LONDON--(BUSINESS WIRE)--The global RFID tags market for livestock management size is poised to reach USD 984.72 million by 2023, according to a new report by Technavio, progressing at a CAGR of 12% during the forecast period.
The global RFID tags market for livestock management size is poised to reach USD 984.72 million by 2023, according to a new report by Technavio, progressing at a CAGR of 12% during the forecast period.
“Apart from the government regulations on transition to RFID tags, the increasing adoption of cloud technologies, and the rising adoption of automation in livestock units are some other factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the government regulations on transition to RFID tags. In addition, emphasis on reducing methane emissions from livestock is anticipated to further boost the RFID tags market for livestock management during the forecast period.
RFID is widely considered as a reliable and efficient technology to track assets across industries. Hence, RFID tags are now being used to manage livestock units. In livestock units, RFID tags have various benefits such as keeping an accurate count of the animals, location of the animals, and details about feeding, weight, and others. As a result, governments across the world have introduced various livestock management programs. For instance, in July 2019, the Kentucky Department of Agriculture (KDA) in the US, along with Kentucky Office of the State Veterinarian, mandated livestock owners to adopt RFID tags for cattle and other animals. Thus, government mandates on the use of RFID tags for livestock management will accelerate the growth of the market during the forecast period.
Furthermore, cattle farming accounts for a large part of the total greenhouse gases that are released into the environment and cows account for approximately 40%-45% of the global methane emissions. However, livestock farming can reduce methane emission from cows by up to 30%. Methane formation can be eliminated by managing livestock on a real-time basis and providing precision feeding and green feeding. The amount of methane emitted by an animal can be measured by RFID readers and other equipment. Also, attaching RFID tags on the animal reduces overfeeding and underfeeding. Thus, such advantages of RFID readers are expected to showcase a positive outlook during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Allflex Group
- Dalton Tags
- Datamars SA
- Essen Computers Pvt. Ltd.
- HID Global Corp.
- Impinj Inc.
- Ketchum Manufacturing Inc.
- National Band & Tag Co.
- Omnia Technologies Pvt. Ltd.
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