Pet Tech Market Size

Pet Tech Market Size

Pet Tech Market size valued at USD 5 billion in 2022 and is projected to record over 15% CAGR from 2023 to 2032.

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A growing trend of pet adoption across countries like the United States and Canada will stimulate the pet tech market growth. According to data from an American Pet Products Association (APPA) survey, between 2019-2020, around 39% of dogs were adopted from animal shelters as opposed to other acquisition methods. Numerous non-profit organizations are encouraging and supporting people to adopt pets.

Awareness regarding the importance of pet fitness and health will accelerate the demand for innovative pet monitoring devices. These smart devices help pet owners to get early detection of behavioral issues of pets. They also collect data continuously and send alters to owners to warn them regarding any health issues their pets might be facing. In February 2023, American drug company Zoetis announced the launch of AlphaTrak 3 blood glucose monitoring system for dogs and cats that suffer from diabetes. 

Lack of public awareness in underdeveloped nations is likely to be a factor that could hinder the pet tech market demand. Challenges such as a high percentage of poverty and illiteracy along with the lack of basic IT infrastructure might influence the adoption and demand for pet smart device products. The unavailability of proper IT infrastructure across certain countries may impact the sales of smart pet wearables. Awareness programs about the advantages of pet wearables can help encourage product uptake in the coming years.