Artificial intelligence (AI) in precision livestock farming market growth
The Business Research Company recently released a comprehensive report on the global market size and trend analysis of Artificial Intelligence (AI) in precision livestock farming with forecast for 2024-2033. This latest market research report provides a wealth of valuable insights and data, including global market size, regional shares and competitor market share. Furthermore, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company, the size of the artificial intelligence (AI) market in precision livestock farming has grown exponentially in recent years. The economy will grow from $1.65 billion in 2023 to $2.11 billion in 2024 at a compound annual growth rate (CAGR) of 27.9%. The growth in the historical period can be attributed to increasing precision agriculture, the rise of predictive analytics, rising demand for high-quality livestock products, increasing precision agriculture and growing concerns about animal welfare.
Artificial intelligence (AI) in the precision livestock farming market size is expected to experience exponential growth in the coming years. This will grow to $5.71 billion by 2028 at a compound annual growth rate (CAGR) of 28.2%. The growth over the forecast period can be attributed to increasing smart farming techniques, the need for efficient livestock management, the rising global population and demand for food, the increasing demand for sustainable agriculture, the focus on animal health and disease management, and the need for resilience against climate. change. Key trends over the forecast period include automated monitoring, disease detection and prevention, automated feeding systems, automated climate control systems, computer vision technologies, the Internet of Things (IoT), remote monitoring and management, and advances in sensor technology.
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Market factors and trends:
Increasing consumption of poultry and dairy products is expected to drive the growth of Artificial Intelligence (AI) in the precision livestock farming market in the future. Poultry and dairy product consumption refers to foods derived from poultry (such as chickens, turkeys and ducks) and dairy animals (such as cows, goats and sheep). The consumption of poultry and dairy products is increasing due to a growing population and awareness of their nutritional benefits. AI is used in precision farming for poultry and dairy production to improve efficiency, monitor animal health, optimize feed management and streamline reproductive practices, promoting higher productivity and sustainability. For example, according to the European Commission (EC), the Belgium-based executive branch of the European Union (EU), raw milk production in the EU saw an increase of 0.8% in August 2023 during the first six months of 2023. Therefore, Increasing consumption of poultry and dairy products is driving the growth of Artificial Intelligence (AI) in the precision livestock farming market.
Major artificial intelligence (AI) companies in the precision livestock market are focusing on developing advanced technology solutions, such as automated feeding systems, to improve animal health and optimize production efficiency. Automated feeding systems use AI algorithms to analyze real-time data from various sensors, such as those that monitor animal behavior, weight and environmental conditions. For example, in January 2024, Precision Livestock Technologies Inc., a US-based provider of software and hardware solutions for livestock nutrition and health, launched an AI system to predict livestock feed intake and recommend feed. The system uses data from PLT’s Bunk Management System and external sources to improve feeding strategies, with daily quantitative feed forecasts to optimize feeding practices. The system takes into account feeding rates, feeding times, livestock behavior, ration type and weather conditions to generate daily quantitative feed forecasts, with the aim of optimizing feeding practices.
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Key players in the market:
Microsoft Corporation, Cargill Incorporated, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Tetra Laval International SA, Zoetis Inc., GEA Group AG, Big Dutchman International GmbH, Rex Animal Health Inc., Neogen Corporation, DeLaval International AB, Nedap NV, Climate Corporation, Lely International Holding BV, Cainthus Holdings Ltd (Ever.Ag), Trioliet BV, Waikato Milking System, Afimilk Ltd, Hokofarm Group BV, AgriWebb, SwineTech Inc, BinSentry Inc, Fancom BV, Connecterra BV, SomaDetect Inc.
Artificial Intelligence (AI) in the Precision Livestock Market 2024 Key Insights:
• Artificial Intelligence (AI) in the precision livestock farming market size is expected to experience exponential growth in the coming years. This will grow to $5.71 billion by 2028 at a compound annual growth rate (CAGR) of 28.2%.
• Rising demand for dairy products is fueling the growth of AI farming solutions
• Technological advances in AI in precision livestock farming
• North America was the largest region for artificial intelligence (AI) in the precision livestock market by 2023
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