Pet Tech Market worth over $20 Bn 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 poised to expand at 25% CAGR through 2025. The increasing adoption of the IoT & AI-enabled pet care solutions is a major factor propelling the pet tech industry growth. 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. 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.
Pet wearables segment accounted for majority of the pet tech market share in 2018. 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.
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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, 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 on account of 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 industry 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.
The North America pet tech market accounted for more than 55% share and will witness steady growth on account of the rapid increase in the adoption of these solutions in the household segment. 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 around 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.
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.
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