At 23.2% CAGR, Pet Tech Market is Expected to Reach USD 22075.5 Million by 2028, Says Brandessence Market Research
LONDON, Aug. 1, 2022 /PRNewswire/ -- The Global Pet Tech Market size was Valued at USD 5124.3 Million in 2021. Pet Tech Market Size, Share & Trends Analysis Report by Product (Tracking Equipment, Entertainment Equipment, Monitoring Equipment, Feeding Equipment) By Application (Behavior Monitoring & Control, Identification & Tracking, Facilitation, Safety & Security, Medical Diagnosis & Treatment) By End-User (Commercial, Household), Based on Region, And Segment Forecasts, 2022 – 2028.
Increasing demand for remote monitoring and tracking of pets, rising adoption of pets in the household sector, and growing technological advancements and innovations are some of the major factors driving the growth of the Global Pet Tech Market.
Pet Tech Market: Market Scope
The global pet tech market has been expected to grow at a significant rate and that can be attributed to the consistent growth that is visible in the disposable incomes of the people all over the world. it is anticipated that the spending habits of the people who are now interested in keeping pets and are concerned about their well-being.
The pet refers to an animal which is kept mainly to give a person company or entertainment instead of being a working animal. The pet owners usually see their pets as family and are often willing to spend on the health, fitness as well as well-being of their pets. This is one of the newer markets where there is technology being used to give the pets a better life and also help their owners in managing them better. This has created a new market of the pet tech where users get the live locations and other stats of their pets on their phones. The modern owners are looking for a way to automate the tasks of pet management tasks like feeding them and checking on the status of their health through the use of technology. The technology that is used here includes the monitoring through cameras, using pet feeders and fitness and their adoption is fast increasing by the pet owners.
Pet Tech Market: Competitive Analysis
Some of the major pet tech companies 2021 are companies such as the CleverPet, Inc., Actijoy Solution, FitBark Inc., Dogtra Co., Halo Collar, Garmin International, Inc., Link My Pet, IceRobotics, Ltd., Incorporated, Motorola Solutions, Inc., Mars, Pawbo, Inc., Nedap N.V., PetPace, LLC and Petcube, Inc. The global pet tech key players have been focusing on the expansion of their product portfolios for catering to the different demands of their customers and increasing their presence across the different locations. This helps them in increasing their presence all over the global pet tech market and in different geographical spheres where they can create demand all over.
Pet Tech Market: Key Drivers
Pet tech growth is happening at various levels due to the adoption of the pet wearable devices. In the developed countries, the pet wearable devices continuously grow and keep playing an important role in the developed countries. The fitness and medical diagnosis and treatment of the pets are among the biggest trends which encourage the owners to adopt the wearable devices in these countries. Therefore, the companies have been investing in the research and development activities for enhancing the product range as well as for improving the experience of the customers. There are new innovations such as the Halo 2 collar which offer better protection.
This rugged collar is suitable even for the rough environments and can also withstand the bite of the dogs, swimming in oceans and lose branches with the pro-case help. This is an enhancement in technology which is improving the customer experience overall and will drive the demand all over the world. The emerging countries too are seeing an increase in their disposable income. It is therefore expected that they will be investing on the health of their pets. The health monitoring devices are key spending points for the pet owners who are now focusing on the health monitoring deices to keep a track on their weight and other health statistics.
Being overweight reduces the life expectancy of the dogs and that is prompting the pet owners to keep a tab on their weight. The pet tech market benefits from this significantly. These obesity monitoring services include the purchase of the intelligent tech products and monitoring of the health parameters like the breathing, heart rate and sleeping. The pet tech products also support the pet owners in them achieving their daily activity goals for maintaining the fitness of their pet.
Pet Tech Market: Key Trends
Pet tech trends suggest that the rise in the disposable incomes and the loneliness that the people experienced during the coronavirus pandemic are key factors behind the growth in the market lately. The pet tech 2022 market looks positive as the nuclear families lately have been adopting pets for giving them company.
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Pet Tech Market: Segmentation Analysis
The household shipments are particularly going to increase in the coming few years. The increase in the ownership of pets particularly in the smaller apartments all over the world has driven the household purchases. The solutions for the automatic food dispensing are also going to allow the pet owners to allow the pet owners a timer and the portion size in the machine for automatically dispense the food so that the pets in the small apartments can maintain a proper diet and their pets eat in a timely manner. Further, these solutions are also linked with the smartphones and that allows the owners to update and analyse the eating patterns remotely.
The segment in terms of sales that is doing the best right now is the online-only retailer platform segment. This has been due to the pet owners preferring the online purchases and preferring online stores for purchasing the items such as the smart collars, cameras, feeders, and the harnesses. Furthermore, the industry participants are now providing the additional discounts and rewards for attracting a lot more customers from their company website through the registered store of e-commerce.
Pet Tech Market: Regional Analysis
Pet tech statistics suggest that the North American market is going to be the highest generator of revenue and it has been the highest revenue generator in the last few years. the growth in the number of pets lost has been the main reason behind the demand for the pet tracking devices increasing in this region. A large majority of the households in the United States have a pet in their house and that is one of the reasons why the market goes well there. The European and Asia Pacific markets are also going to see a decent amount of adoption in this market in the coming years.
On Special Requirement Pet Tech Market Report is also available for below region:
Middle East and Africa
On February 11th, 2022; Brisk Health Pets announced an innovative way to connect pet parents with the convenience & ease of mobile visits and telehealth with a 24/7 licensed veterinarian. Most pet parents had limited time to visit and move their pets. This visit by a veterinarian can put stress on pets and their owners.
On July 9th, 2021; Petcube, a Ukrainian organization developing home devices for pets, declared the official arrival of Petcube Bites 2 Lite. This gadget permits pet owners to watch, converse with, and treat their pets remotely utilizing a cell phone. Petcube Bites 2 Lite has a built-in treat container that can be controlled through an application.
On April 5th, 2018; At the North American Veterinary Community (NAVC) and Texas A&M University Veterinary Innovation Summit, Mars Petcare announced the launch of the Pet Insight Project, a three-year study of more than 200,000 dogs across the United States to explore important links between pet activity and behavior and health.
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