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
Increasing Demand in Dairy Farming Applications to Support Market Growth during 2020–2027
According to our latest market study on “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),” the market was valued at US$ 243.1 million in 2019 and is projected to reach US$ 513.8 million by 2027; it is expected to grow at a CAGR of 10.9% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
The smart collar tag for cow market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The agriculture and livestock industry is shifting toward automation to reduce the operational time required to perform the farming task. Precision agricultural practices are helping the farmers to enhance profit margin and reduce the labor force expenditure. The livestock and dairy farming industry are flourishing with increasing demand for dairy products. Increasing population worldwide is a key factor for the growth of the dairy industry. Technological advancements in dairy farming—such as low-cost automation, advanced milking robots, ear tags, and collar tags for livestock activity monitoring—are offering enhanced benefits to the farmers, thereby contributing to the market growth. Rising awareness among farmers and changing attitude toward advanced technology are key factors propelling the market growth.
Increasing adoption of smart collar tags for locating the cows and monitoring their behavior and health is mounting the demand for these tags among dairy farmers and ranchers. Increasing developments in smart collar tags, such as enhanced battery life, solar-generated power support, and integration of advanced sensors, are further enhancing their performance. Smart collar tags are being utilized to resolve the cattle rustling or theft problem in African countries. In addition, smart collar tags for cows collect enormous data, which helps farmers to improve productivity by monitoring individual cow behavior. 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.
In Europe, The presence of leading provider of livestock monitoring, animal identification tags, and tissue sampling in the region is supporting the development of smart collar tags. The intelligent platforms offers a rich resource of data on varied livestock species. The collar tags provides smart data services that enable the farming sector to leverage large set of data for meta-analysis, development of KPIs, and benchmarking, among others. The smart collar tags offer the data by monitoring of the cow based on their activity, eating, and rumination, among other proprietary. It tracks the key behaviour of the cow with the reproduction monitoring applications to deliver the unmatched heat detection accuracy, that consist of detection of weak heat signs, as well as minimizing false data analysis. Moreover, the smart tags offer real time actionable insight, along with precise reproduction timing guidance. With the help of these tags dairy farmers can reduce the calving interval, and eliminate the reliance on reproductive hormones for analysing the details. Thus, farmers can enhance the genetic quality of their herd and milk production.
In North America, Technological advancements create intense competition among various businesses due to the high spending power of farmers, enabling them to spend on expensive, and high-tech products. For the efficient management of livestock, the farmers and livestockers are robustly focusing on the procurement of smart tags for their cows in the region. These smart tags help interpret the critical data collected from the tagged individual cow, provide timely insights for managing the cow's health, reproduction, and nutrition intake.
During 2020–2027, the growth outlook of smart collar tag for cow in all the major geographic regions is estimated to be quite positive. However, the growth rate has been slightly affected in 2020 and is likely to be affected till mid-2021 due to the COVID-19 outbreak. The mass lockdowns, travel bans, and business shutdowns worldwide are affecting the supply chains and business activities, thereby affecting the revenues and growth of companies operating in the global smart collar tag for cow market. Hence, this outbreak may act as hindering factor and might affect the revenues and growth of smart collar tag for cow market till mid-2021. However, the overall growth is anticipated to be positive from third quarter of 2021.
Impact of COVID–19 Pandemic on North America smart collar tag for cow Market
The Europe is a prominent market for smart collar tag for cow owing to the presence of leading provider of livestock monitoring, animal identification tags, and tissue sampling in the region is supporting the development of smart collar tags.. Owing to the pandemic, the European agriculture industry has witnessed an abrupt downturn in several major countries. The agriculture industry in Europe suffered one of the biggest drops in activities after the farms were closed. The drop in the region's agriculture activities has directly affected the sales of the smart collar tag products in Europe. Due to the decline in agriculture, the smart collar tag market will witness an abrupt downturn in 2020. Further, countries in the region, including Germany, UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020. The situation amid the COVID-19 pandemic is extraordinary, which is anticipated to hamper the market's growth.
smart collar tag for cow Market Breakdown—by Region, 2019 (%)
The global smart collar tag for cow market has been segmented as follows:
smart collar tag for cow Market – by Product Type
smart collar tag for cow Market – by Application
smart collar tag for cow Market – by Region