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Livestock Monitoring Market Size, Share and Trends Analysis Report by Animal Type, by Component, by Application, by Region and Segment Forecast, 2022

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Livestock Monitoring Market Size, Share & Trends Analysis Report By Animal Type (Cattle, Poultry), By Component (Hardware, Software), By Application (Milk Harvesting, Livestock Management) Livestock), by Region and Segment Forecast, 2022-2030

New York, April 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Analysis Report of Livestock Monitoring Market Size, Share and Trends by Animal Type, By Component, By Application, By Region & Segment Forecast, 2022 – 2030” – https://www.reportlinker.com/p06129573/?utm_source=GNW

Livestock Monitoring Market Growth and Trends

The global livestock monitoring market size is expected to reach USD 19.37 billion by 2030. It is expected to grow at a CAGR of 17.63% from 2022 to 2030. The growth of the market can be attributed to the increased focus placed on livestock surveillance, as well as disease detection. . Additionally, the prevalence of zoonotic diseases in livestock, the growing adoption of IoT and AI by dairy farmers, the growing number of dairy farms, and the significant cost savings due to managing livestock monitoring are some of the major market drivers.

Extensive production of foods of animal origin and increased investment in R&D and animal health management in developed economies have resulted in increased productivity. Encouragement from government animal welfare organizations is also driving the growth of the market.

Additionally, government funding and reforms are expected to propel market growth shortly. In addition, increased awareness of animal nutrition, genetic selection, milk harvesting and animal health should promote the adoption of livestock monitoring systems.

There is an increased demand for animal products, and therefore several countries are focusing on animal husbandry. This led to an increase in the cattle population.

Additionally, the prevalence of zoonotic diseases is further fueling the growth of the market. Indeed, these outbreaks in livestock can pose major socio-economic threats, resulting in loss of production and disruption of local markets, rural economy and international trade factors such as these are expected to encourage the adoption of livestock monitoring systems by livestock owners.

The COVID-19 pandemic has triggered an unexpected crisis in the general agricultural processing industries and in the processing of dairy products. The outbreak of the pandemic has caused huge economic losses to the beef, pork, poultry and dairy industries around the world.

As the COVID-19 virus spread across the world, several industries assessed its impact on their businesses. Given the increase in demand for goods as consumers stock up for possible quarantines or restrict their visits to the grocery store, businesses have faced challenges in meeting the increased demand and protecting the supply chain.

However, with improving situations, the market is expected to witness growth in the coming years.

Industry players are involved in strategies such as mergers and acquisitions, collaboration agreements, and geographic expansion to gain an edge over the competition. For example, in February 2021, Fancom announced an upgraded version of light control for the Lumina 38H and 36/38 poultry computers. .

In February 2021, MSD Animal Health announced the acquisition of PrognostiX Poultry Limited, a provider of health and environmental monitoring solutions for the poultry industry, which has expanded its product portfolio.

Livestock Monitoring Market Report Highlights
• Beef animal type segment held the largest revenue share in 2021 owing to growing demand for beef and dairy products
• The software components segment is expected to register the fastest growth rate during the forecast period. Indeed, the software promoted interoperability between different data management systems and ultimately added value for customers.
• The power management application segment accounted for the largest revenue share of more than 25.0% in 2021. This can be attributed to the high demand for power management to monitor the food intake of the user. ‘animal
• Due to the presence of well-established companies and technologically advanced infrastructure, North America led the market in 2021 with a revenue share of over 30.0%
• Asia Pacific is expected to witness lucrative growth over the forecast period owing to the high potential and fast growing markets of India, Japan and China in this region
Read the full report: https://www.reportlinker.com/p06129573/?utm_source=GNW

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