Pet Tech Market size is expected to cross USD 20 billion by 2028, according to a new research report by Global Market Insights Inc. The global industry shipments are anticipated to be 130 million units by 2028.
The industry is expanding globally owing to the increasing disposable incomes in various countries such as the U.S., Canada, the UK, Japan, and India. The COVID-19 pandemic negatively impacted the pet tech market in 2020 due to stringent lockdown measures and disruption in the supply chains. The increased sale for advanced pet wearable devices coupled with a rise in disposable incomes supported the market growth in 2021. The product launch was one of the key strategies of the players.
Rising demand for smart toys to keep pets active
Increasing investments by pet owners on pets’ leisure & entertainment solutions are creating a huge opportunity for smart pet toys that can be managed from remote locations. Companies are introducing products that allow owners to control smart pet toys through smartphone apps. Market players design diverse range of smart toys that offer challenging activities pets.
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Growing demand for pet tech products for commercial end uses
The pet tech products are used for commercial purposes to identify and monitor the health conditions of horses & livestock. The pet tech market is observing a high adoption of pet tech products to track and analyze the fitness of horses participating in a various types of races. These products improve horses' performance and winning chances during competitions by providing various nutritional regimens & training modules.
Companies offering products that monitor health parameters of cows and buffalos to deliver high-quality milk. They enable cattle owners to earn profits with the delivery of fresh milk to their customers.
Browse key industry insights spread across 380 pages with 537 market data tables and 41 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Innovative physical mass merchant stores offering pet tech products
The increasing competitive retail landscape has led physical mass merchant stores to transform their offerings with a complete suite of smart pet tech products. The mass market channel offers major brands and premium pet tech products in their stores at affordable prices. They offer one-stop shopping experience in an easy-to-navigate store that has a comprehensive product portfolio. Mass merchandise retailers have associates that provide feedback and guidance to customers to enable them to buy optimum pet tech products according to the needs and preferences of pets.
The market of physical mass merchant store includes merchandisers and supercenters such as Costco Wholesale Corporation, Sam's West, Inc., Target Corporation, and Walmart Inc., that provide various pet tech products with informative brochures to advise owners on proper pet care.
Government regulations in Asia Pacific offer growth opportunities
The Asia Pacific pet tech market will observe significant growth of around 20%from 2022 to 2028 The regional industry is witnessing exponential development owing to rise in government expenditure on pet safety by using technologically-advanced products for monitoring and tracking. An increase in the number of pet-missing reports has compelled the government to focus on implanting RFID tags into the pet's skin and providing them with a permanent ID.
Product upgrading to enhance the overall functionality
The market players are introducing new features to their existing product portfolio to provide directional indications that assist owners in quickly identifying their pets and following their movement. For instance, in August 2021, Garmin International Inc. released a software upgrade for its Tread powersport navigator that includes incorporated technologies to assist hunters and dog handlers in tracking sports dogs after pairing Tread with certain Garmin GPS dog systems (sold separately).
Various players operating in the pet tech market include Actijoy Solution, CleverPet, Inc., Dogtra Co., Felcana, Fitbark Inc., Garmin International, Inc., Halo Collar, IceRobotics, Ltd., Link My Pet, Loc8tor Ltd., Mars Incorporated, Motorola Solutions, Inc., Nedap N.V., Pawbo, Inc., Petcube, Inc., PETKIT, PetPace, LLC, Scollar, Inc., Tianjin Smart Pets Technology Co., Ltd., Tractive GmbH, Wagz, Inc., and WOPET.