Pune, April 21, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Livestock Identification Market attained a valuation of USD 1.70 billion in 2022 and is anticipated to expand to USD 3.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.7% during the projection period spanning from 2023 to 2030.
Market Report Scope
Livestock identification refers to the process of assigning unique identification to domesticated animals such as cows, pigs, sheep, and horses. The identification process involves tagging the animals with specific identification marks such as ear tags, electronic chips, tattoos, or brands. This allows for easy tracking and monitoring of the animals' movements, health, and ownership.
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Market Analysis
The livestock identification market is experiencing a significant surge in growth, thanks in part to the expanding number of livestock farms and the rising demand for meat, beef, and pork products across the globe. This growth is being driven by the need for efficient and accurate identification and tracking of livestock, which has become increasingly important in ensuring food safety and quality, disease control, and supply chain management. As the demand for animal-based products continues to rise, farmers are looking for innovative solutions to manage their livestock more effectively. This has led to a growing interest in livestock identification technologies, such as RFID tags, ear tags, and other forms of animal identification.
Impact of Recession
While a recession may impact the livestock identification market by reducing demand for animal products, the market could be supported by government regulations and technological advancements, as well as the increased focus on food safety and security. Therefore, the impact of a recession on the market is not straightforward and depends on several factors.
Key Regional Development
The livestock identification market in the Asia Pacific region is poised for substantial growth during the forecast period, owing to the increasing demand for milk and beef products in the region. The governments' initiatives to regulate interstate livestock exchange, coupled with mandatory identification regulations, are expected to have a positive impact on the market's growth. Furthermore, the market is expected to witness significant opportunities with the advent of innovative technologies that cater to the demand for fast-moving animal and dairy products. This would not only improve the efficiency of livestock management but also ensure better quality and safety standards in the industry.
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Key Takeaway from Livestock Identification Market Study
- The short-term segment is expected to take the lead in the market. This growth is driven by the increasing demand for real-time tracking and monitoring of livestock, particularly in the dairy and beef industries.
- The poultry segment is expected to dominate market. This growth is driven by the increasing demand for effective and efficient identification and tracking of poultry, particularly in the commercial poultry industry.
Recent Developments Related to Livestock Identification Market
- Merck, a global healthcare company, has recently opened a new Animal Health Intelligence manufacturing facility in the United States. The facility is located in Ames, Iowa, and will produce animal health monitoring devices and software, allowing for advanced data analytics and real-time monitoring of animal health.
- Merck Animal Health, a global leader in animal health solutions, has recently announced the completion of its acquisition of Quantified Ag®, a livestock analytics and data management company. This strategic move aims to further strengthen Merck's digital capabilities and provide innovative solutions to improve animal health and wellbeing.
Livestock Identification Market Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.70 Billion |
| Market Size by 2030 | US$ 3.84 Billion |
| CAGR | CAGR of 10.7% from 2023 to 2030 |
| Key Segments | • By Offering (Hardware, Software, Service) • By Device Lifecycle (Short Term, Long Term) • By Species (Poultry, Swine, Cattle, Others) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Allflex Livestock Intelligence, Nedap, Livestock Improvement Corporation, Leader Products, Kupsan Tag Company, Datamars, MS Schippers, Shearwell Data, CAISLEY International, Luoyang Laipson Information Technology and Other. |
| Market Drivers | • Accurate and efficient animal disease traceability provides significant potential to reduce economic losses and cattle death rates. • Livestock farmers are putting a greater emphasis on real-time animal identification and tracking. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Livestock Identification Market Segmentation, by offering
9. Livestock Identification Market Segmentation, by Device Lifecycle
10. Livestock Identification Market Segmentation, by species
11. Regional Analysis
12 Company Profiles
13 Competitive Landscape
14 Conclusion
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