Livestock identification market to reach $3.6 billion by 2030
According to the new research report, published by MarketsandMarkets, the global Livestock Identification Market is expected to reach $3.6 billion by 2030 from an estimated $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 livestock population as well as demand for meat products. 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.
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 3 million tonnes of pig 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.
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 almost 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.
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