Precision Livestock Market: Introduction
- Precision livestock is the process of managing different animals by a suite of technologies to continuously monitor their body condition. Precision livestock is uninterrupted real-time monitoring, which is done by sensors technology for taking measurements on and around the animal. In addition, precision livestock uses advanced technologies, so as to monitor the development of each animal.
- The COVID-19 outbreak has been the main catalyst for growth and adoption of precision livestock due to increasing demand for controlled services during the pandemic. This in turn is expected to enhance the demand for precision livestock across the world during COVID-19. The lockdown imposed by governments across developed and developing countries has significantly affected the livestock sector due to shortage of workers during lockdown/curfew. This has largely affected the purchasing power of customers, and the growth of health care errands, which in turn has is expected to affect the growth of the precision livestock market across the globe during the COVID-19 outbreak.
Global Precision Livestock Market: Dynamics
Global Precision Livestock Market: Key Drivers and Restraint
- Increasing adoption of IoT and artificial intelligence (AI) in dairy farms across developed and developing countries, so as to deliver data for feedlots to optimize production, reduce environmental impact, enhance quality, and develop animal well-being is expected to accelerate the growth of precision livestock across the world.
- Increasing need for optimization of dairy herds is expected to boost the growth of the market during the forecast period.
- Growing demand for food traceability, protein-based diet, and food safety is expected to fuel the growth of the precision livestock market.
- Rising adoption of livestock monitoring technology in developing countries is expected to fuel the market growth.
- One of the negative factors hampering the growth of the precision livestock market is the lack of technological awareness among dairy farmers, which in turn is expected to restrain the growth of the precision livestock market over the forecast period. Lack of skilled labor is also expected to hinder the growth of the precision livestock market.
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Europe to Account for Major Share of the Global Precision Livestock Market
- In terms of region, the global precision livestock market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Europe is anticipated to lead the global precision livestock market, due to well established players providing precision livestock. This is expected to accelerate the growth of the precision livestock market in Europe. Besides, governments are taking initiatives in several countries to facilitate livestock farmers to implement advanced technological tools to increase the harvest. This in turn is expected to trigger the growth of the precision livestock market in Europe.
- The precision livestock market in Asia Pacific is expected to hold significant share due to large number of cattle and a high population consuming livestock products in the region, in turn, triggering the growth of the precision livestock market in the Asia Pacific region.
Global Precision Livestock Market: Competitive Landscape
Key Players Operating in the Global Precision Livestock Market
Companies operating in the precision livestock market are increasingly investing in research and development to develop new and innovative techniques in precision livestock. The market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global precision livestock market are:
- Afimilk Ltd.
- Aleis Pty Ltd
- Antelliq (Subsidiary of Merck & Co., Inc.)
- Boumatic, LLC
- Dairymaster
- Delaval (Subsidiary of Tetra Laval International, S.A.)
- Fancom B.V. (Subsidiary of Ctb International Corp.)
- Fullwood Packo. Ltd
