by The global Livestock Monitoring Market is estimated to be valued at US$5.2 Billion In 2022 and is expected to exhibit a CAGR of 17.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Livestock Monitoring Market offers monitoring solutions that enable efficient management of livestock, ensuring their health and well-being. These solutions provide real-time data on parameters such as temperature, behavior, and location of the animals, helping farmers to take timely action in case of any issues. The need for such monitoring products arises due to the increasing demand for animal products globally, which requires sustainable and efficient livestock management practices.
Market Key Trends:
One key trend in the Livestock Monitoring Market is the adoption of smart wearable devices. These devices are equipped with GPS tracking, sensors, and communication capabilities, allowing farmers to track and monitor the health and location of their livestock remotely. This technology eliminates the manual efforts required in monitoring and reduces the risk of livestock theft. Furthermore, the data collected from these devices can be used for analysis and decision-making, optimizing the overall livestock management process.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the livestock monitoring market is relatively low. This is due to the high initial investment required to enter the market, as well as the presence of established players with strong brand recognition. Additionally, the industry is highly regulated, making it difficult for new entrants to comply with all the necessary guidelines and standards.
Bargaining Power of Buyers: The bargaining power of buyers in the livestock monitoring market is moderate. While buyers have the option to choose from multiple suppliers, the presence of dominant players gives them limited bargaining power. However, buyers can still negotiate on price and terms, especially when purchasing in large quantities or forming buying groups.
Bargaining Power of Suppliers: The bargaining power of suppliers in the livestock monitoring market is moderate. The market is characterized by the availability of various suppliers, enabling buyers to switch between them if they are not satisfied with one. However, some key suppliers hold strong positions due to their technological expertise, making it challenging for buyers to easily switch suppliers.
Threat of New Substitutes: The threat of new substitutes in the livestock monitoring market is low. Livestock monitoring plays a critical role in ensuring the health and well-being of animals, and there are limited alternatives to achieve the same level of accuracy and efficiency. Therefore, the demand for livestock monitoring solutions is expected to remain strong in the foreseeable future.
Competitive Rivalry: The livestock monitoring market is highly competitive, with several key players vying for market share. The competition is fueled by technological advancements, customer demands for innovative solutions, and the need to stay ahead in a rapidly evolving industry. Key players engage in strategies such as mergers and acquisitions, partnerships, and product development to gain a competitive edge.
Key Takeaways
The global livestock monitoring market is expected to witness high growth, exhibiting a CAGR of 17.9% over the forecast period of 2023 to 2030. This growth can be attributed to increasing awareness about the importance of animal welfare and the need for efficient livestock management practices. Additionally, the adoption of advanced technologies, such as IoT and AI, in livestock monitoring systems is driving market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the livestock monitoring market. This can be attributed to the high concentration of livestock farms, strict regulations regarding animal welfare, and the presence of key market players in the region. Additionally, the demand for precision livestock farming solutions to optimize production and minimize environmental impact is driving market growth in North America.
Key players operating in the livestock monitoring market include DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. These key players have a strong market presence and offer a wide range of innovative livestock monitoring solutions. They constantly strive to enhance their product offerings, expand their global footprint, and establish strategic partnerships to maintain their competitive position in the market.
In conclusion, the global livestock monitoring market is poised for significant growth due to increasing awareness about animal welfare, technological advancements, and the need for efficient livestock management practices. North America is expected to be the fastest-growing region, driven by the concentration of livestock farms and strict regulations. Key players in the market continue to focus on innovation and strategic partnerships to maintain their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
