According to MarketsandMarkets "Precision Livestock Farming Market with COVID-19 Impact Analysis by System Type, Application (Milk Harvesting, Feeding, Health), Offering (Hardware, Software, Services), Farm Type (Dairy, Swine, Poultry), Farm Size, and Geography - Global Forecast to 2025", The global Precision Livestock Farming Market is expected to grow to USD 4.8 billion by 2025 from an estimated USD 3.1 billion in 2020, at a CAGR of 9.0% during the 2020-2025 period.
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The rapid growth of the global precision livestock farming market is attributed to the factors such as the implementation of IoT- and AI-enabled devices for livestock monitoring, surging labor costs and rising demand for automation in the livestock industry, increasing focus on real-time monitoring and early disease detection, and growing demand for protein and dairy products have become the prominent factors for the growth of the precision livestock farming market globally.
Milking robotic systems to hold largest market share during forecast period
Milking robotic systems is expected to hold the largest market share in the precision livestock farming market during the forecast period. The most prominent factor for the high share of milking robotic systems in the precision livestock farming market is the surging labor costs across in the developed countries of Europe and North America. Apart from this the penetration of milking robotic systems is increasing due to the rising herd size and increasing adoption in the developing countries.
Livestock health and behavior monitoring application is expected to witness the highest growth rate during the period 2020 and 2025
The livestock health and behavior monitoring application is expected to witness the highest growth rate in the precision livestock farming market during the forecast period. The livestock health has become extremely important for the various stakeholders in the ecosystem such as farmers, government, food processing companies, research institutes, etc. This is due to the emergence and re-emergence of several diseases among the livestock animals as well as rising consumer awareness with respect to food traceability.
Hardware segment is expected to hold the largest market share between 2020 and 2025
Hardware to hold the largest market size between 2020 and 2025 owing to increasing adoption of hardware devices such as RFID, sensors, smart cameras, and GPS technology on the dairy, swine and poultry farms. The data collected through these devices alert farmers on reproduction, health feeding, and well beings of animals. Moreover the demand for the milking robots and precision feeding systems have been increasing owing to the rising herd size on dairy farms across the countries in the world. These advanced automation and control devices are integrated with precision livestock farming equipment such as milking robots, and precision feeding systems. The increasing adoption of advanced technologies is further expected to drive the growth of the precision livestock farming market.
Europe to hold largest share of precision livestock farming market during forecast period
Europe is expected to hold the largest share of the precision livestock farming market during 2020–2025. The region is an early adopter of precision livestock farming technology with several major companies like DeLaval (Sweden), Lely International (Netherlands), Fancom (Netherlands), GEA Farm Technology (Germany) having its headquarters in Europe. Moreover, the European region faces a crucial challenge of labor shortage with the developed countries in Europe depending upon the workforce coming from Eastern Europe and North Africa.
The report profiles key players such as DeLaval (Sweden), Allflex (Israel), GEA Farm Technology (Germany), Afimlik (Israel), BouMatic (US), Lely International (Netherlands), Dairymaster (Ireland), Livestock Improvement Corporation (New Zealand), Fancom (Netherlands), Fullwood Packo (UK).
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