Livestock Identification Market Size share Global forecast to 2026 | MarketsandMarkets

The global livestock identification market size was valued at USD 1.4 billion in 2021 and is projected to reach USD 2.3 billion by 2026. It is expected to grow at a CAGR of 9.8% during the forecast period. Rapid adoption of IoT- and AI-enabled devices for effective management of livestock, elevated demand for automation in livestock farming, and increased focus of farmers on real-time identification and monitoring of livestock are the key driving factors for the livestock identification market.

Driver: Increased focus of farmers on real-time identification and monitoring of livestock

Livestock identification is another important aspect of livestock farming. Traditionally, cattle were identified and monitored manually and confined in farms by building physical fences. However, advanced technologies have made it possible to identify, track, and monitor farm animals in real-time. Real-time advanced technologies such as biometric sensors include either noninvasive or invasive sensors that identify and monitor an individual animal’s health and behavior in real-time, allowing farmers to integrate this data for population-related analysis. Real-time information from biometric sensors is processed and integrated using big data analytics systems that rely on statistical algorithms to sort through large complex data sets and provide farmers with relevant trending patterns and decision-making tools. Sensor-enabled blockchain technology affords secure and guaranteed traceability of animal products from farm to table, a key advantage in monitoring disease outbreaks and preventing related economic losses. Navigation satellites and GPS are extensively used for real-time monitoring of farms. Faster response and prevention of livestock diseases are major reasons for the increasing focus of farmers on using real-time livestock identification and monitoring solutions. Livestock disease is very often curable if detected early. However, herd animals rarely show outward signs of sickness until it is too late, which puts the entire herd in danger. The real-time data allows the farmers to make better informed decisions. Thus, mortality rates have lowered with the use of real-time livestock identification and monitoring devices. As a result, major market players focus on developing technologically advanced and innovative products for livestock identification and monitoring applications.

Restraint: Less awareness about benefits of livestock identification systems among ranchers and livestock owners

Although the livestock identification marketplace is flooded with various innovative technologies, awareness among livestock owners remains considerably low, which impacts the adoption of digital tools for herd identification and management. Livestock identification products find applications in almost all functional aspects of cattle, poultry, and swine farms. However, farmers are often unable to operate these systems efficiently. In addition, these livestock identification solutions yield huge volumes of data, which is difficult to process and understand. Furthermore, limited awareness and a lack of know-how pertaining to livestock technologies among farmers is also another key factor impeding the market growth. Thus, livestock technologies are adopted at a lower rate by the farmers in emerging countries due to several factors, including the high cost involved in automating farms, lack of technical knowledge among farmers, and reluctance in adopting new farming technologies due to limited skillset and technology understanding.

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Opportunity: Increasing number of dairy, poultry, and swine farms globally

The number of livestock farms has increased significantly over the past few years globally, and a similar trend is likely to be observed in the coming years to meet the demand for food from the ever-growing population. These farms provide a supplementary income to farmers. According to the Food and Agricultural Organization (FAO) of the United Nations (UN), the total number of cattle all over the world was 1.68 billion in 2018, and it is estimated to reach 2.0 billion by 2021. The rising demand for livestock identification products can be primarily attributed to the growing number of dairy cattle to fulfill the escalating demand for dairy products, such as butter, cheese, curd, and yogurt, worldwide. Similarly, a surge in meat consumption across the world has led to a rise in the number of poultry and swine farms. As the herd size of dairy farms increases, it becomes difficult to identify and monitor the herd manually. Therefore, the increasing herd size of livestock farms provides growth opportunities for the livestock identification market. Livestock farms can be made more efficient by deploying high-tech systems in large farms to achieve economies of scale.

Challenge: Stringent government regulations and barriers to trade livestock products

Livestock farming is one of the most regulated industries in almost all regions. Regulations control the quantity and quality of dairy products and also ensure that the food is safe for human consumption by imposing regulations pertaining to good animal feeding practices at farms. There are several regulatory policies pertaining to the international trade of animal products. Various trade barriers and government programs are prohibiting several developing countries from trading in regulated markets. These barriers prevent multilateral and bilateral trade negotiations from progressing, thereby decreasing export opportunities and impeding the growth of the dairy industry. Moreover, fragmented dairy farms and unorganized market structures in developing countries are other challenges for the livestock identification market. This has resulted in the low penetration of livestock identification equipment across small and mid-sized farms in emerging economies.

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