The new report by Expert Market Research titled, ‘Global Precision Livestock Farming Market Analysis, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global precision livestock farm market, assessing the market based on its segments like hardware, software, services and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): 3.1 billion USD
• Forecast CAGR (2023-2028): 9.50 %
• Forecast Market Size (2026): 5.3 billion USD
The global market for precision livestock farming is basically being driven by the rise of technology like the Internet of Things (IoT) and computerised reasoning (AI) in pretty much every area. The interest in cutting-edge innovations like robotics and computerization in livestock boards is increasing because of the expanding interest in upgraded efficiency, further developed ranch executives, decreased work and functional expenses, and the capacity to drive ongoing information for better navigation. This is increasing the market development of precision livestock farming.
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Industry Definition and Major Segments
Precision livestock farming (PLF) is characterized as a strategy used to oversee and screen individual animals more intently, utilizing ongoing information to upscale activities and keep up with animal wellbeing.
On the Basis of region, the market can be divided into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
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
• Livestock Health and Behaviour Monitoring
• Feeding Management and others
The development of the global market for precision livestock farming is projected to be driven by the developing total populace and the resultant expanded interest in meat and eggs from different nations. To get the food supplies for the developing total populace, livestock ranches are expanding and progressing as far as the executives are concerned, with more animals per worker than would be considered normal to increase the interest in technology to support the administration of livestock.
This is relied upon to support the market development of precision livestock farming. Besides, precision livestock farming takes into consideration straightforwardness with respect to the technique for activity amid rising worries regarding animal government assistance, which is further upgrading the market development.
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Besides, the market’s development in the estimated time frame is expected to be driven by the equipment fragment of the global market for precision livestock farming with parts such as livestock farming gear introduced with sensors, RFID labels, and camera and sound frameworks, among other gadgets. This equipment permits ranchers to follow ongoing conduct, including irregularities, stress, or infections in livestock, empowering ranchers to make the proper move and work on the everyday environments of their livestock, thus impelling the market’s development.
Key Market Players
The report presents a point-by-point investigation of the accompanying vital participants in the global precision livestock farming market, investigating their ability, market offer, and most recent improvements like limit developments, plant reversals and consolidations and acquisitions.
The major players in the market are Cargill, Incorporated, Robert Bosch GmbH, Fancom BV, GEA Group Aktiengesellschaft, Allflex and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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