May 25, 2024

Livestock Identification Market Is Driven By Increasing Demand For Quality Meat Products

Livestock identification products like RFID tags, tattoos, and brands are used to monitor cattle movement from farms to slaughterhouses to maintain high quality beef production. As consumers demand quality meat products which are traceable to the origin farm, livestock identification allows producers to identify animals along the supply chain right from birth to slaughter. This ability to track livestock from farm to fork reduces the risk of foodborne diseases and builds consumer trust in the meat products.

The global Livestock Identification Market is estimated to be valued at US$ 3.51 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing adoption of RFID (radio-frequency identification) tags for livestock identification is a key trend in the market. RFID tags store more information about animals compared to traditional visual identification methods like ear tags and tattoos. RFID tags can be scanned remotely to access details of an animal’s birth date, breed, vaccinations, origin, and owner. This enables seamless tracking of livestock across various operations. Government regulations in countries are also driving the use of RFID tags for disease traceability and quality certification programs. The shift towards advanced identification technologies that improve transparency in the livestock supply chain bodes well for the growth of the livestock identification market over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants face high costs due to capital requirements and existing brand recognition of established players in this market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, stringent regulations boost buyers’ preference for compliant livestock identification solutions.

Bargaining power of suppliers: A few large suppliers dominate the industry, allowing them to exercise significant influence on pricing and supplies.

Threat of new substitutes: Technological advances constantly introduce new substitutes. However, compliance issues and operational challenges limit immediate substitution.

Competitive rivalry: The market comprises large multinationals and regional players competing on technology, functionality, and pricing.

Key Takeaways

The Global Livestock Identification Market Size is expected to witness high growth. The global Livestock Identification Market is estimated to be valued at US$ 3.51 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.

North America currently dominates the market due to stringent regulations and increasing adoption of advanced livestock monitoring systems by farmers. The increasing demand for traceability and food safety is also boosting the market in Europe. Europe is another major regional market driven by increasing demand for traceability and food safety. The Asia Pacific market is expected to grow at the fastest pace during the forecast period with major countries including China and India emerging as key markets.

Key players: 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. Compliance with evolving regulations and expansion in emerging economies are prime strategies adopted by these players.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it