by The global Livestock Monitoring Market is estimated to be valued at US$ 6.13 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The livestock monitoring market involves products and solutions that monitor physical activities and behavior of livestock. Key products includeRFID tags, readers, sensors to monitor temperature, humidity and livestock health parameters. These solutions help farmers manage livestock operations efficiently, prevent disease outbreaks and improve product quality. Adoption of automation and IoT solutions provides real-time insights on livestock feeding, breeding and overall well-being. This helps optimize business decisions and maximize productivity
Market key trends:
One of the major trends in the livestock monitoring market is the rising adoption of precision livestock farming. Technologies such as sensor tags, cameras and automated systems collect detailed data on micro-climate conditions, animal movements and behaviors. This helps identify health issues, optimize feeding based on animal needs and manage herds efficiently. Growing demand for pasture-raised livestock is also driving adoption of monitoring solutions that facilitate grazing monitoring and aid in livestock traceability and supply chain management. Furthermore, increasing focus on animal welfare is propelling market growth as monitoring solutions help ensure comfort, hygiene and wellness of livestock.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderately low as the livestock monitoring market requires high capital investment and technology. However, upcoming technologies may lower the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market providing similar products and services. However, buyers can negotiate on price if the products are commoditized.
Bargaining power of suppliers: The bargaining power of suppliers is moderately low because not many players can provide the required technology and product components compared to the demand from farming establishments.
Threat of new substitutes: The threat of substitutes is moderately low as there are limited alternatives for livestock monitoring. However, new monitoring technologies may emerge as substitutes.
Competitive rivalry: High due to many global and regional players competing for market share.
Key Takeaways
The Global Livestock Monitoring Market Size is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing demand for livestock safety and health monitoring. The market size for livestock monitoring was valued at US$ 6.13 Bn in 2023.
Regional analysis: North America dominates the global livestock monitoring market. The large presence of key players and established cattle farming practices drive the market growth in the region. Asia Pacific is projected to register the fastest growth owing to growing meat consumption and increasing awareness regarding livestock health.
Key players: Key players operating in the livestock monitoring market include DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. These players are focussing on new product launches and partnerships to expand their global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
