Pet Tech Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCPG2065 | Last Updated On: Jun 30 2022 | Available Formats

> Global Pet Tech Market Expected to reach at a high CAGR by 2029: DataM Intelligence

Global Pet Tech Market By Product Type (Tracking Equipment, Monitoring Equipment, Entertainment Equipment, Feeding Equipment), By End-Use (Household, Commercial), By Distribution Channel (Supermarkets & Hypermarkets, Petcare Stores, E-Commerce), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Pet Tech Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

Smartphones integrated with wellness applications, electronic pet wearables with monitoring abilities, and several other technological innovations allow pet owners to monitor, feed remotely, and release treats for their pets. Currently, advanced technologies are in the market which can unlock and relock door remotely to permit pet sitters to access the pets. Many pet wearables available in the market have GPS locater, allowing pet owners to locate missing dogs & cats. The latest product developments in pet tech allow pet owners to monitor pet behavior remotely and communicate with the pets via tablet screens, apps and speakers. The highly interactive nature of pet towards entertainment devices such as gaming consoles and ball throwers is expected to increase adoption by pet owners in coming years. The adoption of technology in pets is expected to grow at a lucrative pace during the forecast period as owners seek to care for their pet’s health in unique ways.

Market Dynamics:

Increasing adoption of pets by communities across the globe and growing investments by pet owners in smart/IOT-based products for effective maintenance of pets are the major factors driving the global pet tech market. Millennial pet owners are more interested in devices such as wearables, interactive devices, gaming consoles and others for pets. According to the study published by Office for National Statistics, the annual spending by pet owners on pets increased from USD 5.98 billion in 2017 to 6.588 billion in 2018.  These products allow pet owners to maintain, track the pets' physiological & physical health, and maintain relationships with their pets. The lack of presence of individuals during working hours in homes led pet owners to adopt smart technologies that can interact with the pet and feed it in constant intervals. The smart monitors provided by companies such as Furbo and Petsafe allow pet owners to monitor their pets and provide food and entertainment during pet owners' absence in residence.

However, high cost and lack of awareness among the communities in low-income countries hinder the growth of the global pet tech market.

Market Segmentation

The global pet tech market is segmented based on product type, tracking equipment, monitoring equipment, entertainment equipment, feeding equipment, etc.

Tracking equipment evolved as the largest segment in the global pet tech market owing to growing investment by the pet owners in the active tracking of health and behavioral aspects of their pets. The tracking equipment monitors the pet’s whereabouts and monitors activity levels, respiration, heart rate and fitness indicators. The weakly health reports provided by the respective tracking equipment through their apps will allow pet owners to act according to preventive and proactive health measures.   The collar attachments and collar sensors monitor the health functions, and the small cameras in these systems will provide a dog’s eye view of the house when owners are away.

Geographical Presentation

By region, the global pet tech market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.

The United States is dominating the global pet tech market owing to the growing adoption of advanced wearables and monitoring devices by pet owners to provide proactive and preventive health measures. According to American Pet Products Association, the annual spending on pets accounted for USD 69 billion out of 6.7% for pet tech products. The high pet population and increasing disposable income by the millennials over pets contribute to the growth of the United States pet tech market. According to American Pet Products Association, the total pet population in the United States was 85.2 million in 2017-2018. Furthermore, high consumer interest in investing in highly interactive and convenient equipment for pets across the country is expected to boost the pet tech market in the United States during the forecast period.

Competitive Analysis

The global pet tech market is highly fragmented due to huge product differentiation. However, in individual product segmentation, the market is consolidated, with very few players holding a significant share. This market is experiencing huge investment from venture capitalists in pet tech startups for business expansion and research & development activities. According to PitchBook, the annual investments by the venture capitalists in the pet tech industry increased from USD 311 million in 2017 to USD 579 million in 2018 (until November 9th, 2018).

New product launches in wearable and entertainment devices with advanced IOT-based technologies to provide accurate and effective information for pet owners is the key strategy followed by major players in the global pet tech market. For instance, In July 2019, Petcube launched Bites 2 and Played 2 smart cameras, a pet-oriented smart speaker with Alexa integration. Both devices allow the pet owners to interact with the pet and monitor their homes remotely. In July 2019, Whistle launched two pet wearables for pets, Whistle Go and Whistle Go Explore, to track animal location, activity and health. The weakly health report provided by the system allows pet owners to provide better proactive and preventive care.

Some of the key players in the global pet tech market include Radio Systems Corporation, Wagz, Inc., Whistle, Petchatz, and iFetch, LLC.

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