According to the new market research report published by MarketsandMarkets™, the livestock monitoring market is expected to grow from $1.5bn in 2020 to $2.5bn by 2025.
The growing focus on livestock monitoring and disease detection, increasing adoption of IoT and AI by dairy farmers, and substantial cost-saving associated with livestock monitoring management are driving the growth of this market.
The rising population of cattle with rising dairy farms and growing adoption of livestock monitoring technology in developing countries provide major opportunities for the growth of the market livestock monitoring.
The livestock monitoring market for the feeding management application is predicted to grow at the highest ever CAGR from 2020 to 2025. The feeding management application can be expected to continue to dominate the livestock monitoring market, both in terms of size and growth rate, during the forecast period. This high growth is predominantly driven by the increasing availability of innovative feeding technologies such as liquid feeding systems and dry feeding systems.
The highest CAGR during the period
The Livestock monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. The population expansion in the region’s developing countries is mounting pressure on the suppliers of livestock products to become more efficient and productive, thus pushing the sales of livestock monitoring solutions upward. The rising penetration of IoT in the animal monitoring application also boosts the growth of this market.
Key players in this market are GEA Farm Technologies, Germany, DeLaval, Sweden, Afimilk Ltd., Israel, BouMatic, LLC, USA, Antelliq Corporation, France, Dairymaster Ltd., Ireland, Lely International NV, Netherlands, Fancom BV, Netherlands, Fullwood Packo Ltd., UK, and Nedap NV, Netherlands. These players are increasingly adopting growth strategies such as product launches and developments, partnerships, collaborations, agreements, and acquisitions to develop and introduce new technologies and products in the market.