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Global $3.6 Billion Livestock Identification Markets, 2022-2030 - Increased Focus of Livestock Farmers on Real-Time Identification and Tracking of Animals
Global Livestock Identification Market
Dublin, May 05, 2022 (GLOBE NEWSWIRE) -- The "Livestock Identification Market by Offering (Hardware, Software, Services), Device Lifecycle (Long, Short), Species (Cattle, Poultry, Swine), and Geography (Americas, Asia Pacific, Europe, Rest of the World) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global livestock identification market is expected to reach USD 3.6 billion by 2030 from an estimated USD 1.6 billion in 2022, at a CAGR of 10.5% from 2022 to 2030
The growth of the livestock identification market can also be attributed to the growing number of livestock farms with the increasing consumption of meat, beet, and pork products worldwide.
Hardware segment accounted for the largest share of the livestock identification market in 2021
Livestock hardware offerings, including tags, sensors, readers and applicators, and boluses, are crucial in the livestock identification market. These devices enable livestock farmers to trace and identify livestock species from their farms accurately; farm owners can easily track and improve the performance of animals by maintaining their body conditions, recognizing illness/sickness, etc.
The crucial data collected through these devices helps farmers augment milk production and improve animal health and welfare through balanced feed. Also, the data is essential during the livestock exports. Owing to this, the hardware segment accounted for the largest share of the livestock identification market in 2021, and a similar trend is likely to be observed in the coming years.
In 2030, the cattle segment of species is expected to account for the largest share of the livestock identification market
In 2030, the cattle segment of species is expected to account for the largest share of the livestock identification market. The dominance can be attributed to the increased demand for visual identification and electronic identification tags to distinguish cattle in medium- and large-sized livestock farms.
Electronic tags are read with the help of RFID readers, and the associated software maintains accurate records of individual cattle on the farm. Manual identification and management of such farms is costly, time-consuming, and requires a huge number of resources to maintain the record of individual cattle.
Thus, adopting livestock identification solutions is beneficial to farm owners compared to manual identification and management approach.
Based on region, Asia Pacific is projected to witness the highest CAGR during the forecast period
The market in Asia Pacific is primarily studied for China, Australia, New Zealand, India, and Rest of Asia Pacific. The livestock identification market in the region is mainly dominated by China and Australia. The countries have multiple large farms, generating huge demand for livestock identification solutions in the region.
Moreover, the rising awareness among farm owners regarding the benefits of livestock identification solutions, including hardware, software, and services, is expected to drive the growth of the market in the region during the forecast period.
In addition, the growing population in different countries in Asia Pacific, such as China and India, is likely to augment the demand for meat and dairy products, which, in turn, will surge the requirement for livestock identification solutions. Therefore, the region is projected to witness the highest CAGR during the forecast period.
Premium Insights
Increased Global Population of Livestock to Fuel Market Growth from 2022 to 2030
Hardware Offerings to Account for Largest Share of Global Livestock Identification Market in 2030
Livestock Identification Solutions with Long Lifecycle to Account for Larger Market Share in 2030
Cattle Segment to Account for Largest Share of Livestock Identification Market in 2022 and 2030
Asia-Pacific to Witness Highest CAGR in Global Livestock Identification Market During Forecast Period
Market Dynamics
Drivers
Large Potential to Reduce Economic Losses and Livestock Mortality Rates due to Accurate and Efficient Animal Disease Traceability
Rapid Adoption of Automation Technology and IoT-Enabled Devices for Efficient Management of Livestock Farms
Increased Focus of Livestock Farmers on Real-Time Identification and Tracking of Animals
Restraints
Gradual Transition to Vegan Diet Affecting Market Growth in European Countries
High Cost of Electronic Identification Devices
Opportunities
Rising Number of Government Initiatives Encouraging Livestock Identification Technology Use
Growing Adoption of Livestock Identification Solutions in Developing Countries
Challenges
Significant Contribution of Livestock in Production of Greenhouse Gases
Limited Awareness About Benefits of Livestock Identification Solutions Among Ranchers and Farm Owners
Case Studies
Developing RFID Systems Compliant with National Livestock Identification System
Developing RFID Tags for Accurate Identification
Smart Tags for Seamless Transmission of Relationship Data for Accurate Identification of Livestock
Ai-Based Platform for Identification of Cows
Technology Analysis
Key Technologies
Radio Frequency Identification
Complementary Technologies
AI and Blockchain
Bluetooth Low Energy (BLE)
Tissue Sampling
Technology Adoption in Dairy Farms
Company Profiles
Allflex Livestock Intelligence (Msd Animal Health)
Ardes
Caisley International GmbH
Cerestag Pty Ltd.
Dalton Tags
Datamars
Hauptner-Herberholz
Hid Global Corporation
I.D.Ology
Id Tech Solutions Private Limited
Kupsan Tag Company Ltd.
Leader Products
Livestock Improvement Corporation
Luoyang Laipson Information Technology Co. Ltd
Milkrite Interpuls S.P.A.
Moovement
Ms Schippers
National Band & Tag Company
Nedap N.V.
Omnia Technologies
Osborne Industries, Inc.
Ritchey Livestock Id
Shearwell Data Ltd.
The Coburn Company Inc.
Y-Tex Corporation
For more information about this report visit https://www.researchandmarkets.com/r/e3anqc
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