RFID Tags For Livestock Management Market to grow at a CAGR of 9.75% from 2022 to 2027, Driven by the regulations for animal welfare - Technavio
NEW YORK, March 15, 2023 /PRNewswire/ -- The global RFID tags for livestock management market size is estimated to grow by USD 880.8 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9.75% during the forecast period.
The regulations regarding animal welfare are major drivers fueling the global radio frequency identification (RFID) tags for livestock management market growth. Livestock gets affected by severe chronic diseases such as anthrax and other viral and bacterial infections, which has led to the need for regular monitoring. The number of animals slaughtered for human consumption is increasing significantly even though the number of people involved in livestock farming is limited. Resultantly, livestock production units are operated at overcapacity. Due to this, farmers cannot pay attention to the health and wellness of each animal. Thus, animal health and welfare are becoming a major concern for governments in several countries.
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Global competitiveness and key competitor positions
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RFID Tags For Livestock Management Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on type (cattle, goats and sheep, and others), application (passive and active), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the cattle segment will be significant for the market growth during the forecast period. The rising investments in cattle farming to boost milk and meat production are increasing the number of livestock worldwide. Owners opt to manage livestock without any human intervention, which leads to increasing demand for automation in managing livestock units using advanced technologies such as RFID, NFC, and others, thereby driving the sales of RFID tags in cattle and is also expected to remain unchanged during the forecast period.
Geography Overview By geography, the global RFID tags for livestock management market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global RFID tags for livestock management market.
North America is estimated to contribute 28% to the growth of the global RFID tags for livestock market during the forecast period. The growth of the market can be attributed to factors such as the increasing population of livestock and rising investments in livestock farming. Farms usually vary widely based on the number and type of livestock like buffalos, sheep, goats, poultry, and pigs. The presence of many livestock animals presents challenges in the form of livestock management. This can be resolved through the adoption of RFID technology. The implementation of RFID for the welfare and management of livestock is mandated by the USDA. Hence, such factors are expected to increase the global RFID for livestock management market growth in this region during the forecast period.
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RFID Tags For Livestock Management Market ? Vendor Analysis
The global RFID tags for livestock management market is fragmented with the presence of various regional and global players. Allflex Group, Bartronics India Ltd., CoreRFID Ltd., Dalton Tags, Datamars SA, eAgile Inc., Essen Computers Ltd., GAO RFID Inc., HID Global Corp., Impinj Inc., Ketchum Mfg. Co., Mojix Inc., National Band and Tag Co., NXP Semiconductors NV, Omnia Technologies Pvt. Ltd., RFID Inc., Siemens AG, Tag Factory, Zebra Technologies Corp., and ID Tech Solutions Pvt. Ltd. are some of the major vendors in the market.
RFID Tags For Livestock Management Market ? Market Dynamics
Leading trends influencing the market
The rapid adoption of automation in livestock units is a key trend fueling the global RFID tags for livestock management market growth.
The global concentration of skilled workforce is declining in the agriculture and livestock sectors. The population involved in agriculture practices is steadily shifting toward the service sector or urban jobs, resulting in the remaining labor force charging higher-than-average wages.
There is a further rise in labor costs due to the growing need for labor in the agriculture and livestock industry. Livestock owners implement automation to reduce the spending on wages and improve efficiency.
Thus, automated equipment is used to carry out various farm operations, such as automatic identification, feeding, milking, birth detection, egg collection, barn cleaning, and others.
Major challenges hindering the market growth
The high cost of active RFID tags is a major factor that may impede the growth of global RFID tags for livestock management market.
The cost of RFID systems depends on the type of tags and the type of readers. Passive tags used to manage livestock costs around USD 0.21, and UFH reader systems can process up to 1,000 tags per second.
For large-scale livestock companies, active RFID tags are required to manage the livestock on a large scale. Livestock owners require RFID readers to read information through active RFID tags, which are expensive, where a single reader costs up to USD 1,500.
This is slowing down the adoption of active RFID systems and hinders the growth of the global RFID tags market for livestock management.
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What are the key data covered in this RFID Tags For Livestock Management Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the RFID tags for livestock management market between 2023 and 2027
Precise estimation of the size of the RFID tags for livestock management market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the RFID tags for livestock management market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of RFID Ttags for livestock management market vendors
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The chipless RFID market size is expected to increase by USD 2.33 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 23.52%. A key factor driving growth in the chipless RFID market is the rising need for accurate inventory management.
The radio frequency identification (RFID) market size for industrial applications is expected to increase by USD 1.40 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.3%. The evolution of industry 4.0 is a key driver supporting the radio frequency identification market growth for industrial applications.
RFID Tags For Livestock Management Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 9.75%
Market growth 2023-2027
USD 880.8 million
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 28%
US, China, Germany, Russia, and Brazil, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Allflex Group, Bartronics India Ltd., CoreRFID Ltd., Dalton Tags, Datamars SA, eAgile Inc., Essen Computers Ltd., GAO RFID Inc., HID Global Corp., Impinj Inc., Ketchum Mfg. Co., Mojix Inc., National Band and Tag Co., NXP Semiconductors NV, Omnia Technologies Pvt. Ltd., RFID Inc., Siemens AG, Tag Factory, Zebra Technologies Corp., and ID Tech Solutions Pvt. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
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Exhibit 147: Omnia Technologies Pvt. Ltd. - Overview
Exhibit 148: Omnia Technologies Pvt. Ltd. - Product / Service
Exhibit 149: Omnia Technologies Pvt. Ltd. - Key offerings
12.15 RFID Inc.
Exhibit 150: RFID Inc. - Overview
Exhibit 151: RFID Inc. - Product / Service
Exhibit 152: RFID Inc. - Key offerings
12.16 Siemens AG
Exhibit 153: Siemens AG - Overview
Exhibit 154: Siemens AG - Business segments
Exhibit 155: Siemens AG - Key news
Exhibit 156: Siemens AG - Key offerings
Exhibit 157: Siemens AG - Segment focus
12.17 Tag Factory
Exhibit 158: Tag Factory - Overview
Exhibit 159: Tag Factory - Product / Service
Exhibit 160: Tag Factory - Key offerings
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 161: Inclusions checklist
Exhibit 162: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 163: Currency conversion rates for US$
13.4 Research methodology
Exhibit 164: Research methodology
Exhibit 165: Validation techniques employed for market sizing
Exhibit 166: Information sources
13.5 List of abbreviations
Exhibit 167: List of abbreviations
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