The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The animal identification systems market has shown robust growth in recent years and is poised for continued expansion. This blog explores the key drivers, trends, and players shaping the market, as well as the anticipated growth trajectory.

Market Overview and Recent Growth

• Current Market Size: The animal identification systems market grew from $2.56 billion in 2023 to $2.78 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%.
• Key Growth Drivers: The increase in market size can be attributed to:
  • Rising regulatory compliance for animal health and safety.
  • Enhanced need for effective disease control and prevention.
  • Increased productivity and efficiency in farm management.
  • Growing number of companion animals.
  • Rising public concern for animal welfare.

Future Growth Prospects and Emerging Trends

• Projected Market Size: The market is expected to grow to $3.85 billion by 2028, at a CAGR of 8.5%.
• Future Growth Drivers:
  • Increased funding for research and development in animal health.
  • Global expansion of animal identification solutions.
  • Rising demand for meat and dairy products.
  • Environmental sustainability concerns.
  • Advancements in biotechnology.
  • Increasing livestock population.
• Key Trends:
  • Integration of IoT technologies.
  • Implementation of machine learning algorithms.
  • Adoption of biometric identification methods.
  • Use of data analytics for better decision-making and management.
  • Utilization of wearable devices for continuous health monitoring of animals.

Read The Full Animal Identification Systems Market Report Here:
https://www.thebusinessresearchcompany.com/report/animal-identification-systems-global-market-report

Growing Companion Animal Adoption Fuels Market Expansion

• Adoption Trends: The rising adoption of companion animals is a significant factor driving market growth. Companion animals, such as pets, are increasingly recognized for their emotional and psychological benefits.
• Market Impact:
  • Animal identification systems play a crucial role in tracking, reunification, and managing the medical history of companion animals.
  • Example: A report published by the National Database of Sheltered Animal Statistics in January 2024 revealed that 109,000 more dogs and 34,000 more cats were adopted in 2023 compared to 2022. Additionally, the number of cats adopted in 2023 increased by 14% compared to 2019.
  • Conclusion: The growing trend of companion animal adoption is expected to drive further growth in the animal identification systems market.

Technological Advancements Enhance Health Monitoring

• Focus on Innovation: Major companies in the animal identification systems market are investing in advanced technologies, such as machine learning algorithms, to improve health monitoring and reduce mortality rates among animals.
• Case Study:
  • In February 2022, Merck Animal Health launched SenseHub Feedlot, an electronic ear tag system that uses machine learning algorithms to monitor behavioral and biometric data, such as body temperature and activity levels, in cattle.
  • Impact: This system allows for earlier and more accurate detection of illnesses, reducing mortality rates and saving labor.

Strategic Acquisitions Boost Market Capabilities

• Key Acquisition:
  • In May 2023, Datamars Inc., a leading supplier of identification and data management solutions, acquired Kippy S.r.l., an Italy-based provider of GPS trackers and activity monitoring solutions for pets.
  • Outcome: This acquisition is expected to enhance Datamars’ pet tracking and monitoring capabilities, expand its global reach, and strengthen its position in the animal identification systems market.

Market Segmentation and Regional Insights

• Market Segmentation:
  • By Component: Hardware, Services, Software
  • By Procedure: Wearables, Microchipping, Ear Notching, Tattooing, Other Methods
  • By Application: Livestock, Endangered Animals, Pets, Lab Animals, Fish
• Regional Insights:
  • North America was the largest region in the animal identification systems market in 2023.
  • Asia-Pacific is expected to be the fastest-growing region during the forecast period.

Conclusion
The animal identification systems market is on a strong growth trajectory, driven by technological advancements, increasing demand for companion animals, and strategic acquisitions. As the market continues to expand, companies that innovate and adapt to emerging trends will likely lead the way in this evolving industry.

Get A Free Sample On The Global Animal Identification Systems Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=15722&type=smp

The Animal Identification Systems Global Market Report 2024  provides an overview of the animal identification systems market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The animal identification systems market forecast analyzes animal identification systems market size, animal identification systems market share, leading competitor and their market positions.

Explore Similar Reports From The Business Research Company:
Radiofrequency Identification (RFID) Tags Global Market Report 2024
Positive Material Identification Global Market Report 2024
Automatic Identification And Data Capture Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: