According to the new research report "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" published by MarketsandMarkets, 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 population as well as demand for meat products.
The software offering is projected to grow at the
highest CAGR during the forecast period
Managing large herds and species using traditional
tools, such as manual tracking and paper-based records, is difficult,
labor-intensive, and expensive. These manual techniques cannot meet the
requirements of commercial farms with large herd sizes. The use of software
enables the 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. Thus, software is likely to be the fastest-growing segment in the
livestock identification market in the coming years
The market for swine species is projected to grow at
the highest CAGR during the forecast period
Swine or pigs are among the popular import and export
items in the agriculture field. According to the USDA Foreign Agricultural
Service, the US alone produces about 12% of the world’s pork. In 2021, US pork
exports surpassed USD 8.1 billion in value, and more than 6.4 billion pounds of
pork meat was exported to other markets compared to USD 7.7 billion in value in
2020. Thus, permanent swine or pig identification is obligatory for swine
farming, business, and exhibition. Furthermore, the increase in swine export
value and volume is likely to result in the highest CAGR of swine species in
the livestock identification market during the forecast period.
Livestock identification market in Asia Pacific to
grow at the highest CAGR during the forecast period
Asia Pacific is projected to be the fastest-growing
market during the forecast period. The increasing livestock population and the
growing demand for meat products in Asian countries, including China,
Australia, India, and New Zealand, contributing to regional market growth. For
instance, the cattle population in China and India increased by 5% and 1%,
respectively, to reach 96 and 306 million heads in 2021 compared to 91 and 303
million heads in 2020. The cattle population in India accounts for ~31% of the
global cattle population in 2021. Moreover, the rising awareness among farm
owners regarding the benefits of livestock identification technology, such as
easy and fast response, reliability, and cost-efficiency, is estimated to fuel
the demand for livestock identification solutions in Asia Pacific.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=132736040
Allflex Livestock Intelligence (US), Datamars
(Switzerland), Nedap N.V. (Netherlands), MS Schippers (Netherlands), Livestock
Improvement Corporation (New Zealand), Shearwell Data Ltd. (UK), Leader
Products (Australia), CAISLEY International GmbH (Germany), Kupsan Tag Company
Ltd. (Turkey), and Luoyang Laipson Information Technology Co., Ltd. (China) are
some of the key players in the livestock identification market..
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