Smart Collar Tag for Cow Market is expected to reach US$ 513.8 million by 2027

According to our latest market study on "smart collar tag for cow Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Product Type (GPS Based, Radio Based, and Others); Application (Tracking, Training, and Others)," the market was valued at US$ 243.1 million in 2019 and is projected to reach US$ 513.8 million by 2027; it is expected to grow at a CAGR of 10.9% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.

The smart collar tag for cow market is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. The agriculture and livestock industry is shifting toward automation to reduce the operational time required to perform the farming task. Precision agricultural practices are helping the farmers to enhance profit margin and reduce the labor force expenditure. The livestock and dairy farming industry are flourishing with increasing demand for dairy products. Increasing population worldwide is a key factor for the growth of the dairy industry. Technological advancements in dairy farming-such as low-cost automation, advanced milking robots, ear tags, and collar tags for livestock activity monitoring-are offering enhanced benefits to the farmers, thereby contributing to the market growth. Rising awareness among farmers and changing attitude toward advanced technology are key factors propelling the market growth.

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The agriculture and livestock industry is shifting toward automation to reduce the operational time required to perform the farming task. Precision agricultural practices are helping the farmers to enhance profit margin and reduce the labor force expenditure. The livestock and dairy farming industry are flourishing with increasing demand for dairy products. Increasing population worldwide is a key factor for the growth of the dairy industry. Technological advancements in dairy farming-such as low-cost automation, advanced milking robots, ear tags, and collar tags for livestock activity monitoring-are offering enhanced benefits to the farmers, thereby contributing to the market growth.

Rising awareness among farmers and changing attitude toward advanced technology are key factors propelling the market growth. Increasing adoption of smart collar tags for locating the cows and monitoring their behavior and health is mounting the demand for these tags among dairy farmers and ranchers. Increasing developments in smart collar tags, such as enhanced battery life, solar-generated power support, and integration of advanced sensors, are further enhancing their performance. Smart collar tags are being utilized to resolve the cattle rustling or theft problem in African countries. In addition, smart collar tags for cows collect enormous data, which helps farmers to improve productivity by monitoring individual cow behavior.

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IMPACT OF COVID-19 ON SMART COLLAR TAGS FOR COW MARKET

While there are diverse viewpoints on the damage, which COVID-19 may have caused, the fact remains that COVID-19 spread worldwide. It affected several industries, including energy & power, oil & gas, construction, agriculture and manufacturing, among others. Though the complete impact of COVID-19 is still unidentified, the impact across the agriculture value chain will probably be less affecting parties involved with livestock business.

COVID-19 is underlining the possible risks and vulnerability of the present agriculture value chain model as well as challenging the livestock industry to consider altering its global supply chain model. Several livestock handlers were dependent on in-house suppliers for raw materials; however, the pandemic's outbreak shifted their focus to alternate suppliers. One of the primary raw materials, i.e., chips, used in smart collar tags, also witnessed a drop in its prices. However, at the industry level, the demand for smart tags was impacted significantly. Reduced fixed investment, private consumption, and industrial activity owing to the COVID-19 pandemic has slightly hindered the growth in the demand for smart collar tags globally, particularly in Q1 and Q2 2020. The containment measures taken by various governments worldwide resulted in affecting every component of the world's total demand.

During 2020-2027, the growth outlook of smart collar tag for cow in all the major geographic regions is estimated to be quite positive. However, the growth rate has been slightly affected in 2020 and is likely to be affected till mid-2021 due to the COVID-19 outbreak. The mass lockdowns, travel bans, and business shutdowns worldwide are affecting the supply chains and business activities, thereby affecting the revenues and growth of companies operating in the global smart collar tag for cow market. Hence, this outbreak may act as hindering factor and might affect the revenues and growth of smart collar tag for cow market till mid-2021. However, the overall growth is anticipated to be positive from third quarter of 2021.

In North America, Technological advancements create intense competition among various businesses due to the high spending power of farmers, enabling them to spend on expensive, and high-tech products. For the efficient management of livestock, the farmers and livestockers are robustly focusing on the procurement of smart tags for their cows in the region. These smart tags help interpret the critical data collected from the tagged individual cow, provide timely insights for managing the cow's health, reproduction, and nutrition intake.

Company Profiles

• Afimilk Ltd
• BouMatic
• Connecterra B.V.
• Cowlar Inc.
• CowManager B.V
• HerdInsights
• Lely
• MOOCALL
• QUANTIFIED AG
• SCR Dairy

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This release was published on openPR.