Pet Tech Market size is expected to cross USD 35 billion by 2032, according to a new research report by Global Market Insights Inc.
Growing disposable incomes across Asia Pacific countries like China and India will contribute to the market expansion. Despite the rising cost of living, pet owners in China as spending heavily on pet care products. In 2020, the Chinese pet industry was valued at US$46 billion, up from US$10 billion in 2015. While the China Pet Industry Association predicts that the sector will be 50% larger by 2023, at around US$64 billion. Rising per capita disposable income across the region is set to support the sales of pet smart devices over the ensuing years. In 2022, China's households had an average yearly per capita disposable income of about USD 278.24.
Initiatives to introduce new pet safety device standards
The pet tech market share from the pet safety application segment is estimated to surpass USD 10 billion by 2032, due to growing among households that consist of working pet owners who cannot keep an eye on their pets continuously. The development of new pet tech devices and solutions has called for standards and practices to ensure pet safety. For instance, in December 2022, the consumer products committee (F15) of ASTM International created a new group to maintain standards for pet products. The group established best practices for design safety, created new criteria for particular pet goods, and assisted businesses to be more consistent in their messaging.
Growing popularity of smart aquarium systems across the commercial sector
Pet tech market share from the commercial end-use segment is slated to record over 15% CAGR from 2023 to 2032. Installation of large aquariums and fish tanks across the commercial sector has triggered the need for smart aquarium systems and devices. Automatic feeders, water quality monitoring, and aquarium controllers are a few examples of pet smart gadgets that assist owners in maintaining a safe and comfortable living space for aquatic pets. New product launches and developments are poised to offer a boost the market in the commercial sector. In September 2022, CoralVue, an aquarium controller brand, launched a new range of controllers designed to increase functionality and convenience for aquarium keepers.
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 Water Dispenser, 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, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Soaring sales of smart pet devices through online retail chains
The pet tech market size from the online-only retailer segment is predicted to exceed USD 15 billion by 2032. Consumers these days are purchasing pet products from online retailers like Amazon, Chewy, and Walmart. The availability of a variety of pet-related products and the rising popularity of e-commerce have supported the shift in the purchase of smart pet gadgets through online retail chains. Convenient features like lower pricing, discounts, one-stop-shop, etc. as well as awareness regarding pet-related technology will drive consumer traffic at online retail stores by pet owners.
Adoption of new pet tech solutions in APAC
Asia Pacific pet tech market will witness over 15% CAGR through 2032. Advancements in pet smart devices and increased disposable income will fuel the market growth. Pet tech devices and animal management systems are largely deployed across zoos in China. Take for instance, in May 2022, China introduced a digital panda system that makes use of smart cameras for facial recognition and accurate panda identification. Using this method, each animal can be reliably tracked and differentiated.
Launch of new smart pet accessories
Major players involved in pet tech market include Garmin International, Inc, Mars Incorporated, Afimilk, Nedap N.V., Pawbo (Acer), Petcube Inc, Wagz, Inc, Fitbark Inc., and Xiaomi. To expand their geographical scope and improve their market standing, companies are working on mergers, new product launches, and other initiatives.
For instance, in May 2022, Halo Collar introduced Halo 2+, a wireless dog fence and GPS collar solution. The product offers features like 20+ hour battery life and improved GPS with 50% better coverage.