Precision Livestock Farming Market Size, Share, Growth, Trends, and Global Industry Analysis: By Offering (Hardware, Software, and Services), By Technology (Identification & Tracking, Milking Robots, and Precision Feeding Systems), By Farm Type (Dairy Farms, Swine Farms, Poultry Farms, and Others), By Application (Milk Harvesting, Livestock Health, Feeding Management, Behavior Monitoring, and Others), and Region Forecast 2019-2030

The precision livestock farming market size was valued at USD 3,867.4 million in 2023 and is expected to reach USD 6,979.5 million in 2030 and is growing at a CAGR of 8.8% from 2024 - 2030.  Precision livestock farming (PLF) is a set of electronic instruments and techniques for managing livestock. PLF means the automated monitoring of animals to enhance livestock production, reproduction, health, welfare, and impact on the environment. PLF encompasses many advantages, through which, farm resource utilization can be maximized. This allows for health status control of animals and possibly reduces Greenhouse Gas (GHG) emissions.

Drivers of the precision livestock farming market Advances and perception of sustainable and effective ways to practice farming are becoming prominent, where farmers seek to boost their productivity and efficiently use resources. Advances in technologies like IoT, big data analytics, and wearable sensors help improve all aspects of livestock health and welfare in real time. However, high initial investment costs and minimum adoption of technology, particularly in smaller farms, restrain this market.

Some opportunities can be tapped into in developing affordable and user-friendly solutions for various farming operations; growing interest in organic and ethically sourced products is the other trend. Specifically, using data to make informed decisions is becoming the new wave of making decisions to improve yield and animal health these trends are emerging in the market.

 Precision Livestock Farming Market Key Developments

• In March 2024, the Ministry of Fisheries, Animal Husbandry, and Dairying, Government of India, launched a very revolutionary program under the National Digital Livestock Mission. The latest development under this project is a mobile application for farmers called "1962." It is downloadable from the Google Play Store.
• In 2023, DSM acquired Midori USA, Inc., a biotechnology start-up with a novel precision platform developing breakthrough targeted eubiotics that improve the health and environmental impact of animals.