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Animal Identification Systems Market Size, Share, Growth & Forecast 2024-2033 | Trends & Key Players
Animal Identification Systems Market Size
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According to The Business Research Company's, The animal identification systems market size has grown strongly in recent years. It will grow from $2.56 billion in 2023 to $2.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to a rise in regulatory compliance, increased need for effective disease control and prevention methods, enhanced productivity and efficiency in farm management, rising number of companion animals, and growing public concern for animal welfare.
The animal identification systems market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increased funding for research, global expansion, rising demand for meat and dairy, environmental sustainability concerns, advancements in biotechnology, and increasing livestock population. Major trends in the forecast period include integration of Internet of Things (IoT) technologies, implementation of machine learning algorithms, adoption of biometric identification methods, use of data analytics for better decision-making and management, and use of wearable devices for continuous health monitoring of animals.
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Market Drivers and Trends:
A rise in the adoption of companion animals is expected to propel the growth of the animal identification systems market going forward. Companion animals refer to domesticated pets kept primarily for a person's company or enjoyment, providing emotional support, companionship, and entertainment. The rising adoption of companion animals is driven by the recognized emotional and psychological benefits, increased animal welfare awareness, the popularity of pet-friendly lifestyles, and the companionship needs of an aging and solitary population. Animal identification systems in companion animals facilitate tracking, reunification, and medical history management. For instance, in January 2024, a report published by the National Database of Sheltered Animal Statistics, a US-based centralized system that collects, stores, and manages data on animals in shelters, revealed that 109,000 more dogs were adopted in 2023 compared to 2022, along with 34,000 more cats. Furthermore, the report indicated that 2.6 million cats were adopted in 2023, marking a 14% increase (+319,000 cats) compared to 2019. Therefore, a rise in the adoption of companion animals is driving the animal identification systems market.
Major companies operating in the animal identification systems market are focused on developing technologically advanced solutions, such as machine learning algorithms, to detect illnesses earlier and more accurately. Machine learning algorithms in animal identification systems enable accurate and automated identification and tracking of animals through patterns in biometric data and behavior analysis. For instance, in February 2022, Merck Animal Health, a US-based animal health company, launched SenseHub Feedlot, an Allflex Livestock Intelligence product. This state-of-the-art technology features an electronic ear tag that detects sick cattle earlier, more efficiently, and more accurately than traditional visual observation methods. It monitors behavioral and biometric data, such as body temperature and activity levels, using machine-learning algorithms to identify health issues. The system provides caregivers with a daily list of animals needing attention and features an LED light on tags for easy identification. Research has shown that SenseHub Feedlot reduces mortality and saves labor by allowing for earlier and more accurate detection and treatment of illnesses such as bovine respiratory disease (BRD).
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Major Key Players of the Market:
Avery Dennison Corp, Microchip Technology Inc., MSD Animal Health, HID Global Corporation, Neogen Corporation, Gallagher Group Limited, Datamars SA, Nedap N.V., EM Microelectronic, AEG Identifikationssysteme GmbH (AEG ID), Y-Tex Corporation, RFID Inc., Avid Identification Systems Inc, Jorgensen Laboratories LLC, National Band & Tag Company, Destron Fearing Corp., ID Tech Solutions Pvt. Ltd., Wuxi Fofia Technology Co. LTD., Agrident GmbH, Syscan ID, Planet ID, Microsensys GmbH, Trovan Ltd., Caisley International GmbH, HerdDogg, H. Hauptner u. Richard Herberholz GmbH & Co. KG, EZid LLC
Animal Identification Systems Market 2024 Key Insights:
• The animal identification systems market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Increasing Companion Animal Adoptions Boost Animal Identification Systems Market Growth
• Advancements In Animal Identification Systems Is Enhancing Health Monitoring And Reducing Mortality Rates
• North America was the largest region in the animal identification systems market in 2023
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