Global Precision Livestock Farming Market Report and Forecast 2024-2032

Global Precision Livestock Farming Market Outlook

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 Rising Adoption of Advanced Technology is Augmenting the Market Growth of Precision Livestock Farming

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: Market Segmentation

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:

• Hardware
• Software
• Services

On the basis of technology, the market can be divided into:

• Milking Robots
• Precision Feeding Systems
• Identification and Tracking

Based on applications, the market is categorised into:

• Milk Harvesting
• Feeding Management
• Livestock Health and Behaviour Monitoring
• Others

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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Increasing Demand for Animal Food Supplies to Surge the Market Growth of Precision Livestock Farming

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.

Key Industry Players in the Global Precision Livestock Farming Market

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:

• Cargill, Incorporated
• Robert Bosch GmbH
• Fancom BV
• GEA Group Aktiengesellschaft
• Allflex  
• Others

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.

Key Highlights of the Report