The Sheep Supplies Market is expected to grow from its current value of USD 4.49 Bn in 2023 to USD 6.97 Bn by 2033. During this forecast period, the market is anticipated to expand at a CAGR of 4.5%.
The forecast period is expected to see an increase in revenue for the global sheep supplies market. Increased demand for livestock farm equipment from all around the world is accountable for this surge. There is a wide variety of sheep farming equipment on the market nowadays including sheep supplies.
Numerous factors are driving the growth of the global sheep supply market. The development of sheep populations and technical advancements are two of the main contributors to this proliferation. A rise in demand from end users is also promoting market expansion.
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In addition, the growing need for automation of different sheep husbandry activities is another key factor in the expansion of the global market. The market is expected to rise as a result of the expansion of the livestock sector and the increased adoption of cutting-edge technology.
Manufacturers continue to place a high priority on R&D initiatives in an effort to lower the current price of the supplies. The makers of sheep supplies are concentrating on enhancing their product range in order to boost sales.
North America is anticipated to rule the sheep supplies market. In recent years, understanding of the usage of livestock farming equipment has increased in the region along with practical experience. The advantages of using sheep supplies, such as increased farm efficiency, have made them quite popular.
KEY TAKEAWAYS
- The market for sheep supplies in the United Kingdom is anticipated to grow at a CAGR of 4.8% through 2033.
- The US dominated the sheep supplies market in 2022 holding a 28.0% share of the global market.
- Japan was reported to possess a 5.3% share of the global sheep supplies market in 2022.
- With a CAGR of 5.3% over the forecast period, India is predicted to grow rapidly in the market for sheep supplies by 2033.
- The sheep supplies market in China is expected to grow at a CAGR of 3.6% over the forecast period.
- Germany accounted for 18.1% of the global sheep supplies market in 2022.
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COMPETITIVE LANDSCAPE
The top manufacturers of the sheep supplies market are Ritchie, Te Pari, Cotter Agritech, O’Donnell, Tru-Test, Premier 1 Supplies, Cotter Agritech, OVI Handling, Huber Requirement, Arrowquip, Shepherdsmate, StowAg, Abattoir equipment & tools and others.
To increase their share in the global market for sheep supplies, these businesses have employed a range of strategies. They have boosted its clientele and earnings by utilising both organic and inorganic development strategies, such as the introduction of new products, acquisitions, corporate expansions, and collaborations.
RECENT DEVELOPMENT
- In May 2022, along with the targeted worming system known as the SmartWorm app, Cotter Agritech introduced the cottar crate sheep handling device for weighing.
- In June 2021, the VIMCO® Mastitis Vaccine for Goats and Sheep was advertised as a product offered by Premier 1 Supplies. A USDA-approved mastitis vaccination for goats and sheep has not been available in the USA up to this point.
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