Articles Poultry

30 September 2021

GVR: Livestock monitoring market to grow upward of 16%

by Katie Pfaff

Market analysts, Grand View Research, Inc., predict the livestock monitoring market to reach $13.50 billion in 7 years, according to a new report. The market is forecast to increase by a CAGR of 16.56% between 2021 and 2028.

Within the industry, the cattle segment is expected to maintain the largest portion of the market after its 45.0% presence in 2020. Adding to that, worldwide, the purchase rates of dairy and cattle products have increased. Industry growth is also pinned to the degree of yield increase across farming segments.

Not surprisingly, technology has become an important driver in livestock monitoring, with software and data management growth increasing in the market. Monitoring with AI and IoT can improve management, health, behavior, and in the end, harvest output.

By region, North America led the segments with 31.0% of market share based on revenue. The dominance of the area was thought to be tied to the number of large companies operating in livestock monitoring.

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GVR: Livestock monitoring market to grow upward of 16%

by Katie Pfaff

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