Livestock Farm Equipment Market Size Worth $19.3 Billion By
SAN FRANCISCO, Aug. 19, 2020 /PRNewswire/ -- The global livestock farm equipment market size is expected to reach USD 19.3 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.4% over the forecast period. Aggressive investments being made by farm owners to automate dairy and poultry farms are expected to drive the market over the forecast period. Increasing spending on agricultural equipment across the globe also bodes well for market growth. Market players are expected to introduce innovative livestock farm equipment based on the latest technologies, such as IoT and artificial intelligence, thereby contributing to market growth.
Key suggestions from the report:
- The feed equipment segment is projected to witness significant growth over the forecast period as farm owners look for efficient means to feed the domesticated animals
- The housing equipment is expected to account for a substantial share of the market over the forecast period as housing or shelters continue being farm owners' essential requirement to accommodate domesticated animals
- The poultry farm segment is expected to register the highest CAGR and control a considerable share of the market over the forecast period in line with the rising consumption of eggs and poultry meat across the globe
- Asia Pacific held the largest market share of more than 30.0% in 2019 and is expected to continue dominating the market over the forecast period as the region is home to significant market players
- Market incumbents are continuously improvising their product portfolio and catering to all the requirements associated with domesticated animal farming. The market is highly fragmented due to the presence of regional players.
Read 115 page research report with ToC on "Livestock Farm Equipment Market Size, Share & Trends Analysis Report By Product Type, By End Users, By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/livestock-farm-equipment-market
Domesticated animal farming is gaining traction in line with the growing population and the changing food habits of individuals. The growing consumption of meat among individuals is particularly driving domesticated animal farming and hence the demand for the tools. At the same time, the increasing consumption of milk, which is encouraging cattle farming, and the rising consumption of eggs, which is encouraging poultry farming, also bodes well for the growth of the market over the forecast period. The demand for tools used in domesticated animal farming is growing as the owners are increasingly opting for such tools to increase the yield and augment revenues and to protect their domesticated animals from diseases by maintaining cleanliness and better hygiene.
The equipment can potentially reduce the costs associated with feeding, cleaning, and monitoring the animals. The owners opt for different equipment depending upon the type of domesticated animals they are farming. For instance, electric cages are used for poultry animals, such as hens, and ducks. Electric cages can ensure proper shelter for poultry animals while reducing the space occupied. The growing preference for electric cages for poultry farming is expected to drive the growth of the market over the forecast period. The owners are also opting for dedicated tools for feeding and monitoring their domesticated animals.
However, the high costs associated with the tools are anticipated to challenge market growth as the owners would deliberate before investing in such equipment. The costs associated with regular maintenance are also expected to restrain the market growth. The outbreak of the COVID-19 pandemic is equally expected to impede market growth in the short term as lockdowns in various parts of the world have disrupted the supply chains and have hampered the equipment production. Nevertheless, the demand for the tools is poised for stable growth in the long term as more and more farm owners opt for automation to overcome the looming workforce shortage.
Grand View Research has segmented the global livestock farm equipment market based on product type, end-users, and region:
- Livestock Farm Equipment Product Type Outlook (Revenue, USD Million, 2016 - 2027)
- Milking Equipment
- Cleaning Equipment
- Egg Handling Equipment
- Feed Equipment
- Housing Equipment
- Livestock Handling
- Foggers, Coolers, and Heaters
- Livestock Farm Equipment End-users Outlook (Revenue, USD Million, 2016 - 2027)
- Poultry Farm
- Dairy Farm
- Swine Farm
- Livestock Farm Equipment Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East & Africa
- List of Key Players of Livestock Farm Equipment Market
- Pearson International LLC
- Bob-White Systems
- Murray Farm care Ltd.
- Afimilk Ltd
- Royal Livestock Farms
- Real Tuff Livestock Equipment
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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