Global Pet Tech Market

Pet Tech Market Size, Share, Growth Analysis, By Type(RFID, GPS, Sensors, Others), By Product(Monitoring Equipment, Tracking Equipment, Entertaining Equipment, Feeding Equipment), By Application(Pet Safety, Pet Healthcare, Pet Owner Convenience, Communication & Entertainment), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2198 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 95 | Figures: 76

Pet Tech Market Insights

Global Pet Tech Market size was valued at USD 1809.57 million in 2019 and is poised to grow from USD 2365.1 million in 2023 to USD 6880 million by 2031, growing at a CAGR of 14.3% in the forecast period (2024-2031).

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.

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Pet Tech Market size was valued at USD 1809.57 million in 2019 and is poised to grow from USD 2365.1 million in 2023 to USD 6880 million by 2031, growing at a CAGR of 14.3% in the forecast period (2024-2031).

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. 'Mars Petcare', 'Zoetis', 'Nestle Purina Petcare', 'Hill's Pet Nutrition', 'Royal Canin', 'Blue Buffalo', 'Chewy Inc.', 'Petco', 'PetSmart', 'Trupanion', 'Banfield Pet Hospital', 'VCA Animal Hospitals', 'PetMed Express', 'IDEXX Laboratories', 'Elanco Animal Health', 'Animalytix', 'WALTHAM Centre for Pet Nutrition', 'Petplan', '', 'Embark Veterinary Inc.'

The majority of gadgets require intermittent charging, which makes them difficult to operate. GPS trackers have a small operating window and are not reliable in rainy conditions. Certain devices, like neck collar trackers, are irritating for the pets and can occasionally result in rashes and infections.

Beyond activity tracking, it is anticipated that demand for pet wearables for medical diagnosis and treatment would increase at a CAGR of more than 15% between 2022 and 2030. 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.

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.

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Global Pet Tech Market

Product ID: SQMIG45E2198