July 24, 2024
Livestock Identification Market
Ict

Projected Adoption of Technologies to Boost the Growth of Livestock Identification Market

The global Livestock Identification Market is estimated to be valued at US$ 3.51 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Livestock Identification Market involves the identification of livestock through ear tags, tattoos, brands, RFID tags, and others. Identification helps in maintaining records related to livestock health, genetics, and movement. It plays a vital role in traceability systems mandated by regulatory bodies. Livestock identification technologies allow tracking animals across the supply chain from farm to processing facilities. RFID tags are gaining adoption as they can store more information compared to conventional tags and support automation in tagging and data collection.

Market key trends:

One of the key trends in the livestock identification market is the growing adoption of technologies to manage livestock operations efficiently. Farmers are increasingly adopting identification systems integrated with management software solutions to track livestock performance, reproductive health, treatments, and movement history. Technologies such as sensors, RFID, and IoT are enabling real-time monitoring of livestock. This helps farmers in timely decision making for optimum productivity and disease control. Automated identification solutions are also witnessing increased demand as they reduce labor requirement and support self-service for livestock owners. Furthermore, regulatory emphasis on traceability is driving beef and dairy producers to adopt identification systems to meet compliance standards across supply chain.

Porter’s Analysis:

  • Threat of new entrants: The threat of new entrants is moderate as the livestock identification market requires high initial investment and technology to produce RFID tags, monitoring devices and related software.
  • Bargaining power of buyers: The bargaining power of buyers is high as livestock identification products and solutions can be substituted and buyers can negotiate on price and delivery terms.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as they have to rely on livestock farms and cattle owners for demand. However, suppliers differentiate their products to maintain customer relationships.
  • Threat of new substitutes: The threat of new substitutes is high as advanced technologies like computer vision, sensor networks and data analytics pose a threat to traditional livestock identification methods.
  • Competitive rivalry: The market is dominated by large players and competitive rivalry is intense.

Key Takeaways:

The Global Livestock Identification Market Demand is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing adoption of advanced livestock monitoring solutions for herd management and traceability.

Regional analysis – North America dominates the livestock identification market currently due to early adoption of advanced monitoring technologies by dairy and cattle farms. Asia Pacific is expected to grow at fastest pace during the forecast period with increasing meat consumption in China and India.

Key players operating in the livestock identification market are Allflex, Datamars, Zee Tags, Leader Products, Fitbit, SCR Dairy, Animana, Cainthus, Connecterra, CowManager, HerdInsights, Moocall, Quantified AG, BouMatic, IdentiGEN, Ceres Tag, Ardes, LAIPSON, Kupsan, Stockbrands. Key players are focused on developing integrated solutions comprising RFID tags, readers, integration with herd management software to gain more customers and strengthen market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it