The rapid industrialization of precision livestock farming in developing countries such as Australia, India, and China is anticipated to be a significant factor boosting the market in the region.
As per the analysis, the global precision livestock farming market is estimated at USD 3.2 Billion in 2022 and reach a value of USD 7 Billion by 2032. The projected growth rate is 8.14% during the forecast period from 2022 to 2032. The growing demand for automation in the livestock industry is expected to be the major factor driving the market in the assessment period.
Precision livestock farming involves the usage of electronic tools to manage livestock. It is automated monitoring of animals to improve their health and welfare, reproduction, and to mitigate the negative impact on the environment. PLF tracks big animals like cows as “per animal” and tracks poultry as “per flock”. PLF uses technologies such as cameras, microphones, and some computer software to track livestock.
Using the information technology, farmers can record various parameters such as; age, reproduction, feed conversion, and meat quality. Precision livestock farming helps in achieving various other goals like animal health, sustainability, and a small ecological footprint of livestock production.
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Various advanced tools are used by farmers to collect information about their livestock. For this, advanced technologies like unique ID, electronic wearable, and software are used. Each animal requires a unique number, which can be utilized through visual ID, passive electronic ID tag, or an active electronic ID tag.
Electronic wearable like active smart ear tags can help in fetching data such as activities, temperature, and other important details. Electric tags are inserted in the ears of newborns and details such as; who is the mother, the date of birth, what is the gender of the sibling, and how many siblings did she deliver.
Precision livestock farming is a combination of improving animal sensors tools and the decision-making process at the farm level.
How does the Increasing Demand for Automation in the Livestock Industry Expand the Market?
The demand for automation in the livestock sector is rising owing to enhancing productivity, efficiently managing farms, and reducing labor costs. The integration of AI and IoT in livestock regulation has brought a considerable impact on the efficiency of farm outputs.
The application of big data is one of the most crucial trends being observed in the PLF market. The growing usage of big data is attracting opportunities across several industries. It assists in boosting feed efficiency and benchmarking. These technologies are playing an important role in developing the market.
Smart sensors and RFID tags help in tracking farm animals and detect signs of any illness that helps them to take action at right time. Further, this equipment also sends real-time alerts to the farmers through voice mails, text messages, and mobile apps. In addition, automation helps in the appropriate usage of resources like feed, water, electricity, and assists in lessening labor expenses.
What are the Factors Slowing the Expansion of the Precision Livestock Farming Market?
One of the most significant factors restraining the growth of the market is the high investment. Precision livestock farming demands a high capital investment at the initial stage. The advanced equipment such as milking robots, feeding systems, IoT modules, herd management, and sensors require a large investment, which acts as a hindrance in market growth.
Farmers have to make a high investment to procure these devices with an unstable ROI. Livestock monitoring products have high maintenance costs, which is yet another cause hampering the market rise in the forecast period.
Livestock farming is one of the most regulated industries across the globe. The stringent government regulations and trade barriers are anticipated to hinder the industry in the coming time. Further, fragmented dairy farms and unorganized market structures in developing countries have been identified as another challenge for the expanding industry.
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What are the Growth Prospects of the Precision Livestock Farming Market?
The rapid industrialization of precision livestock farming in developing countries such as Australia, India, and China is anticipated to be a significant factor boosting the market in the region. The growing exposure to advanced technology and the advent of developed equipment in the farming sector is likely to spike market growth in the coming time.
Furthermore, the increasing investment of government in the sector is likely to benefit the industry in the coming time. The region has been identified as a lucrative market owing to the presence of an untapped market in the region.
The expanding herd size, increasing labor cost owing to shortage of manual labor are the major factors pushing the market rise in the region. Furthermore, the rising demand for controlled services is another crucial region popularizing PLF in the region.
What is the Contribution of Europe in Developing the Precision Livestock Farming Market?
Europe is projected to be a lucrative market during the forecast period. The expansion of the regional market can be attributed to the presence of established players providing PLF technology. Such players include GEA Farm Technology, Fullwood Packo, DeLaval, Fancom, Lely International, and others.
The expansion of the regional market can also be attributed to the presence of aware farmers and better income. The UK is expected to make a significant contribution in strengthening the regional market. In addition, various other countries are also making huge investments in the market which is driving the industry in the region.
Market Competition
Some of the key players participating in the expansion of the market include MiRobot, Aleis Pty Ltd., Waikato Milking System, Fancom B.V, HokoFarm-Group, and others.
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Key Segments Profiled in the Global Precision Livestock Farming Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Oct 28, 2022
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