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The global precision livestock farming market attained a value of about USD 4.07 billion in 2023. The market is further expected to grow at a CAGR of 9.4% during the forecast period of 2024-2032 to reach nearly USD 9.13 billion by 2032.
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The global market for precision livestock farming is primarily being driven by the emergence of technology like the Internet of Things (IoT) and artificial intelligence (AI) in almost every sector. The demand for advanced technology like robotics and automation in livestock management is rising due to the increasing demand for enhanced productivity, improved farm management, reduced labour and operational costs, and the ability to drive real-time data for better decision making. This is augmenting the market growth of precision livestock farming.
In addition, the rising market penetration of smartphones and the commonality of internet services is further stimulating the market growth of precision livestock farming by enabling farmers to have centralised control over farming operations. Furthermore, 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. Thus, these factors are significantly contributing to the market growth of precision livestock farming.
Precision livestock farming (PLF) is defined as a method used to manage and monitor individual animals more closely using real-time data to upscale operations and maintain animal health.
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The market, based on offering, can be segmented into:
On the basis of technology, the market can be divided into:
Based on applications, the market is categorised into:
The EMR report looks into the regional markets of precision livestock farming like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
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The growth in the global market for precision livestock farming is projected to be driven by the growing world population and the resultant increased demand for meat and eggs from various countries. In order to secure the food supplies for the growing world population, livestock farms are becoming larger and advanced in terms of management, with more animals per employee, which is expected to augment the demand for technology to aid in the management of livestock. This is expected to boost the market growth of precision livestock farming. Furthermore, precision livestock farming allows for transparency regarding the method of operation amidst rising concerns regarding animal welfare, which is further enhancing the market growth.
Moreover, the market growth in the forecast period is anticipated to be led by the hardware segment of the global market for precision livestock farming with components such as livestock farming equipment installed with sensors, RFID tags, and camera and sound systems, among other devices. These hardware components allow farmers to track real-time behaviour, including abnormalities, stress, or diseases in livestock, enabling farmers to take appropriate action and improve the living conditions of their livestock, thereby propelling the market growth.
The report presents a detailed analysis of the following key players in the global precision livestock farming market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions:
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Offering |
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Breakup by Technology |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global precision livestock farming market attained a value of nearly USD 4.07 billion in 2023.
The market is projected to grow at a CAGR of 9.4% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 9.13 billion by 2032.
The major market drivers include the rising integration of technology into farming practices in order to boost productivity and reduce labour and operational costs and the emergence of technology like the Internet of Things (IoT) and artificial intelligence (AI).
The key trends propelling the market demand include the growing smartphone penetration, the increasing focus on animal welfare, and the surging integration of sensors, RFID tags, and camera and sound systems in precision livestock farming equipment.
The major regional markets for precision livestock farming are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The significant segments based on offerings of precision livestock farming considered in the market report are hardware, software, and services.
Milking robots, precision feeding systems, and identification and tracking are the major technologies considered in the market report.
The different applications of precision livestock farming are milk harvesting, feeding management, and livestock health and behaviour monitoring, among others.
The major players in the market are Cargill, Incorporated, Robert Bosch GmbH, Fancom BV, GEA Group Aktiengesellschaft, and Allflex, among others.
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Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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