Precision Livestock Farming Global Market Size, Share, By System Type, By Offering, By Application, By Farm Type, By Regional Forecast 2024-2033 | Nedap N.V., Fullwood Paco Ltd., BouMatic Inc., VDL Agrotech B.V., Trioliet B.V.

Overview and Scope
Precision livestock farming refers to the use of advanced technologies and data analytics to manage and optimize control over precise animal and resource variations, aiming to enhance economic, social, and environmental outcomes in livestock farming. It involves the integration of sensors, monitoring devices, data analysis software, and automation systems to monitor animal health, behavior, and welfare, as well as to optimize feeding, breeding, and management practices.

Sizing and Forecast
The precision livestock farming market size has grown rapidly in recent years. It will grow from $4.53 billion in 2023 to $5.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing demand for livestock products, growing awareness about animal welfare, rising labor costs in agriculture, and environmental concerns.

The precision livestock farming market size is expected to see strong growth in the next few years. It will grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to shift towards data-driven decision making, emergence of precision feeding techniques, growth of smart farming solutions for livestock management, development of wearable devices for animal health monitoring, and expansion of precision breeding practices. Major trends in the forecast period include adoption of internet of things (IoT) in agriculture, advancements in sensor technology, integration of artificial intelligence (AI) and machine learning, government initiatives to modernize farming practices, and increasing focus on sustainable farming methods.

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Segmentation & Regional Insights
The precision livestock farming market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Farm Type: Dairy Farms, Poultry Farms, Swine Farms, Other Farm Types
3) By Technology: Identification And Tracking, Milking Robotic Systems, Poultry Monitoring and Robotic Systems, Precision Feeding Systems, Sensors And Monitoring Devices
4) By Application: Livestock Health And Behavior Monitoring Management, Environmental Monitoring, Feed Management, Milk Harvesting, Sorting, Animal Weighing Data Analysis, And Financial, Waste Management

Europe was the largest region in the precision livestock farming market in 2023. The regions covered in the precision livestock farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising demand for protein and dairy products is expected to fuel the growth of the precision livestock farming market going forward. Protein and dairy products refer to food items rich in protein and derived from animal sources, primarily milk. This demand arises from changing dietary preferences and health and nutrition awareness. Precision livestock farming is utilized in protein and dairy production to optimize efficiency, enhance animal welfare, improve feeding management and milk harvesting, and improve overall productivity. For instance, according to reports published by Progressive Publishing, a US-based company that offers a range of publishing services, US dairy product consumption increased from 651 pounds in 2020 to 661 pounds in 2021. Furthermore, according to the University of Wisconsin–Madison, a US-based public research university, the milk protein test values have shown a consistent year-over-year increase, with an average of 3.22% in 2021 and 3.25% in 2022. Therefore, the rising demand for protein and dairy products drives the precision livestock farming market.

Key Industry Players
Major companies operating in the precision livestock farming market are Tetra Laval International SA, Zoetis Inc., Lely International Holding B.V., Neogen Corporation, DeLaval International AB, Nedap N.V., Fullwood Paco Ltd., BouMatic Inc., Waikato Milking Systems Ltd., VDL Agrotech B.V., Trioliet B.V., Dairymaster Inc., GEA Farm Technologies GmbH, Allflex Nederland B.V., Fancom B.V., Big Dutchman International GmbH, Connecterra B.V., IceRobotics Ltd., Moocall LLC, Afimilk Agricultural Cooperative Ltd., Cowlar Inc., Farm Control Oy, HokoFarm-Group GmbH, Agrispectral Technologies Inc., Scana Animal Health AB

The precision livestock farming market report table of contents includes:
1. Executive Summary