The Latin America livestock monitoring system market size is expected to reach USD 80.52 million in 2024 and reach USD 169.11 million by 2029, growing at a CAGR of 16% from 2024 to 2029.
These days, animals are produced intensively and maintained under proper conditions for growth and production within current technological limits. A large number of animals are restrained within a building or stockyard. Since they are prevented from foraging for their own food, the owner of livestock has to cater to all aspects of their husbandry. Thus, management and monitoring related to environment, reproduction, feeding, marketing, transport, health, growth, and quality becomes the responsibility of the farmer. Livestock monitoring systems monitor the entire livestock environment 24/7 and alert the user by text, phone, or email if the system alters from a pre-set parameter for prompt response. In addition, these systems are utilized for monitoring tack rooms and sick animals and observing animals in the trailer in case of traveling. Currently, the livestock monitoring systems market is experiencing the gradual adoption of integrated monitoring systems, in which information from databases, sensors, and other knowledge bases are combined, interpreted, and analyzed. Many systems containing few of the elements of an integrated monitoring system are available commercially for cattle, broiler, swine, and milk production.
Latin America Livestock Monitoring System Market Drivers:
Key factors driving the demand for livestock monitoring systems are — an increase in the size and number of dairy farms, new product launches for livestock management, the development of sensors that can gather a wide range of information, and demand for cost savings associated with livestock monitoring & management. Steady growth in sensor technology is making available large amounts of information relevant to monitoring animals and their environment, thereby, their production, health, and growth. With steadily growing demand for large cattle and poultry, advanced techniques are being used to aid the monitoring and tracking of animals. The utilization of systems for weighing and identifying animals is already pronounced worldwide, and it is anticipated that systems for tracking animals, monitoring basic health-related factors such as body temperature and heart rate, and assessing body conformation will witness a high acceptance rate in the future.
Latin America Livestock Monitoring System Market Restraints:
Cattle, poultry and other animals require optimal conditions to stay healthy and maximize their yield. Equipment failures such as circulation fans, ventilation systems, heaters and air conditioners can endanger their health and can create problems if not handled promptly. Numerous costs involved in the production of the livestock monitoring system are depreciation cost, raw materials cost, labor cost, and other costs. These are the primary restraints of market growth. The secondary restraint on the growth of the livestock monitoring market is the dearth of trained professionals. The industry is presently lacking trained professionals to cater to the rising demand in the livestock industry. As per the United States Department of Labour (USDA), the employment of dairy farm workers is estimated to decrease by 6% from 2014 to 2024. Likewise, as per a report of the working group on Animal Husbandry & Dairying, Government of India 2014, only 34,500 veterinarians are employed for field services against the requirement of 67,000.
This research report on the Latin America livestock monitoring system market is segmented and sub-segmented into the following categories.
Latin America Livestock Monitoring System Market – By Offering:
Hardware offerings are likely to hold the largest market share during the aforementioned forecast period.
Latin America Livestock Monitoring System Market – By Application:
Feeding management application is projected to grow at the highest rate during the aforementioned forecast period. The high growth of this application is majorly driven by the increasing availability of innovative feeding technologies like liquid feeding systems and dry feeding systems.
Latin America Livestock Monitoring System Market – By Species:
Manual management of livestock is time consuming and costly. Hardware and software solution enables automatic identification and data capture, which aids in accurate and quick tracking and monitoring of livestock. Due to these advantages, market for cattle monitoring is projected to grow significantly during the aforementioned forecast period.
Latin America Livestock Monitoring System Market – By Country:
KEY MARKET PLAYERS:
Key market players include Afimilk Ltd. (Israel), BouMatic LLC (U.S.), SCR Dairy, Inc. (Israel) DeLaval (Sweden), GEA Group AG (Germany), and livestock monitoring software and service providers such as DairyMaster (Ireland), SUM-IT Computer Systems, Ltd. (U.K.), and Valley Agriculture Software (U.S.).
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