Dublin, April 08, 2024 (GLOBE NEWSWIRE) -- The "Pet Tech Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The pet tech market size has grown rapidly in recent years, from $5.24 billion in 2023 to $6.28 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%.
The growth observed during the historical period can be attributed to several factors, including an increase in pet ownership, the rise of e-commerce in the pet products industry, a heightened focus on pet health and wellness, urbanization leading to busy lifestyles, and the trend of humanization of pets where pets are treated as family members and their well-being is prioritized.
The pet tech market size is expected to see rapid growth in the next few years, growing to $12.02 billion in 2028 at a CAGR of 17.6%.
The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence (AI) and machine learning in pet tech, the expansion of telehealth services for pets, the growth of smart pet home ecosystems, an increased focus on environmental sustainability, and the adoption of customized nutrition solutions for pets. Major trends expected in the forecast period include collaborations with pet industry experts, advancements in wearable technology for pets, the development of smart feeding solutions, innovations in pet identification and tracking, and the rise of telehealth and remote veterinary services for enhanced pet care.
The rising adoption of pets is anticipated to drive the growth of the pet tech market in the coming years. Pet adoption involves the transfer of responsibility for a pet from one owner to another, and pet tech products play a crucial role in enhancing the well-being, health, safety, and overall experience of both pets and their owners. For example, in January 2023, according to the Petfood Industry, a US-based resource for professionals in the pet food and treat manufacturing industry, dog adoption numbers increased by approximately 1.2%, rising from 393,712 in 2021 to 398,477 in 2022. Additionally, U.S. residents adopted about 2% more cats than the previous year, reaching 539,015 in 2022. As a result, the surge in pet adoption is a key driver behind the growth of the pet tech market.
The increasing disposable income is expected to further boost the expansion of the pet tech market. Disposable income refers to the money available to individuals or households for spending or saving after income taxes have been deducted. With a rise in disposable income, consumers are more inclined to invest in premium and high-end pet tech products, leading to increased sales of sophisticated and durable technologies with advanced features. In June 2022, a report by the Bureau of Economic Analysis, a US-based government agency, indicated a monthly increase of $113.4 billion, or 0.5 percent, in personal income. Disposable personal income (DPI) also rose by $96.5 billion (0.5%). Consequently, the upward trend in disposable income is contributing to the growth of the pet tech market.
Major companies in the pet tech market are concentrating on developing advanced technologies, such as Minitailz GPS technology. This focus aims to enhance pet health monitoring and secure a competitive edge in the market. GPS technology involves using signals from satellites for precise location tracking. For example, in January 2024, Invoxia, a France-based consumer electronics company, introduced the Minitailz Smart Pet Tracker, an AI wearable for dogs and cats. This device serves as an all-in-one GPS tracker and wellness device, measuring respiratory rate and heart vitals, detecting anomalies in pet behavior, and differentiating activities such as walking, running, and eating. It also identifies atrial fibrillation in pets and offers detailed health reports through the accompanying app. The Minitailz includes a built-in SIM with GPS technology for activity tracking and locating lost pets, along with geofencing features, including vital signs monitoring and atrial fibrillation detection.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Type: Radio Frequency Identification (RFID); Global Positioning System (GPS); Sensors; Other Types.
- By Distribution Channel: Offline; Online
- By Application: Identification And Tracking; Behavior Monitoring And Control; Facilitation, Safety And Security; Medical Diagnosis And Treatment.
- By End Use: Commercial; Household
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $6.28 Billion |
| Forecasted Market Value (USD) by 2028 | $12.02 Billion |
| Compound Annual Growth Rate | 17.6% |
| Regions Covered | Global |
Companies Profiled:
- Garmin Ltd
- GoPro
- Loc8tor Ltd
- Nedap NV
- Datamars
- Tractive
- Wag Inc
- Invisible Fence
- Scollar Inc
- Avid Identification Systems Inc
- DOGVACAY
- PetPace LLC
- Allflex Group
- CleverPet
- Petcube Inc
- Konectera
- Whistle Labs Inc
- Furbo
- iFetch LLC
- Dogtra
- IceRobotics
- Fitbark
- Link AKC
- Pawscout Inc
- Invoxia
- Felcana
- Actijoy Solution
- Powbo Inc
- All Home Robotics
For more information about this report visit https://www.researchandmarkets.com/r/esew0y
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