The global dairy herd management market is projected to grow by $2.1 billion, reaching a value of $5.28 billion by 2031, according to a report published by Verified Market Research.
The current market value sits at $3.27 billion, which includes all automated technology and systems used to monitor, feed, breed, milk and care for dairy cows.
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The report says this growth is due to rising demand for higher-quality milk, increased use of automated systems and widespread support of sustainable practices.
However, the report also notes challenges that could hold the market back, including high upfront costs, opposition to automation, and compatibility issues integrating new technology into older farm structures.
While North America currently leads the market in overall growth, the Asia-Pacific region is quickly closing the gap with the fastest growth rate.
