Market Overview:
Pet Tech Market size was exceeded USD 5.3 Billion in 2022 and is expected to showcase a CAGR of over 5.5% from 2023 to 2032. By the end of the forecast period, the market is anticipated to reach a valuation of around USD 8.7 Billion.
Pets are animals that are primarily kept for the entertainment or company of humans rather than as working animals. Pets are now considered members of the family, with owners willing to spend money on their pet's fitness, healthcare, and well-being. All of these circumstances have resulted in a completely new market known as "Pet Tech." The new pet market provides owners with the live location of their pet as well as other useful statistics via mobile apps.
Furthermore, modern pet owners are looking forward to using technology to automate tasks such as checking their pet's health and feeding. Pet owners are gradually adopting technology such as automatic pet feeders, monitoring cameras, and fitness. The pet tech market refers to the industry that produces technological solutions for pet owners and their furry companions.
This market includes a variety of products, such as wearable, health monitors, smart feeding systems, toys, and training tools, among others. One of the key drivers of growth in the pet tech market is the increasing awareness among pet owners about the benefits of using technology to monitor and care for their pets. This includes products like pet fitness trackers that allow owners to monitor their pets' activity levels and health, as well as smart feeding systems that dispense food on a schedule and in the correct portions.
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Report Coverage |
Details |
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Base Year |
2022 |
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Market Size in 2022 |
USD 5.3 Billion |
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Forecast Period |
2023 to 2032 |
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CAGR (2023 to 2032) |
5.5% |
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Forecast Year Value, 2032 |
USD 8.7 Billion |
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Historical Data for |
2019 to 2022 |
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Segment Covered |
Product, Application, Distribution Channel, End Use |
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Companies Covered |
Afimilk, Xiaomi, Petcube Inc., Fitbark Inc., Pawbo, SAN FRANCISCO, Mars Incorporated, Garmin International Inc., Nedap N.V., Wagz Inc. and Others. |
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Drivers:
Increasing pet ownership and advancements in technology
The number of pet owners worldwide is growing, particularly in urban areas where pets are increasingly seen as companions and family members. This trend is driving demand for new and innovative pet care products and services, including pet tech. The rapid pace of technological innovation is enabling the development of new products and services that cater specifically to the needs of pets and their owners.
For example, wearable devices and smart home technology can monitor pets' health and behavior, automate feeding schedules, and provide remote monitoring and interaction. These are the major factors to boost the market during the predicted timeframe.
Restraints: Cost and Competition are the major factors which will hinder the market.
Many pet tech products can be expensive, which may limit their appeal to price-sensitive consumers. Pet owners may be unwilling or unable to spend a lot of money on products like smart feeding systems or pet fitness trackers, especially if they are already investing in other premium pet care products. The pet tech market is becoming increasingly crowded, with many new companies entering the space every year. This makes it more difficult for individual companies to stand out and gain market share, especially if they are competing with well-established brands.
By End Use Synopsys:
Based on the end use, the Pet Tech Market is classified into commercial, and household. Among these, the household segment holds the largest share of the pet tech industry. This is due to the large and growing number of pet owners worldwide who are increasingly investing in products and services that improve their pets' quality of life. Within the household market, wearable devices and smart feeding systems are among the most popular product categories, as they address common concerns related to pet health and nutrition.
However, the commercial pet tech market is also growing rapidly, particularly in industries such as pet care and veterinary services, where technology can help improve efficiency and enhance the quality of care provided to animals. As the market continues to evolve, it is likely that both household and commercial segments will continue to grow in importance, with new and innovative products and services catering to the needs of both types of users.
Regional Overview:
North America is slated to hold the largest market during the forecasting period, due the increased adoption of pet in the region. The pet tech market is growing globally, with strong demand for pet-related products and services in many regions around the world. North America and Europe are currently the largest markets for pet tech, driven by high levels of pet ownership and a strong focus on pet health and wellness.
In North America, the United States is the largest market, with a large and growing population of pet owners who are willing to invest in new and innovative products to improve their pets' quality of life. Europe is also a significant market, with countries like the United Kingdom, Germany, and France leading the way in terms of pet tech adoption.
The Asia-Pacific region is also a rapidly growing market for pet tech, driven by rising pet ownership rates and a growing middle class with disposable income to spend on their pets. China is one of the largest markets in the region, with a rapidly growing pet industry and increasing demand for premium pet products and services. Other key markets in the region include Japan, South Korea, and Australia.
Key Development:
- In January 2023, FluentPet, announced FluentPet Connect at CES, a new app that notifies owners when their dog presses a button and collects data on how the buttons are used.
- In May 2022, SAN FRANCISCO, Calif. Whistle, the leading pet tech healthcare service, has announced the release of Whistle Health, an AI-enabled, data-driven smart device for dogs designed to provide preventive care.
Top companies operating in the global pet tech market are:
- Afimilk
- Xiaomi
- Petcube Inc.
- Fitbark Inc.
- Pawbo
- SAN FRANCISCO
- Mars Incorporated
- Garmin International Inc.
- Nedap N.V.
- Wagz Inc.
- Others
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In-depth analysis of pet tech market along with industry coverage and forecasting for the following segments:
Market Value, By Product
- Pet Wearable
- Smart Pet Crates & Beds
- Smart Pet Doors
- Smart Pet Feeders & Bowls
- Smart Water Dispenser
- Smart Pet Fence
- Smart Pet Toys
Market Value, By Application
- Pet Safety
- Pet Healthcare
- Pet Owner Convenience
- Communication & Entertainment
Market Value, By Distribution Channel
- Online-Only Retailer
- Physical Pet Store
- Physical Mass Merchant Store
Market Value, By End Use
- Commercial
- Household
Market Value, By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America