Rockville, Oct. 27, 2022 (GLOBE NEWSWIRE) -- During the forecast period 2022-2032, the pet wearables market is expected to grow at a value of 8% CAGR, according to Fact.MR. By the year 2032, the global market for pet wearables is expected to rise to a market valuation of US$ 10.96 Billion. The increase in demand for pet wearables is mostly due to consumers' increased ability to spend money on pets as a result of pet healthcare and biomedical imaging. Pet insurance companies have expanded quickly in recent years.
The use and demand of these devices, as recommended by insurance companies, will be one of the major factors affecting the market for pet wearables. Rising downstream demand and expanding pet health awareness are the main factors affecting the market for pet wearables. Pet wearables will serve a purpose during the projected period based on their cost-effectiveness and impacts on the pet healthcare system.
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Region wise, the availability of improved technologies and increased veterinary care expenditures are likely to drive growth in the US industry. According to the American Pet Product Association, the US pet industry will spend more than USD 100 billion by 2022. On the other hand, rising pet health awareness and a growing use of wearable technology are expected to propel Chinese market development over the forecast period.
Key Takeaways from the Market Study
- In 2022, the global cheddar cheese market is estimated to have a global market size of US$ 3.2 Bn.
- In 2022, the RFID segment by technology type is expected to occupy a 58% market share and is expected to dominate the global market during 2022-2032.
- The emotion tracker segment is projected to hold a global market share of 30% in 2022.
- The US market is predicted to acquire 45% of the global market share in 2022 and grow with an 8.1% CAGR during 2022-2032.
- The Chinese region is forecast to have a CAGR of 7.9% over the projection period of 2022- 2032.
“The awareness of owners towards their pets' welfare is contributing to the market expansion. Additionally, during the past few years, the pet wearable industry has garnered sizable financing for a variety of technologically advanced goods for pets, such as cameras and wearables. ” comments a Fact.MR analyst.
What is the outlook of the US Pet Wearables Market?
The US market will be the most lucrative market for pet wearables during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.
The region's market is expected to develop as a result of the availability of advanced technology and rising expenditure on veterinary care. For instance, the American Pet Product Association projects that by 2022, the U.S. pet sector would spend more than USD 100 billion.
Numerous pet-related services, including pet daycare facilities, nutritional supplements, grooming services, pet accessories, and one of the newest offerings-pet wearables and communication gadgets-are all anticipated to drive demand in the industry. Thus, the US market is predicted to grow at an 8.1% CAGR during 2022-2032.
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Competitive Landscape
- Avid Identification Devices Inc. creates and provides injectable RFID electronic identification systems for use in animal applications. The company sells Labtrac, a permanent microchip-based animal identification system. Among the nations where it sells and distributes its items are Australia, Argentina, Brazil, Colombia, Canada, Costa Rica, France, Ecuador, Guatemala, Mexico, South Korea, New Zealand, Spain, Peru, the United States, the United Kingdom, and Uruguay.
- In 2022, Fitbark debuted FitBark GPS 2nd Generation. Their most current tracker seamlessly (and easily) switches between AT&T, Verizon, and T-Mobile 4G LTE-M networks to deliver the best coverage at all times. It is important to remember that the inbuilt sim is independent of the smartphone's cellular provider. FitBark GPS 2nd Generation weighs 16 grams and is as fond of water as the dog is. It is suitable for dogs of all sizes, including Leonbergers and Chihuahuas. It accommodates collars as wide as 1.5′′. (38 mm).
Prominent Players in The Global Market
- RSA Group
- Avid Identification Systems, Inc.
- Allflex USA Inc.
- Datamars
- FitBark
- Garmin Ltd.
- Invisible Fence
- Link AKC
- Loc8tor Ltd.
- PetPace LLC
- Whistle Labs, Inc.
- Voyce
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Key Segments Covered in the Pet Wearables Market Report
- By Product Type :
- Pet Cameras
- Activity monitors
- GPS Trackers
- Pet-Emotion Sensors
- Pet-to-Human Translators
- By Distribution Channel :
- Modern Trade
- Franchised Outlets
- Specialty Stores
- E-Commerce
- By Technology :
- GPS
- RFID
- Sensors
- By Application :
- Medical Diagnosis & Treatment
- Behavior Monitoring & Control
- Safety & Security
- Identification & Tracking
- By Region :
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East Africa
Check out more related studies published by Fact.MR Research:
Pet Feeder Market: Pets have become an integral part of families across the world and their well-being is a rising concern among owners owing to their busy lifestyle. The growing concern for the health of pets has resulted in a surge in pet service products, as a result the demand for pet feeders has increased.
Pet Grooming Gloves Market: Increasing urbanization and use of non-human support due to the breakdown in social support system has resulted in domesticating animals. More people have pets in households due to rising nuclear families and an increase in the number of people living separately.
Pet Jerky Treat Market: With the pet lovers and owners inclining towards safe and natural ingredients, the pet jerky treat market is expected to transform significantly. The major pet jerky treat market players including Dogswell, a leading pet food brand are focused towards providing safe pet jerky treat to the pets with the goodness of natural and functional ingredients.
PET Containers Market: The global PET containers market is estimated at USD 73.1 Billion in 2022 and is forecast to reach USD 122.4 Billion by 2032, growing at a CAGR of 5.3% during 2022 to 2032. Fact.MR- a market research and competitive intelligence provider, foresee a thriving growth in PET containers demand. The global PET containers market is expected to grow at 5.3% CAGR during 2022-2032 and reach the valuation of USD 122.4 Billion by the end of 2032.
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