Report : Smart Collar Tag for Cow Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type (GPS Based, Radio Based, and Others); Application (Tracking, Training, and Others), and Geography
According to the new research report, titled “Smart Collar Tag For Cow Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (GPS Based, Radio Based, and Others); Application (Tracking, Training, and Others)” published by The Insight Partners, the market is expected to reach US$ 513.8 million by 2027, registering a CAGR of 10.9% from 2020 to 2027.
In 2020, the COVID-19 outbreak restrained the growth of the global smart collar tag for cow market to some extent due to business shutdowns and decline in demand from end-customers Though the complete impact of COVID-19 is still unidentified, the impact across the agriculture value chain will probably be less affecting parties involved with livestock business. COVID-19 is underlining the possible risks and vulnerability of the present agriculture value chain model as well as challenging the livestock industry to consider altering its global supply chain model. Several livestock handlers were dependent on in-house suppliers for raw materials; however, the pandemic's outbreak shifted their focus to alternate suppliers. One of the primary raw materials, i.e., chips, used in smart collar tags, also witnessed a drop in its prices. However, at the industry level, the demand for smart tags was impacted significantly. Reduced fixed investment, private consumption, and industrial activity owing to the COVID-19 pandemic has slightly hindered the growth in the demand for smart collar tags globally, particularly in Q1 and Q2 2020. The containment measures taken by various governments worldwide resulted in affecting every component of the world's total demand. The drop in exports and capital investments had a negative impact on the market.
Smart collar tag for cow Market in APAC to Grow at Highest CAGR during 2020–2027
The smart collar tag for cow market in APAC has been analyzed based on historical, current, and future trends in the countries across the region. With the rising living standards of the population in the developing economies of the region, the adoption of smart technologies products and solution across farming sector is increasing at a preceding rate. The market players in the region are robustly focusing on the development of smart technology to track the health and eating habits of the animals. Also, stolen cattle can be traced easily with the help of collar tags. The adoption of livestock monitoring technology in the developing countries of APAC is hampering owing to the low awareness and high installation cost. However, with the mounting demand for dairy and milk products, livestock farming, increasing herd size, and agricultural sectors in developing countries such as India, are expected to witness a surge in demand for real time monitoring technologies, such as smart collar tags, during the forecast period. The developing markets such as India and Turkey are anticipated to create a huge opportunities to the market players offering smart collar tags for cow.
Moreover, the growing concern about the well-being and good health of the cow are necessary to enhance the protein supply chain, which is tracked by the smart collar tags. The market players in the livestock monitoring solutions market are concentrating on designing and developing the IoT-based systems for the day-to-day monitoring of animal conditions. The automated monitoring collar tags allow the companies to boost the market potentials in dairy and beef industries.
South Korea is emerging in the livestock management market in the APAC region. The South Korean dairy farmers are robustly focusing on the production of high quality milk, owing to an excellent natural environment along with the good weather conditions. Several cooperative efforts of dairy farmers, market players, and government agencies are taking place in the country, which strengthens the industry’s capabilities in livestock farming through investments. Furthermore, the new government launched in 2017 initiated a five-year development plan for agriculture, the food industry, and the rural community in the country. The program has been set up to secure the sustainability of agriculture and rural development in the country. Hence, the factors mentioned above are expected to drive the growth of the smart collar tags for cow market during the forecast period.
Key Findings of Study:
The smart collar tags are connected to servers and they provide information on dairy farmers' smartphones, tablets, and PCs. Easy access to the cow's location and real-time monitoring are increasing the adoption of smart collar tags among dairy farmers and ranchers. The COVID-19 pandemic situation has further increased the importance of the agricultural and livestock industry. The demand for dairy products is increasing owing to nutritional content. To meet such increasing demand for dairy products, the dairy farmers are looking for new technologies to enhance milk production volume. Rising awareness about modern technologies and changing attitude of dairy farmers toward smart connectivity solutions are augmenting the growth of the smart collar tags for cow market.
Smart collar tag for cow technology and system developers along with end-use industries are taking several initiatives, such as partnerships and investments. A few of the key developments in this regard are listed below:
• In 2019, Lely announced Lely North America will be significantly expanding its investment, commitment and physical presence in North America.
• In 2019, Quantified Ag acquired by Merck Animal Health, the companies announced last week. Specific terms of the agreement were not disclosed. In August 2016, SPN profiled Quantified Ag
• In 2017, SCR Expanded Heatime Pro and Heatime HR-LD systems, and was rolled out with SCR Dairy’s recent software upgrade.
Hence, the growing number of investments and partnerships for the development of smart collar tag for cow technologies are anticipated to offer lucrative opportunities for the global smart collar tag for cow market during the forecast period.