According to the analysis, the global market for precision livestock farming is expected to be worth USD 3.2 billion in 2022 and USD 7 billion by 2032. During the forecasted period of 2022 to 2032, the growth rate is expected to be 8.14%. The primary driver of the market during the assessment period is anticipated to be the rising demand for automation in the livestock sector.
Utilising electronic tools to manage livestock is part of precision livestock farming. It involves the automated observation of animals with the goal of enhancing their well-being, reproduction, and environmental impact. PLF tracks large animals like cows as “per animal” and tracks flocks of birds as “per flock”. PLF makes use of technologies like cameras, microphones, and some software.
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The precision livestock farming market refers to the industry that produces and sells technology solutions designed to optimize livestock farming processes using data and analytics. These solutions may include sensors, cameras, and other connected devices that enable farmers to monitor and manage various aspects of their livestock, such as health, behavior, and feeding patterns.
The market for precision livestock farming is driven by the increasing demand for sustainable and efficient farming practices, as well as the need to improve animal welfare and reduce the use of antibiotics in livestock farming. Precision livestock farming solutions can help farmers make more informed decisions by providing real-time data on animal health and behavior, enabling them to identify potential issues early and take corrective action.
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.
The precision livestock farming market is expected to continue growing in the coming years, driven by the increasing adoption of connected devices and the growing trend towards precision agriculture. The market is also likely to benefit from the increasing focus on animal welfare and the growing demand for high-quality, sustainably-raised meat and dairy products.
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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.
Key Segments Profiled in the Global Precision Livestock Farming Market
Type:
- FMS and Stable Livestock Farming
- Precision Livestock Feeding Systems
- Precision Livestock Milking Robot
- Other Precision Livestock Farming Types
Application:
- Precision Ruminant Farming
- Precision Poultry Farming
- Other Precision Livestock Farming Applications
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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