by The Livestock Identification Market is estimated to be valued at US$ 3.51 Billion in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Livestock Identification Market involves identification and tracking of livestock such as cattle, pigs, poultry and sheep throughout their lifecycle. Various identification tools such as radio-frequency identification (RFID) tags, GPS tracking devices, barcodes, smart tags and QR codes are used to monitor health, location, productivity and behavioral aspects of livestock. This helps farmers in streamlining farm productivity, ensures food safety, prevents disease spread and enables traceability of livestock products.
Market Dynamics:
One of the major drivers for the Livestock Identification Market is growing demand for meat and dairy products with rising population. As per Food and Agriculture Organization of United Nations (FAO) the demand for meat is projected to increase by 73% and demand for dairy products by 58% between 2010 and 2050. However, challenges like growing pressure on land resources, climate change impacts, animal diseases and zoonotic diseases have increased the need for advanced identification and monitoring solutions. Real-time health and location monitoring enabled by technologies like RFID, GPS and IoT helps farmers optimize livestock management in sustainable way. Rising adoption of precision livestock farming with digital and automated tools is another factor fueling the market growth over the forecast period.
Segment Analysis:
The livestock identification market is dominated by the cattle segment. It holds the largest market share as cattle farming is one of the largest agricultural activities worldwide. cattle farmers widely adopt livestock identification and monitoring solutions to keep track of cattle health and productivity. The growing demand for cattle-derived dairy and meat products is augmenting the adoption of identification solutions in the cattle segment.
PEST Analysis:
Political: Livestock identification solutions help comply with various government regulations regarding animal traceability and disease control. This is driving increased adoption.
Economic: Rising demand for livestock-derived foods is boosting revenue opportunities for farmers. This is encouraging investment in innovative identification technologies for optimized production.
Social: Rising awareness about animal welfare and need for efficient cattle management is positively impacting the market. Identification solutions help provide proper care and prevent theft of cattle.
Technological: Advancements like RFID/sensor-based monitoring, database integration, and analytics are supporting precision livestock farming. This is augmenting the effectiveness of identification solutions.
Key Takeaways:
The Global Livestock Identification Market Growth is expected to witness high, exhibiting CAGR of 9.6% over the forecast period, due to increasing demand for protein-rich animal-source foods globally.
Regional analysis: North America dominates the livestock identification market currently due to widespread adoption of advanced solutions by the large cattle farming industry in the region. Asia Pacific is anticipated to be the fastest growing regional market owing to growing meat consumption and increasing focus on dairy farming modernization in countries like China and India.
Key players: Key players operating in the livestock identification market are Allflex, Datamars , Zee Tags, Leader Products, Fitbit, SCR Dairy, Animana, Cainthus, Connecterra, CowManager, HerdInsights, Moocall, Quantified AG, BouMatic, IdentiGEN, Ceres Tag, Ardes , LAIPSON, Kupsan, Stockbrands. They are focused on developing technologically advanced solutions like sensor-integrated tags and biometrically authenticated monitoring systems to strengthen their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
