Upsurge in cattle population will boost the livestock monitoring market, forecast to touch US$ 6.7 Bn by 2025 at a CAGR of 13%
Noida, Uttar Pradesh, India, March 3 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Global Livestock Monitoring Market is estimated to see healthy growth, pegged at a CAGR of ~13% during the forecast period 2020-2025. The upsurge in cattle population and the growing adoption of livestock monitoring technology is expected to drive the market’s growth. Furthermore, these monitoring systems widely gain high demand due to their substantial cost-saving features associated with livestock monitoring management.
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The growth in the animal products demands such as milk, meat, and eggs drives the livestock monitoring market. It is estimated that Asia holds around 40% to 45% of the overall global meat production need. Other major producers include the US, Australia, Brazil, and Argentina. Rendering to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) report, China will account for about 40% of the increase in meat demand by 2050. Such crucial factors will significantly increase the livestock monitoring demand and sales.
Moreover, there is high competition between leading players, prioritizing product innovation and development in the current product portfolio. These companies are also adopting various strategies to maintain a competitive rivalry to its highest mark. For instance, in January 2018, DeLaval launched DeLavalInService All-Inclusive solutions to offer dairy farmers services and consumables. In addition, the company would function to provide advisor and provider services to its customers. Such initiatives are anticipated to create the scope for long-term sustainable growth in the market.
Besides, the burgeoning zoonotic disease prevalence further boosts the livestock monitoring market demand. These disease outbursts in the livestock can be major socioeconomic threats, resulting in production loss and disruption of the rural economy, local markets, and international trade. Additionally, certain livestock diseases instigated due to bacteria and viruses are known to infect humans. Such factors are probable to increase the livestock monitoring demand in the coming years.
The COVID-19 outburst triggered due to SARS-CoV-2 has affected millions of people worldwide. The contagious coronavirus also has an economic impact and implications on most sectors, including the animal health industry. Also, the implementation of worldwide lockdown and social distancing have suspended or delayed veterinary visits; this is expected to increase livestock monitoring consumption globally.
Segmentation Overview of the Global Livestock Monitoring Market
The livestock monitoring market has been segmented into Animal Type, Component, and Application. These major market segments are further categorized into various sub-segments to study the market in detail.
By Animal Type Outlook (Cattle, Poultry, Swine, Equine, Others) By Component Outlook (Hardware, Software, Services) By Application Outlook (Milk Harvesting, Breeding Management, Feeding Management, Animal Health Monitoring & Comfort, Heat Stress, Behavior Monitoring, Others)
Key Players Insights
DeLaval Inc., Afimilk Ltd., Sensaphone, GEA Group Aktiengesellschaft, Lely, BouMatic, Dairymaster, MSD Animal Health, Fancom BV, and Fullwood Packo, among others, are some significant players included in the research study of the global livestock monitoring market.
The leading companies are conducting research & development to produce efficient livestock monitors. For instance, In July 2020, DeLaval Inc. has signed up an acquisition agreement with milkrite | InterPuls, a milking point solutions leader, from Avon Rubber. This deal was aimed to improved DeLaval’s animal husbandry offerings. Furthermore, in March 2019, Afimilk signed up for exclusive distribution rights with Bionova Philippines to commercialized its products in the Asian Market. These kinds of market developments aim to allow the company to serve a larger market and support its growth strategy.
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