The report "Livestock Identification Market with COVID-19 Impact Analysis by Offering
(Hardware, Software, Services), Species (Cattle, Poultry, Swine), Technology,
Device Lifecycle (Short Period, Long Period), Geography - Global Forecast to
2026", size was valued at USD
1.4 billion in 2021 and is projected to reach USD 2.3 billion by 2026. It is
expected to grow at a CAGR of 9.8% 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 major factors driving the
livestock identification market growth.
“Software offering to witness a higher CAGR during
the forecast period.”
The market for the software segment is expected to
grow at the highest CAGR during the forecast period. Technological advancements
in software used in livestock identification and management systems and rapid
innovations in services are the key factors driving the market over the past
few years. There is a growing demand for data analytics and maintenance and
support services by livestock owners with rapid advances in livestock farming
technologies. Moreover, the use of software enables recording, storage,
retrieval, analysis, and dissemination of information about a large number of
cattle. These software systems also enable better management of resources and
increase the production efficiency of livestock.
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“Cattle species segment to account for the largest
share during the forecast period.”
The adoption rate of livestock identification
equipment is high in cattle farms. Hardware devices are used for multiple
applications, such as location tracking, behavior monitoring and control, and
health monitoring. Due to the presence of many animals in cattle farms, farm
owners can achieve economies of scale, which, in turn, makes the installation
of identification systems cost-efficient. Moreover, the prices of the livestock
identification systems have decreased over the years with the increasing number
of manufacturers of such systems. Moreover, the market for livestock
identification and tracking systems could show a high growth rate during the
forecast period as these systems are extensively used in cattle farms.
APAC to witness a higher CAGR during the forecast
period.
The region is expected to be the fastest-growing
market for livestock identification systems during the forecast period. 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.
The key players in the livestock identification
market are 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).
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