Livestock Traceability Through Digitalization Growth Accelerated By Improving Supply Chain Efficiencies

Livestock Traceability Through Digitalization Growth Accelerated By Improving Supply Chain Efficiencies

Livestock identification systems help maintain traceability of livestock by providing permanent individual identification. Radio frequency identification (RFID) tags, barcode tags, and visual ear tags are some commonly used identification technologies. RFID tags allow remote identification and tracking of animals. They help maintain animal health records and improve supply chain transparency.

The global Livestock Identification Market is estimated to be valued at US$ 3.51 Bn in 2023 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:
Blockchain enables tracing livestock from farm to retail by recording livestock details such as birth, vaccinations, treatments, and movements between farms and slaughterhouses on an immutable digital ledger. This improves supply chain visibility and transparency. Livestock producers and meat processors are implementing blockchain to address consumer demand for traceability. For example, farmers in the Netherlands are using a blockchain platform to record cattle details from birth to slaughter. This allows consumers to trace meat cuts back to the farm of origin with a scan of a QR code. Such traceability builds consumer trust and confidence in meat quality and safety.

Segment Analysis
The global livestock identification market is dominated by electronic identification sub-segment. Electronic identification is used widely due to advantages like high precision and accuracy in identification as compared to tags and tattoos. Electronic identification provides real-time tracking of livestock which helps farmers in monitoring health, breed performance and optimizing farm operations.

Key Takeaways
The Global Livestock Identification Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.51 Bn by 2024, growing at a CAGR of 4.7% during the forecast period.

Regional analysis
North America dominates the global livestock identification market currently due to high adoption of advanced livestock monitoring solutions by farmers in the US and Canada. Livestock monitoring solutions help farmers to optimize animal performance and productivity. The Asia Pacific region is expected to witness fastest growth in the livestock identification market during the forecast period owing to rising meat consumption and growing focus of farmers on livestock health and management in China and India.

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. They focus on developing advanced RFID and electronic identification solutions for real-time livestock monitoring.

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