New York Ag Connection - RFID Tags For Livestock Management Market to grow at a CAGR of 9.75%

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RFID Tags For Livestock Management Market to grow at a CAGR of 9.75%
New York Ag Connection - 03/17/2023

The global RFID tags for livestock management market size is estimated to grow by USD 880.8 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9.75% during the forecast period.

PR Newswire Thu, March 16, 2023 at 9:00 AM GMT+5:30Â·18 min read NEW YORK, March 15, 2023 /PRNewswire/ -- The global RFID tags for livestock management market size is estimated to grow by USD 880.8 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9.75% during the forecast period.

Technavio has announced its latest market research report titled Global RFID Tags for Livestock Management Market 2023-2027 Technavio has announced its latest market research report titled Global RFID Tags for Livestock Management Market 2023-2027 The regulations regarding animal welfare are major drivers fueling the global radio frequency identification (RFID) tags for livestock management market growth. Livestock gets affected by severe chronic diseases such as anthrax and other viral and bacterial infections, which has led to the need for regular monitoring. The number of animals slaughtered for human consumption is increasing significantly even though the number of people involved in livestock farming is limited. Resultantly, livestock production units are operated at overcapacity. Due to this, farmers cannot pay attention to the health and wellness of each animal. Thus, animal health and welfare are becoming a major concern for governments in several countries.

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RFID Tags For Livestock Management Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on 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 market share growth by the cattle segment will be significant for the market growth during the forecast period. The rising investments in cattle farming to boost milk and meat production are increasing the number of livestock worldwide. Owners opt to manage livestock without any human intervention, which leads to increasing demand for automation in managing livestock units using advanced technologies such as RFID, NFC, and others, thereby driving the sales of RFID tags in cattle and is also expected to remain unchanged during the forecast period.

Source: yahoo.com

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