PUBLISHER: The Business Research Company | PRODUCT CODE: 1465865
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465865
Precision livestock farming involves utilizing advanced technologies and data analytics to manage and optimize control over precise animal and resource variations, with the aim of improving economic, social, and environmental outcomes in livestock farming. This approach integrates sensors, monitoring devices, data analysis software, and automation systems to oversee animal health, behavior, and welfare, as well as to optimize feeding, breeding, and overall management practices.
The primary types of offerings in precision livestock farming are hardware, software, and services. Precision livestock farming hardware refers to the tangible components of a computer system or electronic device utilized in various farms, including dairy farms, poultry farms, swine farms, and others. Various technologies are involved, such as identification and tracking, milking robotic systems, poultry monitoring and robotic systems, precision feeding systems, sensors, and monitoring devices. These technologies find application in various aspects, including livestock health and behavior monitoring, environmental monitoring, feed management, milk harvesting, sorting, animal weighing, data analysis, financial management, and waste management.
The precision livestock farming market research report is one of a series of new reports from The Business Research Company that provides precision livestock farming market statistics, including precision livestock farming industry global market size, regional shares, competitors with a precision livestock farming market share, detailed precision livestock farming market segments, market trends and opportunities, and any further data you may need to thrive in the precision livestock farming industry. This precision livestock farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The precision livestock farming market size has grown rapidly in recent years. It will grow from $4.53 billion in 2023 to $5.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historical period can be attributed to factors such as the increasing demand for livestock products, a growing awareness of animal welfare, rising labor costs in agriculture, and environmental concerns.
The precision livestock farming market size is expected to see strong growth in the next few years. It will grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the forecast period can be attributed to the shift towards data-driven decision-making, the emergence of precision feeding techniques, the growth of smart farming solutions for livestock management, the development of wearable devices for animal health monitoring, and the expansion of precision breeding practices. Key trends expected in the forecast period encompass the adoption of the Internet of Things (IoT) in agriculture, advancements in sensor technology, the integration of artificial intelligence (AI) and machine learning, government initiatives to modernize farming practices, and an increasing focus on sustainable farming methods.
The anticipated growth of the precision livestock farming market is driven by the increasing demand for protein and dairy products. Protein and dairy products, which encompass food items rich in protein primarily derived from animal sources, particularly milk, are experiencing heightened demand due to evolving dietary preferences and increased awareness of health and nutrition. Precision livestock farming is employed in the production of protein and dairy to optimize efficiency, enhance animal welfare, improve feeding management, milk harvesting, and overall productivity. As an example, Progressive Publishing, a US-based company providing publishing services, reports an increase in US dairy product consumption from 651 pounds in 2020 to 661 pounds in 2021. Additionally, the University of Wisconsin-Madison notes a consistent year-over-year increase in milk protein test values, averaging 3.22% in 2021 and 3.25% in 2022. Therefore, the growing demand for protein and dairy products is a key driver propelling the precision livestock farming market.
Leading companies in the precision livestock farming market are actively engaged in developing innovative solutions, exemplified by advancements such as deLaval optimat, to enhance animal care and welfare and increase output efficiency. DeLaval optimat is an autonomous feeding robot that automates livestock feeding using sensors, software, and robotics for feed distribution and inventory management. Launched by DeLaval, a Sweden-based farm machinery and equipment company, in March 2023, deLaval optimat optimizes the feeding process for livestock farms, offering features such as automatic feed distribution, feed mixing stations, real-time monitoring, and integration with precision analytics. This comprehensive approach to automated feeding addresses the growing demands for improved efficiency, productivity, and sustainability in livestock farming.
In September 2021, AGCO Corporation, a US-based agriculture technology company, completed the acquisition of Faromatics for an undisclosed amount. This strategic move by AGCO aims to reinforce its position as a leader in agricultural machinery and precision agriculture technology while promoting the global adoption of precision livestock farming practices. Faromatics, a US-based precision livestock farming company, specializes in AI robotics software to enhance animal welfare.
Major companies operating in the precision livestock farming market are Tetra Laval International SA, Zoetis Inc., Lely International Holding B.V., Neogen Corporation, DeLaval International AB, Nedap N.V., Fullwood Paco Ltd., BouMatic Inc., Waikato Milking Systems Ltd., VDL Agrotech B.V., Trioliet B.V., Dairymaster Inc., GEA Farm Technologies GmbH, Allflex Nederland B.V., Fancom B.V., Big Dutchman International GmbH, Connecterra B.V., IceRobotics Ltd., Moocall LLC, Afimilk Agricultural Cooperative Ltd., Cowlar Inc., Farm Control Oy, HokoFarm-Group GmbH, Agrispectral Technologies Inc., Scana Animal Health AB
Europe was the largest region in the precision livestock farming market in 2023. The regions covered in the precision livestock farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the precision livestock farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The precision livestock farming market consists of revenues earned by entities by providing services such as health monitoring, behavior analysis, nutritional optimization, reproduction management, traceability, and quality assurance. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision livestock farming market also includes sales of animal wearables, monitoring sensors, automated feeding systems, robotic milking systems, and remote monitoring and control systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Precision Livestock Farming Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on precision livestock farming market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for precision livestock farming ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The precision livestock farming market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.