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Precision Livestock Market Trends

Report ID: GMI10413
Published Date: Jul 2024
Report Format: PDF

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Precision Livestock Market Trends

The market is witnessing a trend in precision nutrition. PLF is enabling the development of customized feeding programs that provide optimal nutrition for individual animals based on their age, breed, and health status. This can improve animal performance and reduce feed waste. The development of miniaturized wearables and implantable sensors for livestock is growing globally. These devices can provide even more detailed data on animal health, behavior, and environmental conditions.

Artificial intelligence is being used to analyze animal behavior patterns from video footage captured by cameras within barns. This allows for more sophisticated detection of stress, illness, or injuries based on subtle behavioral changes. The rise of agricultural robots is creating opportunities for even greater automation in livestock management. For instance, robots can be used for tasks such as automated manure removal, further reducing reliance on manual labor.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size for precision livestock was valued at USD 7.6 billion in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032, driven by factors such as technological advancements, sustainability, and environmental concerns to improve efficiency in farming and animal husbandry.

In 2023, the hardware segment accounted for a market share of over 43%. The growth is driven by shift toward automation and data-driven decision-making in livestock management, favoring the demand for hardware components such as sensors, RFID tags, milking robots, and automated feeders.

In 2023, North America dominated the precision livestock market with around 34% share and will continue to grow through 2032, owing to the well-developed infrastructure for internet connectivity, cloud computing, and data analysis, necessary for utilizing and reaping the benefits of PLF technologies.

Afimilk Ltd., Allflex Livestock Intelligence, BouMatic, DairyMaster, DeLaval, Fancom, GEA Farm Technologies, Hokofarm Group, Nedap N.V., SCR Dairy, and Zinpro Corporation.