals with desirable traits, and optimize feed and water usage to reduce costs and improve efficiency. Livestock monitoring systems can also help farmers to comply with government regulations related to animal welfare and environmental impact. Livestock monitoring systems are becoming increasingly sophisticated and adopted by a growing number of livestock operations worldwide.
The rising population of livestock is the primary driver for the revenue growth of the global livestock monitoring market. For instance, according to the Eurostat report of May 2022, Europe has a sizable livestock population involving 11 million goats, 60 million sheep, 60 million pigs, 76 million bovine animals, and 142 million pigs. As the global population continues to grow, there is an increasing demand for food, particularly meat and dairy products. This has led to the growth in the livestock industry and a need for more efficient and effective monitoring of livestock, fueling the growth of the global livestock monitoring market revenue.
Additionally, advances in technology, particularly in the areas of sensor technology, data analytics, and connectivity, have enabled the development of more sophisticated livestock monitoring systems. These systems can provide real-time information on the health and behavior of individual animals, enabling farmers to make more informed decisions about herd management and boosting the global livestock monitoring market. There is a growing awareness of the importance of animal welfare, and consumers are increasingly concerned about the conditions in which livestock are raised. Livestock monitoring systems can help farmers ensure that their animals are healthy and well-cared for, which can help to improve consumer confidence in the livestock industry. Moreover, government regulations, particularly in developed countries, are increasingly focused on the welfare of animals and the environmental impact of livestock farming. Livestock monitoring systems can help farmers to comply with these regulations and avoid fines or other penalties for non-compliance, thus can boost the growth of the global livestock monitoring market.
However, the cost of implementing livestock monitoring systems can be high, particularly for smaller farms. This can be a barrier to adoption, particularly in developing countries where farming operations may be more limited in resources. Furthermore, in many rural areas, connectivity can be limited or unreliable, which can impact the ability of livestock monitoring systems to transmit data in real time. This can limit the usefulness of these systems and may make them less attractive to farmers and hamper market growth. Additionally, lack of awareness and limited connectivity in rural areas are some restraints impeding the overall livestock monitoring market growth.
The global livestock monitoring market is analyzed from four perspectives: animal type, component, application, and region.
Livestock Monitoring Market by Animal Type
Based on the animal type, the global livestock monitoring market is segmented into cattle, poultry, swine, equine, and others.
The cattle segment dominated the market with the top revenue share in 2022, as cattle farming is one of the largest livestock industries in the world. Cattle monitoring involves collecting data on individual animals, such as location, movement, and health indicators, to optimize herd management, breeding programs, and health treatment. Additionally, the cattle segment also leads the market due to rising demand for high-quality beef and dairy products. Cattle management can be more efficient using livestock monitoring devices or software management. By collecting real-time data on individual animals, farmers can identify and address health issues before they become more serious, optimize feed and water usage, and improve breeding programs by selecting animals with desirable traits. These factors contribute to the large revenue growth of the cattle segment.
The poultry segment is expected to be the fastest-growing segment throughout the forecast period due to the increasing demand for poultry products and the need to improve the efficiency and productivity of poultry farming. Poultry includes birds such as chickens, ducks, and turkeys. Various livestock monitoring technologies and devices are used in poultry, including sensors, cameras, and GPS tracking systems. These technologies can be used to monitor various aspects of poultry farming, such as temperature, humidity, air quality, feed and water consumption, and movement of the birds. They can also detect and diagnose the birds' diseases and other health issues, allowing farmers to take timely and effective action to prevent outbreaks and reduce losses. These factors contribute to the revenue growth of the poultry segment.
Livestock Monitoring Market by Component
Based on the component, the global livestock monitoring market is segmented into hardware, software, and services.
The hardware segment dominated the market with the largest revenue share in 2022. Hardware can include a range of sensors, such as GPS trackers, accelerometers, temperature sensors, cameras, and other imaging devices. Farmers can make more informed decisions about herd management, breeding programs, and health treatment by collecting data on factors such as location, movement, and health indicators. The data collection hardware is becoming increasingly sophisticated, with new sensors and imaging devices being developed to provide more accurate and detailed information. Livestock monitoring systems are increasingly relying on wireless connectivity, such as cellular networks and satellite communication, to transmit data in real time. This requires hardware capable of transmitting and receiving data over these networks, as well as the necessary software to manage and analyze the data. These overall factors contribute to the revenue growth of the hardware segment.
Livestock Monitoring Market by Application
Based on the applications, the global livestock monitoring market is segmented into milk harvesting, feeding management, breeding management, animal health, monitoring & comfort, and others.
The feeding management segment is a key stakeholder in the livestock monitoring market, with the largest revenue share in 2022. Feeding management involves the use of technology and data analysis to monitor the feed consumption and nutrition of animals, including livestock such as cattle, pigs, and poultry. Livestock monitoring technologies can be used to monitor the feed intake of individual animals, allowing farmers to identify and address any issues with their feeding patterns. This information can be used to adjust feeding programs and ensure that each animal is receiving the appropriate amount and type of feed for their specific needs. In addition to monitoring feed intake, feeding management technologies can also be used to analyze the nutritional content of the feed and make adjustments to ensure that the animals receive the optimal balance of nutrients for their growth and development. This can help to improve the overall health and productivity of the animals while also reducing feed costs and minimizing waste. These general factors contribute to the revenue growth of the feeding management segment.
Livestock Monitoring Market by Region
Geographically, the global livestock monitoring market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global livestock monitoring market with the largest revenue share in 2022, attributed to being home to a significant number of livestock operations, including cattle, dairy, and poultry farms, which are increasingly adopting livestock monitoring systems to improve productivity and animal welfare. Additionally, companies across the region are continuously involved in partnerships, mergers, and acquisition activities, which is also helping in the growth of the market. For instance, in February 2023, Semtech Corporation, a prominent supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, announced its partnership with Smart Paddock, an Australian company that offers intelligent tags for the livestock industry, providing real-time information to farmers. The collaboration will involve the integration of Semtech’s LoRa devices and the LoRaWAN standard into Smart Paddock’s “Bluebell” smart global positioning system (GPS) ear tag. This will enable the monitoring of livestock location in real-time and analysis of the behavioral data of cattle, allowing for practical solutions to issues surrounding livestock management.
The prominent players operating in the global livestock monitoring market are:
Livestock monitoring refers to the process of collecting data on the health, behavior, and productivity of individual animals in a livestock operation.
The estimated market size of the global livestock monitoring market in 2031 is US$ 11.68 billion.
The revenue CAGR of the livestock monitoring market during the forecast period is expected to be 14.3% from 2023 to 2031.
The lack of awareness and limited connectivity in rural areas are factors restricting the global market revenue growth to its full potential.
Some prominent players operating in the global livestock monitoring market are Lely International N.V., Dairymaster, HID Global Corporation, HerdInsights, Afimilk Ltd., and DeLaval, among others.
*Insights on financial performance are subject to the availability of information in the public domain