Market Trends of Global Livestock Monitoring Industry
This section covers the major market trends shaping the Livestock Monitoring Market according to our research experts:
Poultry Segment Expects to Drive the Market Growth
The increased daily consumption of poultry products is a crucial factor driving this segment's growth. According to Statista, 2021, The global consumption of meat has doubled, reaching 324 million metric tons in 2020. According to the data published by the Organization for Economic Cooperation and Development, in 2021, poultry meat will remain the key driver of meat production growth, albeit at a slower rate than in the previous decade. In addition, it is estimated that 371,675 kt of meat consumed by 2030, worldwide.
- The increased demand for animal health and monitoring is due to the strong demand for poultry products and growing customer awareness of quality products. According to the United States Census Bureau, the population of the United States is expected to grow from 319 million in 2014 to 417 million in 2060. The demand for poultry products is likely to rise even more as the population grows.
North America is Expected to Have the Significant Market Share
North America is expected to have a significant share of the market in the forecast period. This is due to the high technological developments and increased consumption of poultry products. According to the data published by Organization for Economic Cooperation and Development, in 2021, it has been estimated that 48,602 kt cwe meat will be consumed by 2030 in North America, accounting for 44,949 kt cwe in the United States and 3,653 cwe in Canada. According to the Food and Agriculture Organization of the United Nations (UNFAO), the United States is the largest producer of chicken meat in the world, estimated to produce 20.4 million metric tons of broiler meat in 2021. In addition, the prevalence of zoonotic diseases has fueled the demand for technology to monitor sick animals, which is anticipated to drive the North American market.
- Moreover, the companies providing cattle care training to the caretakers and government support are boosting the growth of the market in this region. For instance, Merck Animal Health's Cattle Care365 provides training for beef cattle caretakers who want to keep their livestock safe, productive, and healthy.
