PUBLISHER: Grand View Research | PRODUCT CODE: 1750879
PUBLISHER: Grand View Research | PRODUCT CODE: 1750879
The global livestock monitoring market is estimated to reach USD 8.53 billion by 2030 and is anticipated to expand at a CAGR of 11.8% during the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increased focus on livestock monitoring, along with disease detection. Furthermore, the prevalence of zoonotic diseases among livestock, rising adoption of IoT and AI by dairy farmers, increasing number of dairy farms, and significant cost-saving due to livestock monitoring management are some of the major drivers of the market.
Extensive animal-derived food production and increased investments in R&D and animal health management in developed economies have led to higher productivity. Encouragement from government animal welfare organizations is also boosting the market growth. Further, government funding and reforms are expected to propel market growth shortly. In addition, increasing awareness regarding animal nutrition, genetic breeding, milk harvesting, and animal health is expected to promote the adoption of livestock monitoring systems.
There is an increased demand for animal products, and thus several countries are focusing on livestock rearing. This has led to an increase in the livestock population. In addition, the prevalence of zoonotic diseases is further fueling the growth of the market. This is because these disease outbreaks in the livestock can be major socioeconomic threats, resulting in production loss and disruption of local markets, rural economy, and international trade.
Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansion to gain an edge over the competition. For instance, in January 2023, Astrocast partnered with Digitanimal for the development of a livestock monitoring solution known as Satellite IoT (SatIoT). The two companies are collaborating jointly to commercialize a tracking device that links to the worldwide satellite network of Astrocast. In February 2021, MSD Animal Health announced the acquisition of PrognostiX Poultry Limited, a provider of health and environmental monitoring solutions for the poultry business, which expanded its product portfolio.