The global dairy herd management market size is expected to reach US$ 5640.8 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 6.3% CAGR between 2019 and 2029. According to the report, rising demand for dairy products and increasing number of dairy cattle globally will have positive impact on the overall market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the Dairy herd management market. Some of these are:
- The estimated value of the market was at US$ 3062 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, Europe has emerged as a key market for Dairy herd management holding the largest share in the market.
- North America and Asia will remain steady as key markets for Dairy herd management.
- The outbreak of novel coronavirus has impacted business across nations such as the US, India, China, Italy. As a result of this, the market may witness resistance to growth in regions such as North America, Asia Pacific and Europe.
- Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.
“Growing contribution of dairy industry, rising number of dairy cows and rising dairy exports to developed countries due to increased consumption witnessed are the key factors driving the market,” said a lead analyst at FMI.
Increasing Consumption of Dairy Products will Propel Growth
Increasing demand for milk and milk products such as cream, butter, and cheese is anticipated to boost the market over the forecast period. The market is likely to benefit from operational cost benefits in long-term. Because dairy herd management assists in monitoring and maintaining overall health of cattle and livestock, their demand is likely to rise in the coming years. While earlier predictions identified rising disposable income of consumers as a key growth drivers, the recent coronavirus outbreak has changed the dynamics. Restrictions imposed on travel and lockdown enforced across nations witnessing coronavirus may have negative impact on the overall market.
Who is Winning?
Some of the leading players operating in the Dairy herd management market are Alta Genetics Inc.; Dairymaster; Delaval Inc., Afimilk; BouMatic LLC, Fullwood Packo, GEA Group Aktiengesellschaft Lely, SCR Dairy Inc., Sum-it Computer Systems, Valley Agricultural Software, and Zoetis.
For More Detailed Insights on Dairy Herd Management Market
North America and Europe are expected to contribute the most towards global dairy herd management market in the near future. Increasing disposable income, rising population and active participation of government for the development of dairy farming industry can contribute towards the growth of this market in the developing countries of the Asia Pacific, Latin America and others.
In order to capture a larger market share, key market incumbents are undertaking initiatives and adopting strategies such as entering into partnerships, engaging in mergers and acquisitions and maintaining competitive pricing.
Get Valuable Insights into Dairy herd management Market
Future Market Insights, in its new report, presents an unbiased analysis of the global Dairy herd management market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. Based on product type the market is segmented into milk management systems, feeding/nutrition management systems, Animal waste management systems, breeding management and others. In terms of end-user small-scale dairy farms, large-scale dairy farms, cooperative-scale dairy farms. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.