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The global livestock monitoring and identification market size is expected to reach USD 3,690.4 million by 2027. The adoption of IoT technologies to enhance performance and reduce loss by gathering data on cattle in real time will enable speedy expansion of the market, mentioned in a report, titled “Livestock Monitoring and Identification Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By End-use (Dairy Farm, Beef Farm, Sheep Farm, Deer Farm, and Goat and Pig Farm), and Regional Forecast, 2020-2027.” The market size stood at USD 1,545.0 million in 2019 and is expected to exhibit a CAGR of 11.6% between 2020 and 2027.
Acquisition of Agrident by Allflex to Provide Impetus
Allflex, a world leader in the design, manufacture, and delivery of animal identification technology, announced that it had acquired Agrident, the German-based agricultural technology company specialising in RFID data capture systems used in process control and animal management systems worldwide. Allflex’s fixed and mobile reader technology offers advanced data capture features for management and traceability and has a worldwide reputation for excellence and superior performance. The company is also recognized for its strong commitment to customer requirements and a high-level of support and service. The acquisition will help Allflex with Agrident’s RFID readers and associated technologies enhance its capabilities in electronic animal identification and data capture. This acquisition will also help the companies invest in the sustainability of livestock farmers through the tools, ensuring proper health, and managing their animals better in the future. Such advanced livestock monitoring and identification solutions will help the market grow.
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Implementation of Animal Disease Traceability (ADT) Programs to Encourage Livestock Monitoring and Identification Market Growth
Farmers and livestock keepers are utilizing animal traceability solutions to maintain animal health and well-being better. Government regulations coupled with food quality obligations will further spur product demand, which, in turn, will aid the expansion of the market in the forthcoming years. The promotion of sustainable development goals by governments can educate consumers about the environmental footprint of their food. Moreover, governments are proposing new frameworks for the adoption of animal tracing solutions, which, in turn, will incite the development of the market for livestock monitoring and identification solutions in the forthcoming years.
Adoption of Innovative Strategies by Key Companies to Aid Expansion
Prominent companies such as Zee Tags Ltd. (Datamars), Quantified AG, Allflex (SCR Engineers Ltd.), ID Tech Solutions Private Limited, Shearwell Australia, AEG ID (AB Electrolux) are adopting strategies, such as partnerships and collaborations to consolidate their position in the market. For instance, in February 2020, Cainthus, an agri-tech company based in Dublin, launched ALUS Nutrition. This solution incorporates RFIDs and cameras to track animal health and adjust feed management plans consequently.
The Report Lists the Key Companies in the Market for Livestock Monitoring & Identification:
Further Report Findings:
The Market is Segmented into:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2018 |
Unit | Value (USD million) |
Segmentation | Component; End-use; and Geography |
By Component |
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By End-use |
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By Geography |
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