USD 1809.57 million
Report ID: SQSG45E2024 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 95 | Figures: 76
Global Pet Tech Market size was valued at USD 1809.57 million in 2021 and is poised to grow from USD 2365.1 million in 2022 to USD 6880 million by 2030, growing at a CAGR of 14.3% in the forecast period (2023-2030).
Pets are animals that are primarily kept for a person's enjoyment or company, as opposed to being used for work. Pet owners today consider their animals to be a part of the family and are prepared to invest in their pets' health, happiness, and fitness. These factors have created a brand-new market called "Pet Tech." Through smartphone apps, the new pet market enables owners to access their pet's current location as well as other helpful statistics. Additionally, today's pet owners want technology to automate tasks like monitoring their animals' health and feeding them. Pet owners are finally adopting technology such as automatic pet feeding, monitoring cameras, and fitness.
Due to the lockdown of manufacturing facilities that resulted in supply chain disruption for significant vendors active in the pet tech sector, the COVID 19 outbreak has had a detrimental effect on the pet tech market. Additionally, numerous economies' GDP growth was stunted by the travel bans and lockdown, which raised the jobless rate. During the pandemic, all of these variables had a considerable impact on consumers' capacity to purchase pet tech goods. However, once the lockdown is relaxed and the economy begins to improve, consumer spending on pet technology will increase, which will further fuel the market expansion.
US Pet Tech Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 1809.57 million
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The global pet tech market is segmented based on type, product, application and region. Based on type, the market is segmented into RFID, GPS, sensors, and other segments. On the basis of product, the Pet Tech Market can be bifurcated into monitoring equipment, tracking equipment, entertaining equipment, feeding equipment, pet wearables and other segments. Based on application, the Pet Tech Market is segregated into pet safety, pet healthcare, pet owner convenience, communication & entertainment segments. The regional insights of the Pet Tech Market are into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Pet Tech Market Analysis by Type
The pet tech market with an RFID chip had the biggest revenue share in 2021, exceeding 30% in the same year. Accuracy and dependability are the two main characteristics driving the segment's expansion. The RFID trackers support the monitoring of health-related variables like heart rate variability, caloric intake, body temperature, and pulse. These advantages are crucial to maintaining segment expansion, which is expected to persist over the forecasted years.
The market for GPS-enabled devices is predicted to expand at a CAGR of over 10% during the forecast period, contributing to a significant revenue share. GPS-based pet wearable gadgets are becoming more popular as there is an increasing need to track pet activity while maintaining security. It is predicted that rising real-time positioning, rising smartphone adoption, and expanding mapping portals would increase demand. In order to boost the use of GPS in new applications, GPS suppliers have also formed strategic agreements with retailers, cell phone makers, and application developers.
Pet Tech Market Analysis by Product
In 2021, the pet wearable identification and tracking devices segment was worth more than US$ 1 billion and is considered to be the dominating segment. The sector growth is being driven by characteristics like weight & measurements and access to location history. These gadgets give pet owners a safe and convenient method to keep an eye on their animals' activities, which contributes to the market's popularity.
In addition to activity tracking, the pet wearables for medical diagnosis & treatment segment is expected to increase at a CAGR of more than 15%. Opportunities for category expansion are being created by the spending on pet health diagnostics. Without a question, pet owners are spending more money on their pets every day, which bodes well for the future of pet wearables. This spending is partially motivated by emotional factors, such as growing emotional attachment and reliance on the pets for amusement, company, and mental health.
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Due to the rising adoption of pets in the United States, where 62% of pets belong to younger generations and 32% to baby boomers—North America is predicted to have significant development in the pet tech market and dominate the market. Additionally, millennials' purchasing power has a significant impact on the regional market share. Due to the increasing usage of pet technology, such as activity trackers, pet sitter applications, home monitoring devices, microchips, VIP (Very Important Pets) access, and data conversion & backup, among other things, Asia Pacific is predicted to have considerable growth in the pet tech market.
Similar to North America, Europe is also expected to lead the rise as a result of new pet businesses like FirstVet, Barkyn, Mascoteros, Katkin, Butternut Box, Pet Buddy, and Bella and Duke among others who are fostering the expansion of the pet tech sector. In addition, the Middle East and Africa are anticipated to have considerable market growth due to the rising number of pet adoptions in the region, which would ultimately support the expansion of the pet technology market there.
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Pet Tech Market Driver
Spending on pets has increased as a result of the growing reliance on pets for mental health, fitness, and entertainment. The most extensively used pet wearable technology today is a device called a smart collar, because of ongoing technological breakthroughs and new product innovations. Modern technologies like GPS tracking, Wi-Fi connectivity, and activity tracking and monitoring are being integrated into these gadgets.
Pet Tech Market Restraint
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Intense rivalry is being seen in the pet wearables business, which is still in its early stages of development. To improve their position in the international market, businesses are concentrating on strategic acquisitions, alliances, and expansions. Market participants are concentrating on enhancing their presence through a variety of strategic activities, including new product development, strategic collaborations, joint ventures, and partnerships, as well as mergers and acquisitions.
Pet Tech Market Top Players in the Global Pet Tech Market
Pet Tech Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global pet tech market is segmented based on type, product, application, and region. The pet wearables with an RFID chip had the biggest revenue share in 2021, exceeding 30% in the same year. In 2021, the pet wearable identification and tracking devices segment was worth more than US$ 1 billion and is considered to be the dominating segment. Due to the rising adoption of pets in the United States, North America is predicted to dominate the pet tech market.
|Market size value in 2021||USD 1809.57 million|
|Market size value in 2030||USD 2365.1 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Pet Tech Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pet Tech Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pet Tech Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG45E2024