DUBLIN, Jan. 19, 2022 /PRNewswire/ — The “Global 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 – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global livestock identification market 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 key driving factors for the livestock identification market. However, high initial investment and less awareness about the 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…
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