Precision Livestock Farming Market Worth $4.6 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Aug. 20, 2019 /PRNewswire/ -- According to the new market research report "Precision Livestock Farming Market by Technology (Milking Robots, Precision Feeding Systems, Identification & Tracking), Application (Milk Harvesting, Feeding, Health) Offering (Hardware, Software, Services), and Geography - Global Forecast to 2024", published by MarketsandMarkets, the Precision Livestock Farming Market is estimated to be worth USD 3.0 billion in 2019 and is expected to reach USD 4.6 billion by 2024, at a CAGR of 9.2% from 2019 to 2024.
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The rapid growth of the precision livestock farming market can be attributed to the rising consolidation of livestock farms, increasing herd size of dairy farms, growing adoption of livestock farming robots and livestock monitoring devices, and increasing labor cost owing to shortage of skilled labor. Precision livestock farming technology has the potential to transform the livestock sector, making traditional livestock farming activities more efficient and economical.
Increasing global demand for dairy products, extended profitability and high yield, and minimum impact on the environment and climate change are fueling the growth of the precision livestock farming market. Also, government initiatives in the form of incentives in many countries are helping livestock farmers to adopt advanced technological tools to improve yield.
Milking robotics technology expected to hold the largest market share during the forecast period
The advent of connected and autonomous milking robots on dairy farms owing to substantial labor cost saving associated with it is a major reason for the high adoption of milking robots. Milking robots offer substantial cost advantage over traditional and conventional milking techniques. Furthermore, traditional techniques are unsuitable for large, commercial dairy farming operations. A sustained increase in the demand for high-quality dairy products is expected to increase the adoption of milking robots across the globe.