The constantly evolving lifestyle of the population, especially in the developing nations, has brought about a drastic change in the food consumption all over the world. In addition to becoming health conscious, people are also exploring new food habits by shunning their inhibitions regarding certain food products. Countries like China, India, Brazil, Argentina, and Indonesia, among other emerging nations, are witnessing a strong growth in the livestock product consumption as opposed to the developed nations, which are currently stagnant in this regard. The developing nations are witnessing an unprecedented increase in the urban population, along with a rise in the average disposable income. These developments have helped to increase the consumption of animal source foods.
The macroeconomic changes in the developing nations such as urbanization, economic growth and favorable government policies and investments are playing a vital role in the global livestock sector, which is experiencing an overall structural change. The increasing demand for livestock products has surpassed the production rate of livestock, which has created a chasm in the demand and supply. In order to narrow this gap, livestock producers across the globe are adopting new technologies in the form of livestock monitoring and management systems. To monitor the steadily increasing livestock herd size manually has been a tough task for the farmers. Thus, an impending need has cropped up, to enhance the livestock productivity by employing efficient monitoring systems to simplify the management of large volumes of animals, and livestock monitoring & management system has emerged to be the ultimate solution.
Farmers are employing the precision livestock farming solutions which are enhancing the production yield, along with efficiently managing the livestock enterprises. The livestock management systems have resulted in reduced energy consumption and increased efficiency in the operations. These innovative management systems have acquired affinity among the producers and farmers for being more convenient and cost-effective, and this is driving the market for livestock monitoring and management systems. The governments of different countries have realized the importance of adopting technology in the traditional methods of managing livestock and farms, and are running various initiatives to promote precision livestock farming and management techniques. This is expected to further push the market towards growth, along with the rising market penetration of automated systems.
The global livestock monitoring & management market is expected to grow at a CAGR of 17.8% from 2016 to 2021. Rising concerns for food safety and the need for sustainable development in harmony with the environment, has compelled the governments to invest extensively in this market, along with favorable initiatives and trade policies. Certain challenges such as lack of technical knowledge, substantial capital investment, and inhibitions regarding the system among the farmers, especially in the developing nations are restraining the growth of the market.
The advent of the Internet of Things (IoT) in the agricultural sector has certainly revolutionized the methods of farm management, helping the enhancement in the productivity level, by minimizing manual labor and providing an efficient platform for proper data management. With the inclusion of cloud-based storage, the bandwidth for saving an immense amount of data has increased, along with the added facility of sharing resources and data with the computers and other devices on demand. The consolidation of these efficient technologies has enabled the farmers to monitor their farms round the clock, with a reduced risk of anomaly.
BIS Research has conducted an extensive market research on global livestock monitoring and management market, and compiled the observations and insights in a report titled ‘Global Livestock Monitoring & Management Market- Analysis & Forecast (2017-2021)‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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