Livestock Monitoring: Market Leverage on Technological Innovations
Due to the increasing global concerns about expanding agricultural production, farmers struggle to manage their livestock and crops. Hence, livestock management in agriculture has become an integral part of livelihood, supporting the demand for advanced technology in the field. Inkwood Research estimates that the global livestock monitoring market to grow at a CAGR of 19.66% between 2022 and 2030.
The introduction of robotics in the milk harvesting process allows the workers to milk more cows quickly. Further, several products like homogenizers, cow managers, milking robots, sensors, video monitoring systems, milk sampling devices, etc., have opened up new possibilities in the application segment for the livestock monitoring system market. These devices help the farmers with feed-stock inventory, tracking severe diseases, on-time treatment of animals, milking the cows, weight monitoring, etc., driving the application segment with a CAGR of 19.66% by 2030.
The population density of most Asian countries is comparatively higher than that of North America and Europe. The farms have a larger herd size for cattle to meet the demand of the proliferating population, which has created opportunities for the companies to launch new and innovative products. For instance, in 2021, GEA Group introduced optimized automatic milking systems, the new generation of milking robots that bring ecological and economic benefits to dairy farms. Further, the company also launched homogenizers for the dairy, beverage, food, pharmaceutical, chemical, and cosmetics industries. These trends make Asia-Pacific the leading region with a 20.58% CAGR in the global scenario.
Changing Market Dynamics
Artificial Intelligence (AI) enables customers to achieve great productivity with limited resources. Machines powered by AI make operations more feasible in the livestock monitoring and management market. Moreover, the companies launch AI-enabled products like monitoring cameras & drones, GPS-tracking systems, and IoT-enabled trackers to monitor livestock health. Further, companies like Cainthus, Afimilk, Dairymilk, Nedap NV, etc., are expanding their portfolio for competitive standing in various market segments. The market study includes categories, namely animal type, application, and product type.
Hardware with integrated software & systems leads the product type segment
With an estimated CAGR of 20.01% by 2030, various hardware with integrated software and systems have entered the livestock management market to ease monitoring, automate processes, and increase cost-efficiency. For instance, VAS launched a new product in 2020, WeighComp, as part of its feed product lineup. With over 60% of a farm’s expenses being feed-related, VAS’s suite of feed products allows producers to track and monitor their efficiency and profitability.
Further, the hardware segment with integrated software & systems can be sub-segmented into GPS, sensors, and RFID devices. Software-integrated GPS helps manage big herds, find and gather the animals, and manage them individually and collectively. In addition, the US Department of Agriculture (USDA) has made the use of RFID tags mandatory for monitoring the animals’ health and wellness. These initiatives create possibilities for the global livestock monitoring product market during the forecast period.
Partnerships & Tractions Driving Demands
Various leading companies have come into partnerships and acquired smaller firms in the last few years to reduce competition and accelerate innovative measures.
- In December 2021, Connecterra and Lely, the leading global supplier of robotics and management systems for dairy farming, signed a robust co-development and commercial partnership agreement. The announcement follows a pilot program with Lely’s Digital Farming Group to test integration between Lely Horizon and Connecterra’s artificial intelligence platform, Ida.
- In May 2021, Nedap NV entered into a partnership agreement with Waikato Milking Systems, a leading manufacturer and developer of dairy technology. With the agreement, both the companies launched new products: a monitoring system for cows, CowTraQ, and its automation platform, TracHQ, powered by Nedap.
- CowManager, Zoetis, and Select Sires Inc announced a collaboration in 2022 to integrate genomic tools and predictive sensor systems. This collaboration aims to create value for cattle producers in farm management through better advice supported by more accurate, intelligent cow data.
As per reports, in 2020, globally, the total number of cattle and buffaloes was approximately 915.2 million. Additionally, India alone has accounted for 33.38% of the world’s total number of cattle and buffaloes. As a result, companies mostly focus on cattle farming and launch products for cattle management. Monitoring applications across the livestock and agricultural industry create possibilities for advanced developments and are set to encourage widespread adoption of the devices in the future. Therefore, innovative product launches and applications prove to be lucrative for the global livestock monitoring market growth.
What is the market value of the global livestock monitoring market?
The global livestock monitoring market is expected to generate $22526.62 million in revenue during the forecast period, 2022-2030.
What is the leading animal type in the global livestock monitoring market?
Goat & Sheep is the leading animal type in the global livestock monitoring market.