Global Pet Tech Market is valued at USD 5124.3 Million in 2021 and is expected to reach USD 22075.5 Million by 2028 with a CAGR of 23.2% over the forecast period.
Global Pet Tech Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 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 or pet technology is the term referring to the utilization of innovation in the pet area to work on pet care and their living environments. In basic terms, it is the utilization of technology to develop the wellbeing, health, surveillance, and security of pets. This can incorporate utilizing technology to work on animal health, smart surveillance, automating pet strolls, or improving the lives of pets. It can likewise be the utilization of robots, huge information, AI, or strategies important to tackle the difficulties that the pet sector faces. The pet industry is one of the quickest developing industries on the planet. The utilization cases for pet tech are numerous and it includes the utilization of technologies and applications to address the difficulties faced in pet care. A pet is an animal kept primarily for a person's company or entertainment, not as a working animal. Pet owners are looking at pets as family members and are willing to spend on their pet’s health, fitness, and wellness. This has created a new market for pet tech where the user always gets the direct location of their pet and other useful statistics through mobile apps. Modern pet owners are considering automating pet management tasks such as feeding them and checking their health through certain technologies. Technologies such as monitoring cameras, automated pet feeders, and fitness are slowly being adopted by pet owners.
The Covid-19 pandemic has shown a negative impact on the growth of the global pet tech market. During the Covid-19 pandemic, government of various nations imposed lockdowns and travel restrictions; there was an unavailability of raw materials for manufacturing pet care products. Also, people have also stopped the unnecessary spending on their pet tech products and facilities which further negatively impacted the pet tech market. However, easing the imposed lockdown and improving economic conditions will lead to an increase in consumer spending on pet tech, which will help the market to recover in the coming period.
The global Pet Tech Market is segmented based on the technology, product, application, end-user, and region & country level. By product, the global pet tech market is classified into tracking equipment, entertainment equipment, monitoring equipment, feeding equipment, and others. By application, the market is segmented into behavior monitoring & control, identification & tracking, facilitation, safety & security, and medical diagnosis & treatment. By end-user, the global pet tech market is segmented into a commercial and household.
Some major key players for the global pet tech market report cover prominent players like
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.
One of the major factors driving the growth of the pet tech market is the increasing demand for remote monitoring and tracking of pets. Remote monitoring and tracking it easy for pet wearable owners to keep track of their pet's activity level, manage his weight, and have more fun with his exercise routine. Demand for pet tracking equipment has increased due to the increasing number of lost pets. This factor encourages pet owners to use pet technology, such as collars or tags, to constantly monitor and track the location of their pet. For instance; on April 1st, 2019; an estimated 10 million pets are lost in the United States. If where the pet is missing then pet owners use tracking technology to find the pet and pet technology is used more for many other purposes. Therefore, increasing demand for remote monitoring and tracking of pets has expected to drive the growth of the market.
In addition, the rising adoption of pets in the household sector is boosting the growth of the pet tech market. Dogs and cats are the most favourite pets. Pets, particularly cats and dogs, can reduce pressure, loneliness, depression, and anxiety, empower exercise and playfulness, and even improve cardiovascular health. Caring can help kids grow up active and secure. Pets additionally give important companionship to older adults. Hence, a large number of people are adopting or buying pets. Pet owners use various technologies to take care of pets such as remote monitoring and tracking, medical diagnostics and treatments, and others which tremendously increases the demand for the pet tech market over the forecast period. For instance; according to Insurance Information Institute, according to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 70% of U.S. households, or about 90.5 million households, have pets.
Furthermore, the growing technological advancements and innovations re also fostering the market growth. Some of the major technological advancements in the pet care industry include intelligent fitness trackers, feeders, toys, and doors. Many companies are providing innovative wearable technology that allows pet owners to constantly monitor their pet's activities. For instance; as per the news published, on December 6th, 2019; KC company launched a new fitness tracker with GPS for dogs.
However, the high cost associated with pet tech may hinder the growth of the global pet tech market. Despite that, increasing wearable technology can offer more opportunities for the further growth of the global pet tech market.
Geographically, North America is expected to dominate the global pet tech market within the forecast period due to the increasing number of pet population, rising demand for pet safety devices, and the presence of key players in this region. The increasing adoption of pet animals is driving the growth of the market. For example; as per the American Pet Products Association, there are about 85.2 million total pet populations in the United States in 2017-2018. Pet Wearable offers a variety of services, including new options for grooming, pet day-care, nutritional supplements, and portable communications equipment for pets. For instance; as per the news published, on July 23rd, 2019; Whistle launched pet wearables for tracking location, health, and safety. In addition, the rising demand for pet safety devices used to identify & track their activities and location is another factor boosting the market growth in this region.
Europe is projected to capture the second largest revenue share in the global pet tech market due to growing adoption of pet animals, and increasing worry about the well-being of homeless dogs and cats. For example; as per the International Trade Administration, the U.S. Department of Commerce, Spain, is Europe's fifth biggest pet market with 28 million enlisted pets including 6.7 million dogs and 3.8 million cats. Also, increasing concern regarding the health of homeless dogs and cats drives the market in the region. For instance; in Germany, confidential shelters known as ""Tierheim"" are intended to house deserted animals. Thousands of these shelters deal with countless animals every year, somewhere in the range of 10,000 to 15,000 creatures. These havens are subsidized by grants, estates, governmental bodies, and different associations.
The Asia Pacific is the fastest-growing region in the global pet tech market due to increasing disposable income, rising awareness of pet health, and growing wearable technology penetration in this region. For example; according to China, in 2021, China's per capita disposable income was 35,128 yuan (about US 5,523), an increase of 9.1 percent year-on-year in nominal terms. Hence growing disposable income.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2020:
|USD 5124.3 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 22075.5 Million
|Tables, Charts & Figures:
|CleverPet, Inc., FitBark Inc., Garmin International, Inc., IceRobotics, Ltd., Link My Pet, Mars, Motorola Solutions, Inc., Nedap N.V., Pawbo, Inc., Petcube, Inc., Incorporated, Dogtra Co., Halo Collar, Actijoy Solution, and others.
|By Product, By Application, By End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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