The livestock grow lights market is projected to grow from USD 6.3 billion in 2018 to USD 8.6 billion by 2023, at a CAGR of 6.4% during the forecast period. The major factors driving the livestock grow lights market include the increasing demand and consumption of animal-based products such as meat, milk, and eggs. Further, rising focus on livestock welfare and growth along with technological innovation for smart farming practices is projected to drive the market.
The livestock grow lights market is segmented, on the basis of type as poultry, cattle, swine, and others (horse, sheep, and goat). The poultry segment is projected to witness the largest and fastest growth in terms of livestock production, in terms of value. This is attributed to the rising consumption of chicken and focus on the responsive growth of the poultry population, which caters to the rising demand of consumers and the food industry.
Based on the livestock segment, the market is estimated to be dominated by the cattle segment in 2018. In dairy farms, grow lights help in improving the output of milk production from dairy cattle; whereas in beef cattle, grow lights are used to stimulate muscle growth to increase meat production. Further, the constantly rising demand for dairy & dairy-based products including milk, cheese, yogurt, and butter in both, developed and developing economies are projected to drive the demand for grow lights in cattle farms.
Major vendors in the livestock grow lights market include OSRAM (Germany), Signify Holding (Netherlands), DeLaval (Sweden), Big Dutchman (Germany), Uni-light LED (Sweden), Once Inc. (US), AGRILIGHT BV (Netherlands), Aruna Lighting (Netherlands), HATO BV (Netherlands), Shenzhen Hontech-Wins (China), CBM Lighting (Canada), Fienhage Poultry Solutions (Germany), SUNBIRD (South Africa), ENIM UAB (Lithuania), and Greengage Lighting (UK).