The report anticipates a robust 9.75% CAGR growth for the RFID tags in livestock management market from 2022 to 2027, resulting in a forecasted market size increase of USD 880.8 million. Key drivers include animal welfare regulations, emphasis on reducing methane emissions, and government mandates for RFID tag adoption. The comprehensive report covers market segmentation by type, application, and geography, with in-depth analyses of market trends, challenges, and historic data from 2017 to 2021.
A significant driver of market growth is the focus on animal welfare regulations. The rise in animals slaughtered for human consumption has led to overcapacity, impacting livestock health. This has spurred the demand for proper identification and monitoring, with animal welfare organizations advocating for regulations. Governments globally are increasingly concerned about animal health and welfare, fostering market growth.
Automation in livestock units is a notable trend influencing market growth. The decline in skilled agricultural workforce and rising labor costs are driving the adoption of mechanical and electronic equipment for tasks like identification, feeding, and milking. However, a major challenge is the high cost of active RFID tags, hindering their adoption, especially for small and medium livestock owners.
The report identifies GAO Tek and GAO RFID among the key players in the market, alongside other companies like 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.
In terms of market dynamics, North America is expected to contribute 28% to global market growth during the forecast period, driven by the increasing livestock population and investments in livestock farming. Despite a slowdown in 2020 due to COVID-19, the market rebounded in 2021 with the resumption of regional end-user activities and large-scale vaccination drives.
In conclusion, the RFID tags for livestock management market is poised for significant growth, fueled by regulatory measures, automation trends, and regional factors, with GAORFID positioned as a key player in the market.