The RFID tags for livestock management market is projected to experience a Compound Annual Growth Rate (CAGR) of 9.75% between 2022 and 2027. This growth translates to an increase in market size by USD 880.8 million. Several factors contribute to this growth, including regulations concerning animal welfare, the focus on reducing methane emissions from livestock, and government regulations mandating the transition to RFID tags.
The market is segmented by 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 report provides detailed insights into market drivers, trends, and challenges, with historic market data from 2017 to 2021 included for analysis.
Regulations on animal welfare are a key driver for market growth, while the high cost of active RFID tags poses a challenge. Automation adoption in livestock units is a notable trend, driven by declining skilled labor in agriculture. The high cost of active RFID tags impedes market growth, especially for small and medium livestock owners.
North America is expected to contribute significantly to market growth, driven by increasing livestock populations 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.
The cattle segment is anticipated to be the fastest-growing segment during the forecast period, driven by rising investments in cattle farming for milk and meat production. Major market vendors include GAO RFID Inc., Allflex Group, Bartronics India Ltd., and CoreRFID Ltd. among others, implementing various strategies to enhance their market presence.