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NEW YORK, July 22, 2022 /PRNewswire/ — The animal transportation market estimates a market value of USD 403.39 million from 2020 to 2025 as per the latest report by Technavio. In addition, the report projects the market to progress at a CAGR of 3.87%. 30% of the market’s growth will originate from APAC during the forecast period. An increase in demand for various animal products such as milk, meat, fur, leather, and eggs will facilitate the animal transportation market growth in North America over the forecast period
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The market research report segments the animal transportation market by Type (livestock, pets, and others) and Geography (North AmericaAPAC, Europe, South Americaand MEA).
- Revenue Generating Segment -The livestock segment will be significant for revenue generation. The livestock segment includes animals such as horses, sheep, camels, pigs, goats, cattle, and poultry. Globally, livestock is transported for slaughtering, breeding fairs, livestock shows, auctioning, and domestication. The global animal transportation market by livestock is expected to witness considerable growth owing to the growth of the global dairy market.
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- The key factor driving the animal transportation market is the increased demand for animals from slaughterhouses and the dairy industry.
- The increase in global consumption of meat, beef, poultry, and dairy products over the last few years is driving the demand for livestock in slaughterhouses and the dairy industry. This is, in turn, driving the demand for the safe transportation of animals, therefore , positively impacting the growth of the global animal transportation market. Furthermore, increasing meat consumption is boosted by increasing penetration of the food and hospitality sector. As a result, export growth in 2019-20 is foreseen to originate in the US, Australia, Argentinaand the EU, while imports are projected to rise in China, Vietnam, Saudi Arabiaand the Republic of Korea. Furthermore, top meat-consuming countries include the US, China, Argentina, Vietnam, Saudi Arabia, Brazil, Mexico, Russiaand Japan.
- The introduction of blockchain technology in the logistics industry is another factor supporting the animal transportation market growth in the forecast period.
- The acceptance of blockchains in the logistics industry has been steadily rising. Moreover, the blockchain technology market in the transportation and logistics industry is driven by the growing use of blockchain technology for trucking. In addition, other factors such as the booming e-commerce industry are expected to trigger the growth of the blockchain technology market in the transportation and logistics industry, which will witness a CAGR of almost 54% during the forecast period. It is estimated that 15%-20% of the total cost of transportation is spent on document processing and administration processes; however, with the use of blockchain technology, such overhead costs can be reduced. For instance, blockchain technology can communicate information on the health of the animal during transportation through a single document to all the stakeholders in the supply chain of animal transportation.
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- What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
- What is the current trend taking place in the market space?
- Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
- What are market drivers, restraints, and challenges impacting demand…
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