How Has the Pet Tech Market Size Evolved in Recent Years?
The pet tech market has seen considerable growth due to a variety of factors.
• The size of the pet tech market has seen a swift increase recently. It is projected to rise from $6.28 billion in 2024 and hit $7.53 billion by 2025, with a compound annual growth rate (CAGR) of 19.9%.
The surge noted in the historic period is the result of a growth in pet adoption as well as the expansion of e-commerce for pet merchandise. Additionally, an elevated attention to pet health and well-being, urbanization, hectic lifestyles, and the anthropomorphization of pets have all been contributing factors to this growth.
What Is The Forecast For The Pet Tech Market Size?
The pet tech market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the pet tech market is predicted to undergo significant expansion, culminating in a size of $15.74 billion by 2029 with a compound annual growth rate (CAGR) of 20.3%.
This projected growth during the forecast period is primarily due to the integration of AI and machine learning, the development of telehealth services for pets, the widespread of smart pet home ecosystems, a focus on the environment and sustainability, as well as personalized nutrition solutions. Key trends to look out for during the forecast period are strategic partnerships with experts in the pet industry, advances in wearable tech, intelligent feeding solutions, solutions for the identification and tracking of pets, and the advancement of telehealth along with remote veterinary services.
What Are The Essential Drivers Behind The Growth Of The Pet Tech Market?
The pet tech market's future expansion is anticipated to be fueled by a growing trend of pet adoption. Pet adoption involves the transfer of pet ownership and responsibility from one party to another. Pet tech merchandise assists pet proprietors in improving the health, safety, and overall quality of life for both themselves and their pets. For example, the Petfood Industry, a resource for pet food and treat production professionals in the US, reported in January 2023 that dog adoption figures rose from 393,712 in 2021 to 398,477 in 2022, marking an approximate 1.2% growth year on year. In addition, cat adoptions by U.S. residents increased by about 2% compared to the previous year, reaching 539,015 in 2022. Thus, the uptick in pet adoption rates is propelling the pet tech market's growth.
Pet Tech Market Driver: Rising Disposable Income Fuels The Pet Tech Market
How Is The Global Pet Tech Market Divided Into Key Segments?
The pet tech market covered in this report is segmented –
1) By Type: Radio Frequency Identification (RFID), Global Positioning System (GPS), Sensors, Other Types
2) By Distribution Channel: Offline, Online
3) By Application: Identification And Tracking, Behavior Monitoring And Control, Facilitation, Safety And Security, Medical Diagnosis And Treatment
4) By End Use: Commercial, Household
Subsegments:
1) By Radio Frequency Identification (RFID): RFID Pet Tags, RFID Collars, RFID Microchips, RFID-Based Pet Identification Systems
2) By Global Positioning System (GPS): GPS Pet Trackers, GPS-enabled Pet Collars, GPS Pet Monitors For Activity And Location
3) By Sensors: Activity Sensors (Pet Fitness Trackers), Health Monitoring Sensors, Motion And Behavior Sensors, Environmental Sensors
4) By Other Types: Pet Cameras and Monitors, Smart Pet Feeders, Automatic Litter Boxes, Wearable Pet Devices
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What Trends Are Reshaping The Future Of The Pet Tech Market?
Leading firms in the pet tech market are focusing on advancing technology, such as Minitailz GPS technology, to improve pet health tracking and gain an upper hand in the market. GPS technology pertains to using signals from satellites for exact location mapping. For example, Invoxia, a French consumer electronics company, in January 2024, introduced Minitailz Smart Pet Tracker, an AI wearable for dog and cat species that acts as a combined GPS tracker and wellness device. This device can gauge respiratory rate and heart vitals while identifying any oddities in pet behavior and distinguishing activities like walking, eating, and running. This device can detect atrial fibrillation in pets, and provides in-depth health reports via the related app. The Minitailz is equipped with an in-built SIM having GPS technology for activity monitoring, locating misplaced pets, along with geofencing attributes including crucial signs monitoring, atrial fibrillation detection, and an in-built SIM.
Who Are the Key Players In The Pet Tech Market?
Major companies operating in the pet tech market report are:
• 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
What Are The Regional Insights Into The Pet Tech Market?
North America was the largest region in the pet tech market in 2024. The regions covered in the pet tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
