Global Precision Livestock Farming Market to Grow at a CAGR of 9.4% During 2024-2032, Driven by the Rising Adoption of Advanced Livestock Farming Technologies in Emerging Economies

The Asia Pacific region is expected to hold a significant market share in the overall market for precision livestock farming over the forecast period. The rising market prevalence of RFID tags, sensors, and other livestock monitoring equipment is invigorating the implementation of the latest technology into precision livestock farming, thereby boosting the market growth. Furthermore, shifting trends from small-holder family farms to corporate-owned large-scale farms in countries like Japan and India of the Asia Pacific region is further compelling farmers to adopt the latest technologies for the management of livestock, boosting productivity, and ensuring animal welfare. In addition to this, milking robots are emerging as a promising technology that is projected to boost the market growth in the region as a result of the increasing dependency on milk products for health purposes. The rising acceptance of precision farming technology can also be attributed to factors like reducing labour and operational costs, increasing animal feed efficiency, and earlier detection of animal illness and zoonosis diseases.

AGCO (NYSE: AGCO), a significant player in the agricultural machinery and precision agricultural technology industry, recently announced the acquisition of Faromatics in September 2021. Faromatics is a precision livestock farming company, and the creator of ChickenBoy, the world’s first ceiling suspended robot that monitors broiler chickens and helps farmers increase animal welfare and boost farm productivity. Driven by artificial intelligence (AI), ChickenBoy uses sensors to measure thermal sensation, air quality, light and sound, and identifies risks to health, welfare, and farm equipment. The acquisition aims at creating smart technology solutions for livestock producers and establish AGCO as a global leader in smart farming solutions to help customers increase their profitability while enhancing animal welfare. Such developments in the precision livestock farming industry are expected to foster market growth over the forecast period.

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Market Analysis by Offering, Technology, Application, and Region:

• On the basis of offering, the market can be segmented into hardware, software, and services.

• Based on technology, the market can be divided into milking robots, precision feeding systems, and identification and tracking.

• The market, based on application, can be categorised into milk harvesting, feeding management, and livestock health and behaviour monitor, among others.

• The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by the rising adoption of advanced technology like the Internet of Things (IoT) and artificial intelligence (AI) in livestock management.

• The implementation of precision livestock farming aids in improving animal welfare, decreasing illegal trading of livestock, reduce environmental footprint such as greenhouse gas emissions, and results in enhanced rural stability, thereby augmenting the market growth.

• The rising demand for animal supplies like eggs, milk, and meat owing to the rising population levels is invigorating the market growth of precision livestock farming.

• The hardware segment consisting of sensors, RFID tags, and camera and sound systems are anticipated to invigorate the market growth over the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global precision livestock farming industry for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) markets for offerings, technologies, applications, and regions of precision livestock farming.

• The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global precision livestock farming market are Cargill, Incorporated, Robert Bosch GmbH, Fancom BV, GEA Group Aktiengesellschaft, and Allflex, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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