during the forecast period. Rapid adoption of IoT- and AI-enabled devices for effective management of livestock, elevated demand for automation in livestock farming, and increased focus of farmers on real-time identification and monitoring of livestock are the key driving factors for the livestock identification market.
New York, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Livestock Identification Market with COVID-19 Impact Analysis by Offering, Species, Technology, Device Lifecycle, Geography - Global Forecast to 2026" - https://www.reportlinker.com/p06218464/?utm_source=GNW
However, high initial investment and less awareness about benefits of livestock identification systems among ranchers and livestock owners are the major factors impeding the market growth.
Hardware offering to account for the largest share during the forecast period.
Hardware offerings accounted for the largest share of the livestock identification market in 2020, and a similar trend is likely to be observed during the forecast period.The largest market size of this segment is attributed to the increasing use of hardware devices such as RFID tags, visual identification tags, readers and applicators, sensors, smart cameras, and GPS trackers to identify and monitor livestock species.
The data collected through these devices help farmers to identify animals and improve animal health and welfare. These devices also send alerts and warning signs of animal aggressiveness to farmers.
Cattle species to account for the largest share during the forecast period.
In 2020, cattle held the largest share of the livestock identification market, and a similar trend is expected to be observed during the forecast period.Manual identification and management of large-sized livestock farms is not only costly but also time-consuming.
In dairy farms, hardware and software solutions enable automatic identification and data capture, resulting in effective management and control of movements of livestock species. Owing to these advantages, the cattle segment is expected to capture the largest size of the livestock identification market during the forecast period.
APAC to witness highest CAGR in livestock identification market from 2021 to 2026.
Rapid population growth in developing countries of the region is exerting pressure on the suppliers of livestock products to become more efficient and productive, thereby pushing the sales of livestock farming solutions.The rising penetration of IoT-enabled livestock identification systems in animal monitoring applications also boosts the growth of this market.
Factors driving the adoption of precision livestock farming in APAC include the rising demand for livestock-related food products, intensifying need to improve yields with limited resources, and the increasing requirement to protect cattle from unexpected climatic changes. Major challenges faced by the farmers in this region are the requirements for high capital, low returns on investment, and lack of knowledge pertaining to the use of livestock identification technologies.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the livestock identification marketplace.
• By Company Type: Tier 1 - 25%, Tier 2 – 40%, and Tier 3 - 35%
• By Designation: C-Level Executives - 75% and Managers - 25%
• By Region: Americas - 40%, Europe - 23%, APAC - 26%, and RoW - 11%
The livestock identification market comprises major players such as Allflex (US), Datamars (Switzerland), Nedap (Netherlands), Leader Products (Australia), CAISLEY International GmbH (Germany), Livestock Improvement Corporation (New Zealand), Kupsan Tag Company (Turkey), MS Schippers (Netherlands), Shearwell Data (UK) and Luoyang Laipson Information Technology CO., Ltd (China). The study includes an in-depth competitive analysis of these key players in the livestock identification market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the livestock identification market based on offering, species, device lifecycle, and region.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the livestock identification market.
It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to strengthen their position in the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall livestock identification market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06218464/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001