Livestock Identification Market is Anticipated to Witness High Growth Owing to Increasing Focus on Animal Health and Safety
The livestock identification market comprises livestock identification tags, livestock ear tags, livestock neck tags, and livestock leg bands that are used for safe identification of livestock animals. Livestock identification helps prevent disease transmission and ensure food safety. It allows tracking animal health records and traceability throughout production and distribution chains. Rising focus of farmers and regulatory authorities on animal health, safety, and disease control is driving the demand for livestock identification products.
The Global livestock identification market is estimated to be valued at US$ 4.05 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the livestock identification market are Beiersdorf, Krylon, Estee Lauder Companies Inc., Amway, Avon Products Inc., CHANEL, CIATÉ, Coty Inc, Estée Lauder Inc, Johnson & Johnson, KRYOLAN, L'Oréal S.A, Revlon, Inc., Shiseido Company, Limited and Unilever. These players are focusing on new product launches and expansion strategies to strengthen their market position.
The key opportunities in the Livestock Identification Market Demand include growing focus on real-time animal tracking, evolving regulations regarding food traceability, and advancement of RFID and sensor technologies. Adoption of advanced tracking systems allows monitoring animal movements and optimizing supply chain operations.
On the global front, companies are eyeing emerging markets in Asia Pacific and Latin America owing to growing meat consumption and rising focus on food safety. However, high initial investment and technological challenges regarding system integration may restrain market growth.
Market drivers: Rising concerns regarding animal diseases and food safety standards are driving the adoption of livestock identification and monitoring systems. Strict regulations in regions like Europe regarding tracing food from farm to fork are also boosting the market.
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