Global Pet Tech Market Size worth $20bn by 2025
Published Date: July 25, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Pet Tech Market size is set to exceed USD 20 billion by 2025; according to a new research report by Global Market Insights, Inc. The global shipments are expected to grow at a CAGR of 25% from 2019 to 2025.
The increasing adoption of the IoT & AI-enabled pet care solutions is a major factor propelling the pet tech market. The pet owners are moving toward sophisticated, flexible, and reliable solutions that will turn the manual tasks of feeding, healthcare, and cleaning litter tasks into automatic or monitored activities.
For instance, in January 2018, Petcube announced the launch of its pet detection technology that uses machine learning and Artificial Intelligence (AI) to recognize, trigger record selfie videos, and initiate two-way video calls with pets. These technologies are also being widely adopted to track and analyze the facial expressions of pets to decide their interests and taste preferences. Several players are engaged in developing such advanced solutions that allow the owners to purchase products based on their pets’ preferences. In June 2019, Petz, a pet shop chain in Brazil decided to incorporate facial recognition and AI technology in their stores, allowing dogs to do their shopping. The online store recognizes the facial expression of dogs while scrolling the products and automatically adds items to the shopping carts.
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In 2018, pet wearables accounted for majority of the pet tech market share. Smart collars are the most widely adopted pet wearable technology owing to the rising technological advancements and innovations in product offerings of players. These devices are being integrated with modern technologies such as GPS tracking, Wi-Fi connectivity, and activity tracking & monitoring. Some of the innovative products offered by players include Wi-Fi controlled PetSafe Smart Dog Trainer Collar, chew-proof Lupine Original Dog Collar, and GPS & activity tracker Dog Collar-Link AKC. RAWR, Inc. is offering a smart collar with 4G LTE network connectivity, GPS tracking, Wi-Fi, and Bluetooth connectivity. The RAWR application ensures that all the data related to health & fitness of pets is provided to the owner, analyzing medical diagnosis and treatment.
Browse key industry insights spread across 305 pages with 463 market data tables & 42 figures & charts from the report, “Pet Tech Market Size 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), By Application (Pet Healthcare, Pet Owner Convenience, Communication & Entertainment, Pet Safety), By End-Use (Household, Commercial), By Distribution Channel (Physical Pet Store, Online-Only Retailer, Physical Mass Merchant Store), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
The commercial adoption of pet technologies will grow rapidly, owing to the rise in demand for health monitoring & fitness tracking solutions in cattle and farms. These intelligent technologies are being widely adopted to track, analyze, and monitor the fitness & health of horses participating in a horse race, driving the commercial pet tech market growth. It helps in improving the performance and winning chances of horses during races and other competitions. Additionally, the applications of these solutions in cattle allow monitoring the health conditions of cows and buffalos to deliver high-quality milk. It helps cattle owners to earn profit with the delivery of high-quality milk to their customers. For instance, Cowlar is offering a smart collar that monitors activity, behavior, and temperature of an individual cow, preventing diseases, boosting reproduction, and increasing milk yield.
The North America pet tech market accounted for over 55% of the industry share and will witness steady growth owing to the rapid increase in the adoption of these solutions in the household segment. According to the North American Pet Health Insurance Association (NAPHIA), during the period 2017-18, around 68% of the U.S. households (85 million families) owned a pet (either a cat/dog). The pet owners in the region are spending heavily on the health & fitness of their pets. It was also estimated that in 2017, the combined gross written premiums of pet health insurance in the region accounted to over USD 1.2 billion. The household pet ownership in the U.S. is witnessing a rapid growth, which is encouraging the pet care companies to offer their innovative solutions in the country, propelling the pet tech market growth.
Key players operating in the pet tech market include CleverPet, Fitbark, Garmin Ltd., GoPro, IceRobotics, Konectera, Loc8tor, Motorola, Nedap N.V., Petcube, Inc., Petkit, Petnet Inc., PetPace LLC, Petrics, Scollar, Pod Trackers Pty Ltd., Tractive, Whistle Labs LLC, and WOPET. These players are engaged in developing innovative solutions that will differentiate their offerings from other players and attract a large customer base. For instance, in September 2015, DOTT announced the launch of the Dott smart dog tag, a Bluetooth-based location tracker that can be attached to pet’s collar, providing tracking within a 350-foot radius range. This solution will replace the high-cost GPS tracker solutions due to its much smaller and lighter features.
The pet tech market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2015 to 2025, for the following segments:
Pet Tech 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
Pet Tech Market, By Application
- Pet healthcare
- Pet owner convenience
- Communication & entertainment
- Pet safety
Pet Tech Market, By End-Use
Pet Tech Market, By Distribution Channel
- Physical pet store
- Online-only retailer
- Physical mass merchant store
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
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