At 5.4% CAGR, the Europe Pet ID Microchips Market is speculated to be worth US$ 40.54 million by 2028

NEW YORK, UNITED STATES, February 21, 2023 /EINPresswire.com/ -- According to Business Market Insights’ research, the Europe pet ID microchips market was valued at US$ 29.53 million in 2022 and is expected to reach US$ 40.54 million by 2028, registering a CAGR of 5.4% from 2022 to 2028. Enforcements by regulatory bodies and customized offerings in pet ID microchips are the critical factors attributed to the Europe pet ID microchips market expansion.

The report includes an executive summary, regional economic outlook, and summary sections which provide a consistent analysis of the Europe Pet ID Microchips Market 2022 - 2028. in addition, the report within the market overview section outlines PLC analysis and PESTLE analysis to provide a thorough analysis of the market. The overview section details Porter's 5 forces analysis that helps to reveal a possible situation of the market by revealing a competitive situation with respect to the Europe Pet ID Microchips Market.

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Key companies profiled in this research study are:
• Animalcare Group Plc
• Avid Identification Systems Inc
• Datamars SA
• Elanco Animal Health Inc
• Merck & Co Inc
• PeddyMark Ltd
• Pethealth Inc
• Trovan Ltd
• Virbac SA

Microchip placement in pet animals has gained widespread acceptance across the region. There is an increasing demand for customized pet ID microchips with exact alpha-numeric identification codes of up to 15 characters. Each microchip is securely encrypted and customized according to owner’s requirements in terms of the radio frequencies, licensing, and unique ID number of the chip. Furthermore, microchips are tiny and durable, designed to last and function in any circumstance. Furthermore, with different countries' ISO standards for animal identification, pet owners demand customized ISO-compatible microchips for their pets. MICROCHIP ID SYSTEMS, INC., a manufacturer of ISO-certified microchips that are humanely and safely implanted in pets, has designed a special “EquineChip” for equestrians who need to make sure their horses are in perfect shape for upcoming races and games. As a result, the rising demand for customized pet ID microchips bolsters the Europe pet ID microchips market growth during the forecast period.

Europe Pet ID Microchips Market Segmentation:
• Based on pet type, the Europe pet ID microchips market is segmented into horses, dogs, cats, and others. The dogs segment held 50.5% share of Europe pet ID microchips market in 2022, amassing US$ 14.90 million. It is projected to garner US$ 20.36 million by 2028 to expand at 5.3% CAGR during 2022–2028.

• Based on end user, the Europe pet ID microchips market is segmented into breeders, households, pet shops, and others. The breeders segment held 45.5% share of Europe pet ID microchips market in 2022, amassing US$ 13.44 million. It is projected to garner US$ 20.00 million by 2028 to expand at 6.8% CAGR during 2022–2028.

• Based on country, the Europe pet ID microchips market has been categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 35.1% share of Europe pet ID microchips market in 2022. It was assessed at US$ 10.36 million in 2022 and is likely to hit US$ 13.87 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.

The leading players of the Europe Pet ID Microchips industry, their market share, product portfolio, company profiles are covered during this report. Key market players are analyzed on the basis of production volume, gross margin, market value, and price structure. The competitive market scenario among Europe Pet ID Microchips players will help the industry aspirants in planning their strategies. The statistics presented in this report are an accurate and helpful guide to shaping your business growth.

The research provides answers to the following key questions:
1.What is the estimated growth rate of the market for the forecast period 2022–2028? What will be the market size during the estimated period?
2.What are the key driving forces responsible for shaping the fate of the Europe Pet ID Microchips market during the forecast period?
3.Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Europe Pet ID Microchips market?
4.What are the prominent market trends influencing the development of the Europe Pet ID Microchips market across different regions?
5.What are the major threats and challenges likely to act as a barrier in the growth of the Europe Pet ID Microchips market?
6.What are the major opportunities the market leaders can rely on to gain success and profitability?

Table of Contents: Europe Pet ID Microchips Market 2022 - 2028
Chapter 1: Overview of Europe Pet ID Microchips
Chapter 2: Regional Market Status and Forecast by Regions
Chapter 3: Regional Market Status and Forecast by Types
Chapter 4: Regional Market Status and Forecast by Downstream Industry
Chapter 5: Market driving correlational analysis
Chapter 6: Market competition status by major makers
Chapter 7: Major manufacturer’s introduction and market data
Chapter 8: Upstream and downstream market analysis
Chapter 9: Cost and gross margin analysis
Chapter 10: Marketing status analysis
Chapter 11: Market report conclusion
Chapter 12: Research methodology and reference

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