It is estimated that the Global Precision Livestock Farming Market is expected to expand substantially throughout 2027. Precision livestock farming is the process of agricultural activities carried out by farmers with the aid of sophisticated technology and electronic equipment. This method employs a variety of technology and devices are utilized to carry out various tasks in the vicinity of cattle, and then monitor them with sensors, cameras microphones, and cameras. Here, we will discuss the Precision Livestock Farming Market Forecast, share, size, and Growth for 2022-2027.
By using this equipment farmers are able to automatically gather data and analyze it in order to improve the production as well as the health, welfare as well as environmental impact of their livestock.
In the estimation of the UN in 2016, the world's population is7.3 billion. This number is projected to increase to 9.7 billion by 2050 because of the increasing demand for food products from emerging nations. As the population grows the need for good-quality food items will grow. Agriculture is expected to grow to meet the demand for food from people. According to data the amount of calves and cattle within the United States is approx. 91.9 million. The inventory is and is expected to grow to meet the demands. Therefore, we expect that livestock farming will continue to expand in the near period and directly impact the market for precision livestock farming across the country.
The rising demand for Dairy Related products and food items will propel the market.
Precision livestock farming blends traditional and modern tools that are placed in close proximity to or over the animal. The electronic equipment assists the farmer to make informed decisions and improves the efficiency of the farm according to research. As per the US census board, the population of the world will rise to 8.6 billion by 2030, and the number of people will grow each year.
Thus, farmers are cultivating additional crops over the soil to meet the rising demand of the population. Farmers are looking for alternatives to increase the amount of food they produce and choosing that option to increase the productivity of their farms. The need for more advanced equipment is growing to meet the demands of a rapidly increasing population. This is why it is expected that the Precision Livestock Farming Market is anticipated to expand at a rapid pace.
Because of the increasing old age of the generation of young and the growing urbanization, The need for protein-rich food in the world is increasing quickly. Therefore, the expansion of the agricultural industry has resulted in a growth in the market for precision livestock farming. Growing automation trends, Government initiatives, as well as efforts from the market players are a fact that will influence the market for precision livestock farming.
Alongside this, better methods of management, greater supervision over processes, fewer labor requirements, and then increased demand for high-quality protein from huge numbers stimulate farmers to increase crops, and this positive trend directly affects the market for precision livestock farming. So, we can expect an increase in the market share worldwide for precision livestock farming for the upcoming year.
Higher Product Cost May Restraint the Growth of Precision Livestock Farming
After numerous initiatives and actions, Agriculture remains a loss or a low-profit business which means that farmers stand an increased chance of losing the investment. The purchase of a costly product is often difficult to obtain by the farmer, and then utilize it on farms without any help from the government.
The products used for precision livestock farming are more costly in price and require expertise in the technical aspects of the product to operate the machine from its installation to the time of installation. In addition to the factors mentioned above decreasing practices in agriculture and disruptions to supply chains and a lack of technical knowledge can create obstacles to market growth.
The growth of R&D and the improvement of the supply chain by Market Players are driving growth.
The rising trends in R&D have forced the Market to innovate in Product development to get an edge over the competitors. Recently, a number of businesses have established their R&D facilities across the world in order to be the first and gain an advantage by being the first to move. Therefore, the creation of new and innovative products is anticipated to see significant growth in the coming years. There are some guidelines and methods for different product lines that are listed below.
DE Laval Holding AB is a Dutch-based dairy equipment manufacturing company. They are primarily focused on big-data and decision-making farming manager applications such as robots, TSR as well as other IoT-based devices for tracking the activities of cattle and visitors.
Lely International NV. Recently, they've installed their machinery, which will assist farmers to finish all processes from extraction to the final product by using their small machine.
Market Segmentation for Precision Livestock Farming
Precision Livestock Farming is divided according to farm type or system type, and also by application. Based on the type of farm market is classified into swine farms, dairy farming, farms for poultry, and other farms. Based on the kind of system market is classified into milking robotics systems high-precision feeding and identification systems for livestock monitors and trackers, robotic and poultry monitoring systems, and others. Based on the kind of application, the market is classified into feed management, livestock health, behavior monitoring, and others, according to the companies.
Market Players for Precision Livestock Farming
DeLaval Holding AB, Allflex USA, Inc, GEA Group Aktiengesellschaft, Afimilk Agricultural Cooperative Ltd., BouMatic, LLC, Lely International NV, Dairymaster, Livestock Improvement Corporation, Fancom BV, Fullwood Packo SAS are important players in the world market for Precision Livestock Farming.