Livestock Identification Market Size share Global forecast to 2030 | MarketsandM

Posted by Steve Stark on April 18th, 2022

The global livestock identification market is projected to reach USD 3.6 billion by 2030 from an estimated USD 1.6 billion in 2022, at a CAGR of 10.5% from 2022 to 2030.

Major factors driving the growth of the market include large potential to reduce economic losses and livestock mortality rates due to accurate and efficient animal disease traceability and rapid adoption of automation technology and IoT-enabled devices for efficient management of livestock farms.

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

Livestock identification is an essential aspect of livestock farming. Earlier, cattle were identified and traced manually and confined to farms by building physical fences. However, advanced technologies have made real-time identification and tracking of farm animals simple and organized processes. Advanced technology-based devices such as biometric sensors, including non-invasive or invasive sensors, identify and trace the health and behavior of individual animals in real-time, allowing farmers to integrate this data for population-related analysis. The information gathered 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. Real-time data gathering helps in quicker decision-making and increases farming efficiency. The data can be used to optimize farm processes, and it also helps maintain transparency in supply chain management. Sensor-enabled blockchain technology affords secure and guaranteed traceability of animal products from farm to table, a key advantage in identifying disease outbreaks and preventing related economic losses.

Restraint: High cost of electronic identification devices

The high cost of electronic identification devices such as RFID tags and readers is one of the major factors impacting the adoption of livestock identification devices by small farmers or farmers with limited budgets. Livestock identification solutions are integrated with high-cost technologies such as RFID, IoT modules, AI, and the cloud to improve livestock identification and management in less time.

Farm owners who have mostly followed the traditional identification techniques or visual identification tags find it costly to install these high-cost devices due to their budget constraints. In unorganized small- or mid-sized poultry farms, the deployment of various poultry automation systems impacts poultry farmers’ profit margins because installing such systems increases the total operating cost.

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Opportunity: Rising number of government initiatives encouraging livestock identification technology use

Various policies are implemented by governments across different countries for improving the business profitability and livelihood of farmers or ranchers. Workshops are arranged by the government authorities to educate and create awareness among the farmers regarding the benefits of smart agricultural and digital livestock management techniques. For instance, New Zealand conducted a workshop on the adoption of technologies for sustainable farming in 2020. The workshop drew together participants from agriculture and environment ministries and research institutes from the Organisation for Economic Co-operation and Development (OECD) member countries. The workshop formed an integral part of the OECD program of work on agriculture and the environment under the auspices of the Joint Working Party on Agriculture and Environment.

Challenge: Limited awareness about benefits of livestock identification solutions among ranchers and farm owners

Although the livestock identification marketplace is flooded with various innovative technologies, awareness among livestock farm owners remains considerably low, which impacts the adoption of digital tools for herd identification and management. Livestock identification solutions find applications in almost all functional aspects of cattle, poultry, and swine farms, such as calf management, behavior monitoring, tracking animals, and reproduction management. However, farmers are often unable to adopt these solutions due to budget constraints or limited herd or farm size. In addition, these livestock identification solutions yield huge volumes of data, which is difficult for an unprofessional resource to process and understand. Furthermore, limited awareness and a lack of know-how pertaining to livestock technologies among farmers is another key factor hampering the growth of the market. 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.