Livestock Identification Market to Witness Significant Growth in Coming Years - Exclusive Report by ReportsnReports

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

Download FREE Sample Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=5609449

"Livestock identification market is expected to grow at CAGR of 10.5% from 2022 to 2030."

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 farms with the increasing consumption of meat, beet, and pork products worldwide.

"Hardware segment accounted for the largest share of the livestock identification market in 2021"

Livestock hardware offerings, including tags, sensors, readers and applicators, and boluses, are crucial in the livestock identification market. These devices enable livestock farmers to trace and identify livestock species from their farms accurately; farm owners can easily track and improve the performance of animals by maintaining their body conditions, recognizing illness/sickness, etc. The crucial data collected through these devices helps farmers augment milk production and improve animal health and welfare through the balanced feed. Also, the data is essential during the livestock exports. Owing to this, the hardware segment accounted for the largest share of the livestock identification market in 2021, and a similar trend is likely to be observed in the coming years.

"In 2030, the cattle segment of species is expected to account for the largest share of the livestock identification market"

In 2030, the cattle segment of species is expected to account for the largest share of the livestock identification market. The dominance can be attributed to the increased demand for visual identification and electronic identification tags to distinguish cattle in medium- and large-sized livestock farms. Electronic tags are read with the help of RFID readers, and the associated software maintains accurate records of individual cattle on the farm. Manual identification and management of such farms is costly, time-consuming, and requires a huge number of resources to maintain the record of individual cattle. Thus, adopting livestock identification solutions is beneficial to farm owners compared to manual identification and management approach.

"Based on region, Asia Pacific is projected to witness the highest CAGR during the forecast period"

The market in Asia Pacific is primarily studied for China, Australia, New Zealand, India, and Rest of Asia Pacific. The livestock identification market in the region is mainly dominated by China and Australia. The countries have multiple large farms, generating huge demand for livestock identification solutions in the region. Moreover, the rising awareness among farm owners regarding the benefits of livestock identification solutions, including hardware, software, and services, is expected to drive the growth of the market in the region during the forecast period. In addition, the growing population in different countries in Asia Pacific, such as China and India, is likely to augment the demand for meat and dairy products, which, in turn, will surge the requirement for livestock identification solutions. Therefore, the region is projected to witness the highest CAGR during the forecast period.

Feel free to ask your queries at https://www.reportsnreports.com/contacts/discount.aspx?name=5609449

Key Benefits of Buying the Report

This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall livestock identification market and the sub segments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

+ 1 888 391 5441
sales@reportsandreports.com

ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets.

This release was published on openPR.