Pet Tech Market size worth over $20Bn by 2027
Published Date: May 19, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Pet Tech Market size is likely to cross USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
The mandatory travel restriction in several countries is propelling the pet tech industry growth. The COVID-19 pandemic and subsequent lockdowns caused individuals to rush toward animal rescue facilities to adopt their lockdown companion. Shelters reported considerable decline in occupancy due to increase in the adoption of pets among households. The social distancing practice to curb the spread of COVID-19 encouraged individuals to bring a pet into their home. This has led to a spike in the industry as more households adopted pets. According to American Pet Products Association (APPA), Americans spent around USD 99 billion on their pets in 2020.
Pet owners spend heavily in better training, healthier food, medicines & supplements, and rewarding treats for their non-human family members. This encourages market players to invest in developing innovative products and leveraging the benefit of tax incentives granted for R&D, in the pet-tech space. The governments in several countries offer R&D incentives and encourage investors & entrepreneurs to explore creative advancements. Several activities in the industry, including employee wages for in-house research expenses, development of new or improved distribution methods, and quality assurance, qualify for such R&D tax saving credits.
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There is an increasing demand for natural pet toys among owners to ensure pet safety
The smart pet toys accounted for a considerable share in the pet tech market in 2020 and is poised to witness high adoption through 2027. The prevailing pet humanization trend is playing a vital role in driving pet toys adoption. Pet owners consider pets as a part of their family and spend more on sustainable products that are safe for pets as well as the environment. Some leading brands in the market have expanded their portfolios and are offering natural pet toys that include balls made with natural cotton and interactive toys made of rope. These products are increasingly promoted as sustainable, non-toxic, biodegradable, and chemical-free products, gaining popularity among pet owners.
Increasing adoption of smart pet products to enhance convenience in monitoring pet activities to spur pet tech market statistics
Pet owners are spending more on pet tech products that simplify their lives and benefit their pets. Smart pet products such as feeder, activity/environment tracker, Wi-Fi collar, and play toys are increasingly adopted by owners to automate pet’s daily activities. For instance, FitBark GPS dog tracker & activity monitor allows owners to easily track and analyze dog’s activity on a mobile device. The tracker sends notifications to the owner’s mobile phone if the dog walks out of a set range. Similarly, PETKIT is an automatic cat feeder that can integrate with smartphone app, portion control, Alexa, and fresh lock system.
Browse key industry insights spread across 300 pages with 463 market data tables and 37 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, Growth Potential, Price Trend Analysis, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Introduction of smart pet tech devices to monitor the health of livestock will fuel the pet tech market revenue
Smart devices equipped with cameras, GPS trackers, microphones, and temperature sensors are gaining popularity to improve farm operations. The market participants are introducing innovative wearable technologies including collars, ankle & tail bracelets, ear tags, and belly belts to meet the needs of livestock.
Increasing adoption of smart pet tech products to enhance convenience in monitoring pet activities
Physical pet store is estimated to gain a highest pet tech market share by 2027. Pet owners tend to purchase pet technology in brick-and-mortar stores led by the availability of easy returns and better customer support. According to Consumer Technology Association (CTA), 72% of pet owners are likely to purchase pet tech from a physical pet store compared to 48% who shop at online-only retail site. Also, the trend of loyalty discounts and in-store promotions is expected to positively influence the market expansion.
Technological advancements and mandatory RFID implants in animals will offer market growth opportunities
The Europe pet tech market is forecast to witness exponential growth during 2021 to 2027 owing to government expenditure on pet's safety, technological advancements, and increased adoption of pets. The European government has mandated that animals traveling to Europe must be microchipped. Pet microchips are RFID implants that provide permanent ID for pet dog or cat. The growing use of sensor technology in wearable devices to monitor vital health metrics of companion animals is positively impacting the market demand. Furthermore, increased number of nuclear families, changing lifestyles, and spur in the economic stability of millennial population are fueling the regional market revenue.
Growing competition among players to offer innovative pet tech products
Key pet tech market players include Wagz, Inc., Dogtra Co., Konectera, Inc., Tractive GmbH, PetPace, LLC, Garmin International, Inc., Smart Pet Love, Loc8tor Ltd., GoPro, Inc., PETKIT, Pod Trackers ANZ Pty Ltd., Scollar, Inc., Powbo, Inc., CleverPet, Inc., Motorola Solutions, Inc. (Binatone Global), PetSmart, Inc., Petcube, Inc., Fitbark IncLupine, Inc., and Mars Incorporated. Companies are focusing on expanding their offerings to include a wide range of products and services.
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