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The latest report by IMARC Group, titled “Livestock Farm Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global livestock farm equipment market is expected to grow at a CAGR of around 4% during 2015-2020. Livestock farm equipment refers to appliances used for grooming, milking, feeding, and handling animals and birds. Nowadays, various types of livestock farm equipment are available in the market. For instance, milking equipment is utilized to automatically milk the animals while grooming equipment includes grooming kits, hoof trimmers, and other equipment. Feed equipment helps in dispensing a measured quantity of feed and water for the livestock. Moreover, livestock farm equipment also includes tagging equipment that is used to tag and label the animals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Livestock Farm Equipment Market Trends:
The global livestock farm equipment market is primarily driven by the rapid growth of the livestock industry. Besides this, various technological advancements in the agriculture sector to bolster operational efficiency are also propelling the market growth. Along with this, the integration of the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML) with connected devices is acting as another major growth-inducing factor. In addition to this, the increasing automation to manage livestock and undertake tasks efficiently in the livestock industry is positively influencing the demand for livestock farm equipment. Moreover, the rising consumption of dairy products, such as meat and eggs, due to increasing population growth is also fueling the market. Furthermore, rapid modernization has resulted in the development of treatments for a range of livestock diseases, which is expected to significantly impact the market growth in the upcoming years.
Market Summary:
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