Global Livestock Monitoring Market Size

Livestock Monitoring Market Analysis

The Global Livestock Monitoring Market size is estimated at USD 6.85 billion in 2024, and is expected to reach USD 12.40 billion by 2029, growing at a CAGR of 12.60% during the forecast period (2024-2029).

COVID-19 has majorly impacted the livestock industry as well as the production industries. The restrictions imposed by the government to control the spread of COVID-19 among the nation have had a significant impact on the livestock industry, interrupting the supply chain for animal feed, lowering animal husbandry services, and limiting animal health services including delays in illness detection and treatment. For instance, According to the National Center for Biotechnology Center, 2020, with the incidence of COVID-19, the dairy industry in India has suffered significantly due to the reduced overall demand of about 25-30% in the country, at least during the first one month after the lockdown, that is, since March 25, 2020. In addition, to control the spread of coronavirus, the government has sealed the borders to restrict vehicle mobility which further hampered the transfer of milk to customers in the border regions.

The market's expansion can be ascribed to an increase in the cow population, increased incidences of zoonotic diseases, as well as the increasing adoption of livestock monitoring technologies, as there is substantial cost-saving associated with livestock monitoring management. The livestock population has been increasing over the past few decades globally. For instance, India, Brazil, and China accounted for over 65% of the global cattle inventory in 2021. In addition, animal monitoring devices have become more common in industrialized nations, allowing for real-time monitoring of livestock. Some of the primary drivers driving market expansion include a growing focus on real-time monitoring and early illness diagnosis, expanding usage of IoT and AI for livestock monitoring, and rising worldwide demand for meat. For instance, In October 2021, Allflex Livestock Intelligence launched an enhanced version of its intelligent SenseHub monitoring ear tag, which will have a multi-function LED to aid in the detection of individual animals in a group environment. It keeps track of delicate fertility and rumination behavioral patterns in dairy and beef cattle of all ages to determine whether they are in heat or require additional care or treatment.

Furthermore, fierce competition among market participants, with a strong focus on product lines and innovations, is influencing the future of livestock management. For instance, in March 2020, the United States-based CattleEye introduced an AI-backed livestock management platform. Users with this platform would be able to identify cows and living conditions of their health, feed, and environment to improve productivity.

• However, the high cost of livestock monitoring solutions, as well as a lack of skills and knowledge of technology among farmers, are likely to stifle market expansion.