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.
Browse 155 market data Tables and 59 Figures spread through 222 Pages and in-depth TOC on "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"
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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.
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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