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Precision Livestock Farming Market Expected To Reach $4.8 Billion By 2025
The precision livestock farming market is estimated to be worth USD 3.1 billion in 2020 and projected to reach USD 4.8 billion by 2025, at a CAGR of 9.0% during the forecast period. The implementation of IoT- and AI-enabled devices for livestock monitoring, surging labor costs and rising demand for automation in livestock industry, increasing focus on real-time monitoring and early disease detection, and growing demand for protein and dairy products have become the growth factors that has contributed for the development of precision livestock farming market globally.
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The adoption of precision livestock farming technology has been witnessing a high growth among the dairy and swine farms across the developing countries.
The livestock identification, monitoring and tracking systems which comprises RFID tags, smart camera systems which are integrated with the emerging technologies like IoT, AI and machine learning could see a high growth during the period 2020 to 2025. The poultry robotics is another niche technology which could help in automating several farming operations apart from poultry monitoring. The livestock farmers are moving towards data driven decisions which enables them to optimize the production of meat and milk from livestock farms.
The precision livestock farming market in the APAC region is expected to witness a high growth as compared to the other regions during the forecast period 2020 to 2025. The adoption of the RFID tags, readers and smart sensors to monitor the farm animals has been on the rise which could provide several opportunities to the players in the precision livestock farming market. Moreover the government in the region is promoting the use of technology in the livestock farming sector and has taken several steps to reduce the gap between technology adoption and livestock farms. The poultry monitoring and robotic systems are expected to grow at the highest CAGR during the forecast period 2020 to 2025. The automation in the poultry farms is at a nascent stage with several farms keen to deploy poultry robots to undertake various farm operations such as manure management, egg collection, poultry monitoring, etc. Moreover, the rising labor costs could lead to an adoption of technology in the poultry farms.
The market for livestock health and behavior monitoring application in the precision livestock farming market to see a high growth as compared to other applications during 2020 to 2025.Livestock health has become an important factor for the livestock farms across the globe owing to the outbreak of several diseases like African swine fever or COVID-19. Moreover the rising concerns for the food traceability from the end consumer has alarmed governments, farmers, food processing companies and other stakeholders to pay a special attention towards livestock health and behavior monitoring. The technology adoption among the small farms across the developing countries is low. However, due to the rising awareness among the farmers pertaining to the benefits of technology in livestock farming, the market for small farms in the precision livestock farming market could see a tremendous growth during the period 2020 to 2025.
Demand for precision livestock farming technology is expected to surge across the poultry farms segment during the forecast period. Heightened focus on poultry welfare, escalating demand for high-quality products and ecologically sustainable systems, and the need to achieve openness and traceability in poultry production are the key factors driving the demand for precision livestock farming devices in poultry farms.
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Several opportunities such as increasing adoption of livestock monitoring technology in developing countries, increasing number of dairy, poultry, and swine farms and growing popularity of poultry robots and BSC smart cameras could help the players in the precision livestock farming market to grow at a significant rate. The companies can leverage these opportunities in the precision livestock farming market by providing customized solutions meeting the need of the livestock farmers.
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