Pet Tech Market is Anticipated to Reach a valuation of USD 22075.5 Mn by 2028 at 23.2% CAGR - Exclusive Report by Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

Nov 30, 2022, 07:30 ET

LONDON, Nov. 30, 2022 /PRNewswire/ -- The Global Pet Tech Market is Anticipated to amass a valuation of USD 22075.5 Million by 2028 from USD 5124.3 Million in 2021, registering a CAGR of 23.2% over the forecast duration of 2022-2028.

Pet tech is predominantly referred to as the use of various advanced technologies to enhance the living conditions of pet animals. These technologies are equipped with the ability to improve their well-being, health, and safety. A wide array of software and applications have been developed by prime players in this sector. Health and activity tracking wearable along with surveillance sensors integrated with IoT or AI based features are some of the trend pet tech entities.

The growing trends of pet adoption, increase in the number of nuclear families, and rising income levels of the masses are primarily augmenting the outlook of this business vertical. Further, rising R&D activities in the field, rapid internet proliferation, along with emergence of numerous pet tech start-ups worldwide are adding momentum to the progression of this market.

Also, escalating demand for remote pet monitoring and tracking due to the hectic work schedule of owners is creating lucrative opportunities for this industry sphere to prosper. Moreover, widespread urbanization, rising emphasis of industry players to develop and launch advanced products in the field coupled with growing incidences of pet thefts and other mishaps are positively swaying the dynamics of the Global Pet Tech Market.

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Competitive Hierarchy

The prominent players defining the competitive terrain of Global Pet Tech Market are

CleverPet
FitBark Inc
Garmin International
IceRobotics
Link My Pet
Mars
Motorola Solutions
Nedap N.V.
Pawbo, Inc.
Petcube
Incorporated
Dogtra Co
Halo Collar
Actijoy Solution
Others

Global Pet Tech Market Segmentation: -

By Product:

Tracking Equipment
Entertainment Equipment
Monitoring Equipment
Feeding Equipment
Other

By Application:

Behavior Monitoring & Control
Identification & Tracking
Facilitation, Safety & Security
Medical Diagnosis & Treatment

By End-User:

Commercial
Household

Category-Wise Outlook

Which is the leading product Segment in this business vertical?

The tracking equipment segment presently leads the market in terms of volume share due to the increasing incidences of pet thefts.

Which application segment is expected to amass notable gains over the forecast duration?

The identification & tracking segment is anticipated to generate significant gains over the estimated timeline. This is ascribed to the increasing number of lost pets across the globe.

Which is the fastest growing end user segment in this Market?

The household segment has been gaining massive traction over the forecast period owing to the rising pet adoption rates worldwide.

These companies are striving to make their mark as global leaders in this market sphere. Mergers & acquisitions, R&D investments, product launches, partnerships, and collaborations are some of the effective business centric strategies adopted by these players to strengthen their industry position and make robust profits.

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Comparing the historical outlook and ongoing trends of this Market

The Industry Vertical has been amassing notable gains over the assessment timeline due to the emergence of various expansion propellants.

Widespread urbanization and economic developments have benefitted the mankind in many ways. But everything comes with certain disadvantages. The advent of technologies has certainly made our lives easier but has also negatively impacted our lives. With hectic work schedule and rising trends of nuclear families, we are being drifted apart from our near ones. The people are left with almost no time to interact or spend time with close friends or families. Even though social media platforms enable us to establish efficient communication with anyone, we are still lacking on the emotional connect. This has further resulted in the growing prevalence of mental health issues including depression. To tackle that, many people start adopting pets which not only gets rid of their loneliness but also helps them to stay active. These factors are stimulating the dynamics of this industry vertical.

There have been rising incidences of pet thefts worldwide. Also, certain companion animals lose their way home if they are allowed to wander on their own. Hence, pet owners try to adopt every possible security measure to track the activities of the beloved pets. It is evident that not everyone can stay with their pets constantly due to personal and professional commitments. Thus, the utilization of pet tech applications and devices allows users to monitor and track the day-to-day activities of these animals. In fact, some of the sensor integrated wearables helps them to find their pets if they are stolen or get stranded. This in turn is fuelling the growth of Global Pet Tech Market.

The increasing disposable income of the masses is another progression catalyst for this business vertical. Pet adoption can be costly in nature since they require high end diet, regular veterinary visits, vaccination shots, and toys, among others. Moreover, pet tech devices also cost a fortune since they are integrated with advanced technologies and undergo complexed manufacturing process. Therefore, only people with high income levels can efficiently take care of their pets without compromising on their security, diet, and overall wellbeing.

Region-Wise Insights

Which is the fastest growing region in the market?

North America has emerged as one of the most rapidly growing regions in this industry vertical. This is attributable to the increasing number of nuclear families, rising per capita income levels, presence of potential players, and technological advancements in the sector.

What prospects are in store for Europe Pet Tech Industry over the stipulated timeline?

Europe is reckoned to account for a substantial volume share over the forecast period owing to the rising pet adoption trends, growing efforts by citizens, government, and welfare organizations about the wellbeing of stray animals coupled with surging cognizance about pet health.

Major Developments

In December 2018, FitBark Inc. inked a partnership deal with Fitbit with an aim to raise awareness about pet health and wellbeing among owners.

The Pet Tech Market in the UK has been amassing notable gains over the forecast duration of 2022-2028.

There has been a steep rise in the rates of pet adoption in the nation. This can be credited to the increasing number of nuclear families, widespread urbanization, and growing prevalence of psychiatric illness triggered by extreme loneliness.

Moreover, rising trends of adopting rescued animals, escalating demand for remote tracking and monitoring of pets, along with surging disposable income of the masses are adding traction to the development of this market in the UK.

Further, the emergence of numerous pet tech startups, growing penetration of IoT in the nation, and rising digital literacy among the masses are creating lucrative opportunities for this business vertical to prosper.

The UK citizens are also highly concerned about the safety of their pets due to the growing occurrence of pet thefts. Moreover, several companion animals tend to lose their way home when allowed to wander on their own. Therefore, the use of sensors and other tracking devices enables owners to easily finds their pets and reunite with them in real time. This in turn is escalating the demand for pet tech devices in the country.

On Special Requirement Pet Tech Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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