RADIO FREQUENCY IDENTIFICATION (RFID) PET MICROCHIP MARKET ANALYSIS

Regional Analysis

Global Radio Frequency Identification (RFID) Pet Microchip Market - Regional Analysis

On the basis of region, the global radio frequency identification (RFID) pet microchip market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the global radio frequency identification pet microchip market over the forecast period. In 2015, The American Animal Hospital Association recommended the permanent identification of dogs and cats using microchips that conform the International Standards Organization (ISO) standard of technology in manufacturing microchips, thereby creating awareness about RFID microchips in North America. According to American Pet Product Association in 2019, the total U.S. pet industry expenditure was US$ 95.7 Mn in 2019.

Moreover, in Europe, various countries have imposed law for animal micro-chipping. For instance, in 2016, England and Wales made dog micro-chipping a legal requirement. The law was passed to eradicate animal trafficking and animal theft. Key players in the region are Trovan, Ltd, Peddymark Ltd, and Bayer AG.

Furthermore, Asia Pacific region is expected to exhibit the highest CAGR over the forecast period. The radio frequency identification pet microchip market is witnessing growth due to increasing adoption of animals in countries such as India and China. The rising awareness about animal health in the region has increased, which is leading towards new development in microchip concept to safeguard the health of animals. For instance, in 2019, Daily RFID, which belongs to PAN Group Co., Ltd, is a leading company focusing on the research and development of EPC & RFID technology such as identification techniques (2.4Ghz RFID Active Tag-16 and RFID Microchips) at a low price in China.