Global Livestock Grow Lights Market Analysis 2024 – Estimated Market Size And Key Drivers

The Livestock Grow Lights Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Livestock Grow Lights Global Market Report 2024, The livestock grow lights market size has grown strongly in recent years. It will grow from $6.71 billion in 2023 to $7.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to initial agricultural lighting solutions, incandescent and fluorescent lighting, enhanced spectrum and wavelength control, focus on animal welfare and behavior, adaptation for specific livestock.

The livestock grow lights market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to market growth and expansion, regulatory changes and standards, focus on energy efficiency, demand for tailored solutions, integration of smart controls. Major trends in the forecast period include expansion into indoor farming, focus on longevity and durability, integration of uv lighting, customized lighting solutions, research in animal behavior..

The rise in livestock productivity is expected to propel the growth of the livestock grow lights market. Livestock productivity refers to how efficiently and effectively livestock are raised to produce various outputs such as meat, milk, eggs, wool, and other animal products. The livestock productivity can be increased using livestock grow lights, which facilitate the growth and production of animal products by emitting light that emulates natural light and creates a physiological effect on livestock. For instance, in October 2022, according to Eurostat, a Luxembourg-based agency of the European Commission, in 2021, Europe’s pig meat production was 23.4 million metric tons. Furthermore, according to the Food and Agriculture Organization, an Italy-based United Nations specialized agency, worldwide dairy output reached 930 million tons in 2022, a 0.6% rise from 2021. As a result, the increase in livestock productivity drives the livestock grow lights market.

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The livestock grow lights market covered in this report is segmented –

1) By Type: Fluorescent, Light Emitting Diode (LED), Incandescent, High-Intensity Discharge

2) By Livestock: Cattle, Poultry, Swine, Other Livestock

3) By Color: Green, Red, White, Blue

4) By Installation: Retrofit, New-Installation

Product innovations are a key trend gaining popularity in the livestock grow lights market. Major companies operating in the livestock grow lights market are introducing innovative products related to sustainable LED grow lights to sustain their position in the market. For instance, in July 2021, Light Science Technologies, a UK-based developer of controlled-environment agriculture products, launched NurturGrow LED grow lights. The new product is innovative and sustainable, with 85% of its reusable components, which would help animal farmers and indoor growers upgrade the features quickly and save on lighting costs. The NurturGrow light has a variable length of up to 2.78 meters, making it the longest luminaire on the market. This product includes industry-leading, high-performance LED lighting innovation using its internal manufacturing resources, ensuring farmers nothing less than premium and high-performance grow lights. Scotts Miracle-Gro Strengthens Commercial Cannabis Presence with Luxx Lighting Acquisition

The livestock grow lights market report table of contents includes: