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Industry Trends
Pet Tech Market size surpassed USD 5 billion in 2021 and is set to grow at around 20% CAGR from 2022 to 2028. The global industry shipments are anticipated to be over 130 million units by 2028.
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Rising consumer disposable incomes is poised to drive the industry growth. For instance, in 2021, the per capita disposable income of people in China accounted for USD 5,488.7 million, a rise of 9.1% year-on-year and a real rise of nearly 8.1% after deducting the price factors. The steady growth in economic conditions globally will further increase the disposable income of individuals. This factor will develop consumer spending habits, enabling pet owners to invest more in smart & intelligent pet products such as smart collars, cameras, feeders, fences, and toys. The technology will allow them to monitor and track the daily activity of their pets, ensuring their safety.
The pandemic negatively impacted the pet tech industry in 2020. The market witnessed a steady growth in 2021, owing to the pet humanization trend, increase in pet adoption rates and high demand for the advanced products & services from the pet owners. The sectors demand automatic solutions that require less attention from the owner and provide effective monitoring & tracking data remotely.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | 5 billion (USD) |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 20% |
| 2028 Value Projection: | 20 billion (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 380 |
| Tables, Charts & Figures: | 578 |
| Segments covered: | Product, Application, End-Use, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing demand for technologically advanced pet wearables in Germany
Germany pet tech market is poised to cross over 4 million units shipments by 2028. The growth of pet wearable devices continues to play a growing role in the region. Medical diagnosis & treatment and fitness of pets are among the leading trends that encourage owners to adopt wearable devices in the region. Hence, the companies are investing in R&D activities to enhance their product range and improve the overall customer experience.
In October 2021, Halo Collar launched the Halo 2 collar with better protection. The rugged collar is suitable for rough environments and can withstand dog bites, swimming in the ocean & lose branches with the help of its pro-case. The enhancement in technology is improving the overall customer experience, which will drive the pet tech demand in the country.
High adoption of pet medical wearables in China owing to rising pet obesity
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The China pet tech market size is estimated to register growth rate of around 20% through 2028 due to the rise in pet healthcare applications. Pet owners are focusing on health monitoring devices to maintain the health of their animal companions. The average reduction in life of an overweight male golden retriever is 0.8 years and that of a male chihuahua is nearly 2.1 years. In China, approximately 44% of all canines are obese.
The growing prevalence of obesity will encourage pet owners to purchase intelligent pet tech products and monitor their health parameters such as breathing, sleep & heart rate. Pet tech products will also support pet owners in achieving daily activity goals to maintain their pet’s fitness.
Pet adoption trend among millennials
The household pet tech market shipments are slated to reach 90 million units by 2028. The increasing ownership of pets in small apartments globally is driving the household end-use segment. Automatic food dispensing solutions allow pet owners to set a timer and portion size in the machine to automatically dispense treats/food to maintain a proper and timely diet for their pets. Additionally, these solutions are also provided with smartphone connectivity, allowing owners to remotely update and analyze the eating patterns of their pets. Some of the major companies that are developing innovative solutions include GoPro, CleverPet, PetChatz, Tailio, and Petcube.
Growing penetration of online -only retailer platforms
The online-only retailer platform segment held nearly 35% of the revenue share in 2021 impelled by increasing number of users opting for online shopping platforms. Several pet owners prefer online stores for purchasing items such as smart collars, feeders, cameras, and harnesses. Moreover, industry participants are providing additional discounts and rewards to attract more customers on either their company website or registered e-commerce store.
Increasing demand for remote monitoring and tracking of pets in North America
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The North America pet tech market captured about 55% of the revenue share in 2021. The growing number of lost pets has accelerated the demand for pet tracking devices in the region. According to the 2021-2022 National Pet Owners Survey, around 70% of U.S. households or approximately 90.5 million families own a pet. As per the American Humane Association, one out of three pets becomes missing at some point throughout their lifetime in the U.S. This factor has encouraged pet owners to use pet tech wearables, such as collars or tags, to constantly monitor and track the live location of their pets.
New product launches form a key strategy among market players
Key players operating in the pet tech market include Actijoy Solution, CleverPet, Inc., Dogtra Co., FitBark Inc., Garmin International, Inc., Halo Collar, IceRobotics, Ltd., Link My Pet, Mars, Incorporated, Motorola Solutions, Inc., Nedap N.V., Pawbo, Inc., Petcube, Inc., and PetPace, LLC.
Companies are focusing on expanding their product portfolios to cater to different customer demands and increase their market presence across multiple locations. For instance, in January 2022, Tractive GmbH introduced LTE GPS pet trackers for cats in North America. It features a GPS live tracking, cation history, and heat mapping solutions.
This market research report on pet tech includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2028 for the following segments:
Market, By Product
- Pet wearables
- Smart collar
- Smart vest
- Smart harness
- Smart camera
- Smart pet crates & beds
- Smart pet doors
- Smart pet feeders & bowls
- Smart pet fence
- Smart pet toys
Market, By Application
- Pet healthcare
- Pet owner convenience
- Communication & entertainment
- Pet safety
Market, By End-use
- Household
- Commercial
Market, By Distribution Channel
- Physical pet store
- Online-only retailer
- Physical mass merchant store
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin America
- Brazil
- Mexico
- Chile
- Colombia
- MEA
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