Pet Tech Market
The Business Research Company recently released a comprehensive report on the Global Pet Tech Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, the pet tech market size has grown rapidly in recent years. It will grow from $5.24 billion in 2023 to $6.28 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to increased pet ownership, rise of e-commerce in pet products, increased focus on pet health and wellness, urbanization and busy lifestyles, humanization of pets.
The pet tech market size is expected to see rapid growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to ai and machine learning integration, telehealth services for pets, expansion of smart pet home ecosystems, environmental and sustainability focus, customized nutrition solutions. Major trends in the forecast period include collaborations with pet industry experts, advancements in wearable technology, smart feeding solutions, pet identification and tracking, telehealth and remote veterinary services.
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Market Drivers and Trends:
The increasing adoption of pets is expected to propel the growth of the pet tech market going forward. Pet adoption refers to the process of transferring responsibility for a pet that was previously owned by another party. Pet tech products are used by pets owners to enhance the well-being, health, safety, and overall experience of both pets and their owners. For instance, in January 2023, according to the Petfood Industry, a US-based resource for professionals in the pet food and treat manufacturing industry, dog adoption numbers increased from 393,712 in 2021 to 398,477 in 2022, an increase of approximately 1.2% over the previous year. Furthermore, U.S. residents adopted approximately 2% more cats than in the previous year, rising to 539,015 in 2022. Therefore, the increase in the adoption of pets is driving the growth of the pet tech market.
Major companies in the pet tech market are focused on developing advanced technology, such as Minitailz GPS technology, to enhance pet health monitoring and gain a competitive edge in the market. GPS technology refers to the use of signals from satellites for precise location tracking. For instance, in January 2024, Invoxia, a France-based consumer electronics company, launched Minitailz Smart Pet Tracker, an AI wearable for dogs and cats that functions as an all-in-one GPS tracker and wellness device. The device measures respiratory rate and heart vitals, detecting anomalies in pet behavior and differentiating activities such as walking, running, and eating. It also identifies atrial fibrillation in pets and offers detailed health reports through the accompanying app. The Minitailz includes a built-in SIM with GPS technology for activity tracking and locating lost pets, along with geofencing features including vital signs monitoring, atrial fibrillation detection, and a built-in SIM.
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Major Key Players of the Market:
Garmin Ltd, GoPro, Loc8tor Ltd , Nedap NV, Datamars , Tractive, Wag Inc, Invisible Fence , Scollar Inc, Avid Identification Systems Inc , DOGVACAY, PetPace LLC , Allflex Group, CleverPet, Petcube Inc, Konectera, Whistle Labs Inc, Furbo, iFetch LLC, Dogtra, IceRobotics, Fitbark, Link AKC , Pawscout Inc, Invoxia, Felcana, Actijoy Solution, Powbo Inc, All Home Robotics
Pet Tech Market 2024 Key Insights:
• The pet tech market is expected to grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Proliferation Of Pet Adoption Fuels Expansion In The Pet Tech Market
• AI Advancement For Enhancing Pet Health Monitoring
• North America was the largest region in the pet tech market in 2023
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