Livestock Monitoring Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Livestock Monitoring Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Livestock Monitoring market is projected to witness a CAGR of 12.67% during the forecast period (2022 - 2027).

COVID-19 has majorly impacted the livestock industry as well as the production industries. The restrictions imposed by the government to control the spread of COVID-19 among the nation have had a significant impact on the livestock industry, interrupting the supply chain for animal feed, lowering animal husbandry services, and limiting animal health services including delays in illness detection and treatment. For instance, According to the National Center for Biotechnology Center, 2020, with the incidence of COVID-19, the dairy industry in India has suffered significantly due to the reduced overall demand of about 25-30% in the country, at least during the first one month after the lockdown, that is, since March 25, 2020. In addition, to control the spread of coronavirus, the government has sealed the borders to restrict vehicle mobility which further hampered the transfer of milk to customers in the border regions.

The market's expansion can be ascribed to an increase in the cow population, increased incidences of zoonotic diseases, as well as the increasing adoption of livestock monitoring technologies, as there is substantial cost-saving associated with livestock monitoring management. The livestock population has been increasing over the past few decades globally. For instance, India, Brazil, and China accounted for over 65% of the global cattle inventory in 2021. In addition, animal monitoring devices have become more common in industrialized nations, allowing for real-time monitoring of livestock. Some of the primary drivers driving market expansion include a growing focus on real-time monitoring and early illness diagnosis, expanding usage of IoT and AI for livestock monitoring, and rising worldwide demand for meat. For instance, In October 2021, Allflex Livestock Intelligence launched an enhanced version of its intelligent SenseHub monitoring ear tag, which will have a multi-function LED to aid in the detection of individual animals in a group environment. It keeps track of delicate fertility and rumination behavioral patterns in dairy and beef cattle of all ages to determine whether they are in heat or require additional care or treatment.

Furthermore, fierce competition among market participants, with a strong focus on product lines and innovations, is influencing the future of livestock management. For instance, in March 2020, United States-based CattleEye introduced an AI-backed livestock management platform. Users with this platform would be able to identify cows and living conditions of their health, feed, and environment to improve productivity.

• However, the high cost of livestock monitoring solutions, as well as a lack of skills and knowledge of technology among farmers, are likely to stifle market expansion.

The increased daily consumption of poultry products is a crucial factor driving this segment's growth. According to Statista, 2021, The global consumption of meat has doubled, reaching 324 million metric tons in 2020. According to the data published by the Organization for Economic Cooperation and Development, in 2021, poultry meat will remain the key driver of meat production growth, albeit at a slower rate than in the previous decade. In addition, it is estimated that 371,675 kt of meat consumed by 2030, worldwide.

• The increased demand for animal health and monitoring is due to the strong demand for poultry products and growing customer awareness of quality products. According to United States Census Bureau, the population of United States is expected to grow from 319 million in 2014 to 417 million in 2060. The demand for poultry products is likely to rise even more as the population grows.

North America is expected to have a significant share of the market in the forecast period. This is due to the high technological developments and increased consumption of poultry products. According to the data published by Organization for Economic Cooperation and Development, in 2021, it has been estimated that 48,602 kt cwe meat will be consumed by 2030 in North America, accounting for 44,949 kt cwe in United States and 3,653 cwe in Canada. According to the Food and Agriculture Organization of the United Nations (UNFAO), United States is the largest producer of chicken meat in the world, estimated to produce 20.4 million metric tons of broiler meat in 2021. In addition, the prevalence of zoonotic diseases has fueled the demand for technology to monitor sick animals, which is anticipated to drive the North American market.

• Moreover, the companies providing cattle care training to the caretakers and government support are boosting the growth of the market in this region. For instance, Merck Animal Health's Cattle Care365 provides training for beef cattle caretakers who want to keep their livestock safe, productive, and healthy.

The global livestock monitoring market is moderately competitive with the presence of many players. As a result, players focus on developing advanced monitoring systems and sensors, cost reduction, and innovation to ensure sustainability. Some of the major players are Allflex Livestock Intelligence, Afimilk Ltd., DeLaval, GEA Farm Technologies, and BouMatic.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support