Pet Tech Market is Owing to Rising Adoption of Smart Collars,Cameras and Feeders

 

Pet Tech Market

The pet tech market comprises products such as smart collars, cameras, feeders, GPS trackers and activity monitors. Such pet tracking devices and cameras help pet owners keep a check on their pets remotely and keep them safe. Moreover, smart feeders help feed pets on a set schedule as per their dietary needs, while activity monitors keep track of pets' health and fitness. Rising humanization of pets and economic growth have resulted in increased spending on pet care products. Growing urbanization and smaller families have also led to an increase in pet ownership which drives demand for pet tech products.

The Global Pet Tech Market is estimated to be valued at US$ 20.45 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Pet Tech market are Afimilk, Animo, Blue Buffalo, Chewy, CleverPet, Dogtra, DOGVACAY, FitBark, Garmin International, GoPro, Hill's Pet Nutrition, iFetch LLC, IceRobotics, Mars Petcare, and Nestle Purina Petcare.

Major players like FitBark, Mars and Whistle focus on tracking activity and health monitoring devices for pets. Meanwhile, Dogtra, Garmin and GOPro specialize in GPS tracking collars and cameras for activity and location monitoring. Additionally, companies like Blue Buffalo, Hill's and Nestle Purina offer smart feeders that can be programmed as per Pet Tech Market Demand feeding schedules and nutritional needs.

Geographically, North America held the largest share in the Pet Tech market due to high pet ownership and spending on pets in the region. However, Asia Pacific is expected to witness the highest growth led by economic development, rising disposable incomes and increasing acceptance of pets. Major players are also expanding into emerging countries of Asia Pacific and Latin America to tap new potential customers.

Market Drivers

Rising humanization of pets where they are considered as family members drives demand for technology enabled products that help monitor and take care of pets remotely. Growing popularity of IoT has led to development of various smart devices for pets. Moreover, higher spending capacity and willingness to pay for pet wellness and safety drives the market growth.

Market Restraints:

Initial setup and maintenance costs of smart pet devices are higher which limits adoption. There are also privacy and data security concerns related to devices connected to internet. Battery and connectivity issues in some devices act as challenges for the pet tech market.

Segment Analysis

Pet Tech Market is dominating by tech products for dogs segment. Within this segment, wearables sub-segment dominates the market. Products like fitness trackers, smart collars and activity monitors are gaining high popularity among dog owners. They allow owners to monitor their pet's activity, location, health parameters like heartbeat and more remotely. Growing trend of humanizing pets and increasing awareness about pet health and fitness is driving demand for such wearable devices globally.

The second largest segment in the Pet Tech Market is products for cats. Cat trackers and activity monitors sub-segment has high growth potential in the forecast period. Unlike dogs, cats are independent animals and they wander alone. Therefore, cat owners are increasingly adopting GPS and RFID trackers as well as activity monitors to keep a tab on their cat's location and daily routine even when they are alone.

Global Analysis

North America accounts for the largest share in the global Pet Tech market and is expected to maintain its dominance in the coming years. Factors such as high pet adoption, increasing disposable income, and growing awareness about pet health and technology are fueling market growth in the region. Availability of innovative products from major players as well as presence of supportive infrastructure is also promoting the market expansion. Asia Pacific is projected to emerge as the fastest growing regional market between 2024 and 2031. Rising pet ownership, growing middle-class population and increasing investments by key companies are some of the factors behind lucrative opportunities in Asia Pacific countries like India and China.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)