Livestock Identification Market estimated to be worth $2.3 Billion by 2026

(IT-NEWSWIRE.COM, January 07, 2022 ) 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.

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“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.

“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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Livestock Identification Market estimated to be worth $2.3 Billion by 2026