The market is estimated to grow with a CAGR of 10. 0% from 2020 to 2027. The growth of this market is estimated to grow owing to key driving factors such as the rising need for cattle tracking solutions and an increasing demand in dairy farming applications.
New York, May 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Smart Collar Tags for Cow Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type ; Application" - https://www.reportlinker.com/p06075682/?utm_source=GNW
However, the market is expected experiencing slow growth during the forecast period owing to the availability of substitute technologies.
The world’s population is growing at a faster rate. According to the Food and Agriculture Organization, the global population is expected to reach around 9.8 billion by 2050. To feed the rising population, farmers need to produce 70% more food than current production. Similarly, the demand for dairy products would also soar creating a strong growth opportunity for dairy farmers. To enhance dairy farming operations, farmers are adopting new methods—such as precision livestock farming tools. Precision livestock farming system is a real-time monitoring management tool for farmers. The system provides timely information on the cow’s activity and behavior at an individual level to the farmers. This information helps the farmer to act immediately if something goes wrong during the production. The precision farming system is incorporated with the smart collar tags mounting on the cows. The collar transmits signals to robotic milking machines when the cow reaches the machine gate. For instance, in April 2019, Agricultural Engineering Precision Innovation Centre in England has fitted 5G smart collars on around 50 cows to automate the all-dairy operations. These collars are connected to robotic milking machines and they transmit the signal to start milking operations whenever the cow reaches the machine gates. Thus, increasing production of dairy products is creating the need for precision dairy farming tools, thereby propelling the growth of smart collar tags for the cow market.
Owing to the pandemic, the European agriculture industry has witnessed an abrupt downturn in several major countries, which has directly affected the sales of the smart collar tag products in Europe.Further, countries in the region including Germany, the UK, France, and Belgium have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020.
The situation amid the COVID-19 pandemic is extraordinary, which is anticipated to hamper the market’s growth.
Also, demand for medium livestock products from certain countries, such as Germany and the Netherlands, was positive during the first half of 2020, owing to rising demand for dairy products.Further, the Danish market also noticed positive demand in Q3, 2020.
Additionally, demand in the Czech Republic declined due to a slowdown in agriculture activities and the UK due to government restrictions on several industries’ operations. Overall, the demand for smart collar tags in the region is expected to be driven by expanding the approved Pan-European grid.
Based on product type, the Europe smart collar tags for cow market is segmented into GPS based, radio based, and others. The radio based segment held the largest market share in 2019, also the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the Europe smart collar tags for cow market is segmented into tracking, training, and others. The tracking segment held the largest market share in 2019, whereas the training segment is anticipated to register the highest CAGR in the market during the forecast period.
The inputs are taken from the sources such as Food and Agriculture Organization (FAO) and the Agricultural Engineering Precision Innovation Centre (England) while preparing the report on the Europe smart collar tags for cow market.
Read the full report: https://www.reportlinker.com/p06075682/?utm_source=GNW
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