According to a new market research report published by Credence Research, “Livestock Monitoring Market – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the livestock monitoring market was valued at US$ 1.39 Bn in the year 2018 and expected to reach US$ 3.45 Bn by the year 2027, expanding at a CAGR of 10.7% during the forecast from 2019 to 2027.
“Rising Penetration of Sensor Technology expected to boost the demand for Livestock Monitoring during the Forecast Period”
The demand for meat is growing every year, while the requirements for quality and food safety are constantly rising as well. With the livestock industry continuously evolving, farms face the challenge of constantly making production more efficient, effective and sustainable. The care and management of individual animals as well as the management of their productivity are becoming more and more demanding.
A tracking system helps livestock producers overcome the challenges of scale increases while ensuring their animals’ well-being. Instead of relying solely on farmers’ senses and knowledge, on-site tracking sensors can provide reliable data about the location and physical condition of the animals. Whether the farmer is concerned with automatic feeding, sorting and separating, or weighing – all of the information needed for managing the animals individually is available in real time.
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Hardware Component dominated the Global Livestock Monitoring Market in 2018
In 2019, hardware held the largest size of the livestock monitoring market due to the increasing adoption of hardware devices such as RFID, sensors, smart cameras, and GPS technology on livestock farms. The data collected through these devices alert farmers on reproduction, healthy feeding, and the wellbeing of the animals. Technological advancements in software and services used in livestock monitoring management systems are also propelling market growth since the past few years.
The global livestock monitoring market is a fragmented market with the presence of large number of small and large players.
- On October 03, 2018, Allflex Livestock Intelligence, an Antelliq company, today announced the launch of the Allflex Young Stock dedicated health monitoring application for newborn calves up to six months old. It also announced the introduction of SenseHub, the new version of its SenseTime modular cow monitoring solution.
- On December 14, 2018, MSD (tradename of Merck & Co., Inc),and privately held Antelliq Group today announced that the companies have signed a definitive agreement under which MSD will acquire Antelliq from funds advised by BC Partners. Antelliq will be a wholly owned and separately operated subsidiary within the MSD Animal Health Division.
- On December 17, 2019, Merck Animal Health, a division of Merck & Co. Inc., today announced the completion of its acquisition of Vaki, a leader in fish farming and wild fish conservation monitoring equipment and real-time video monitoring technology to advance fish health and welfare, from Pentair, a leading global water treatment company.
Key Market Movements:
- Globally, the livestock monitoring market projected to witness a CAGR of 10.7% during the forecast period from 2019 to 2027
- Hardware component held the major revenue share in the global livestock monitoring market in the year 2018. The growth is anticipated to rising adoption of hardware devices.
- Milk harvesting management application dominated the global livestock monitoring market in the year 2018 due to increasing preference for automatic milk harvesting systems and rising implementation of monitoring solutions.
- The Asia Pacific is the most lucrative region for the global livestock monitoring market owing to increasing penetration of IoT in the region.
List of Companies Covered:
- GEA Farm Technologies
- Afimilk Ltd.
- BouMatic LLC
- Antelliq Corporation
- Dairymaster Ltd.
- Lely International NV
- Fancom BV
- Fullwood Packo Ltd.
- Nedap NV
- Hokofarm-Group BV
- Valley Agriculture Software
- Sum-It Computer Systems Ltd.
- HID Global Corporation
Browse the full report at https://www.credenceresearch.com/report/livestock-monitoring-market