Dublin, June 14, 2024 (GLOBE NEWSWIRE) -- The "Pet Tech Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global pet tech market reached a value of nearly $5.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 13.5% since 2018. The market is expected to grow from $5.2 billion in 2023 to $13.1 billion in 2028 at a rate of 20.2%. The market is then expected to grow at a CAGR of 17.7% from 2028 and reach $29.7 billion in 2033.
Growth in the historic period resulted from the strong economic growth in emerging markets, increased spending on pet care and rapid urbanization. Factors that negatively affected growth in the historic period was limited internet connectivity.
Going forward, increasing pet ownership, rising disposable income, rise in e-commerce and rising awareness of pet health and wellness will drive the growth. Factor that could hinder the growth of the pet tech market in the future include data privacy and security concerns.
The pet tech market is segmented by type into radio frequency identification (RFID), global positioning system (GPS), sensors, camera and other types. The radio frequency identification (RFID) market was the largest segment of the pet tech market segmented by type, accounting for 31.1% or $1.6 billion of the total in 2023. Going forward, the camera segment is expected to be the fastest growing segment in the pet tech market segmented by type, at a CAGR of 23.9% during 2023-2028.
The pet tech market is segmented by application into identification and tracking, behavior monitoring and control, facilitation, safety and security and medical diagnosis and treatment. The identification and tracking market was the largest segment of the pet tech market segmented by application, accounting for 54% or $2.8 billion of the total in 2023. Going forward, the medical diagnosis and treatment segment is expected to be the fastest growing segment in the pet tech market segmented by application, at a CAGR of 24% during 2023-2028.
The pet tech market is segmented by end-use into commercial and household. The household market was the largest segment of the pet tech market segmented by end-use, accounting for 83.7% or $4.4 billion of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in the pet tech market segmented by end-use, at a CAGR of 21.7% during 2023-2028.
The pet tech market is segmented by distribution channel into offline and online. The online market was the largest segment of the pet tech market segmented by distribution channel, accounting for 64.4% or $3.4 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the pet tech market segmented by distribution channel, at a CAGR of 21.6% during 2023-2028.
North America was the largest region in the pet tech market, accounting for 40.2% or $2.1 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the pet tech market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 22.4% and 20.7% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 20.4% and 20.3% respectively.
The global pet tech market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 12.90% of the total market in 2022. Petco Health and Wellness Company Inc. was the largest competitor with a 7.56% share of the market, followed by Fi with 0.92%, Tractive GmbH with 0.91%, PetSafe with 0.84%, Whistle Labs Inc. with 0.81%, Sportdog with 0.60%, Litter-Robot by Whisker with 0.51%, Petcube Inc. with 0.36%, Sure Petcare with 0.26% and PetKit Co. Ltd. with 0.15%,
The top opportunities in the pet tech market segmented by type will arise in the radio frequency identification (RFID) segment, which will gain $2.6 billion of global annual sales by 2028. The top opportunities in the pet tech market segmented by application will arise in the identification and tracking segment, which will gain $4.5 billion of global annual sales by 2028. The top opportunities in the pet tech market segmented by end-use will arise in the household segment, which will gain $6.5 billion of global annual sales by 2028. The top opportunities in the pet tech market segmented by distribution channel will arise in the online segment, which will gain $5.6 billion of global annual sales by 2028. The pet tech market size will gain the most in the USA at $2.4 billion.
Major Market Trends
- Introduction of Wearable Devices for Activity Tracking and Heath Monitoring
- Introduction of Automatic Pet Feeders for Convenient and Customizable Feeding Solutions
- Launch of Smart Dog Collars Focused on Health Monitoring
- Integration of AI in Cameras to Enhance the Pet Ownership Experience
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 history and forecasts market growth by geography. It places the market within the context of the wider pet tech market; and compares it with other markets.
Markets Covered:
- By Type: Radio Frequency Identification (RFID); Global Positioning System (GPS); Sensors; Camera; Other Types
- By Application: Identification and Tracking; Behavior Monitoring and Control; Facilitation, Safety and Security; Medical Diagnosis and Treatment
- By End Use: Commercial; Household
- By Distribution Channel: Offline; Online
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; pet tech indicators comparison.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 305 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $5.2 Billion |
| Forecasted Market Value (USD) by 2033 | $29.7 Billion |
| Compound Annual Growth Rate | 18.9% |
| Regions Covered | Global |
Companies Profiled:
- Petco Health and Wellness Company Inc.
- Fi
- Tractive GmbH
- PetSafe
- Whistle Labs Inc.
- Sportdog
- Litter-Robot by Whisker
- Petcube Inc.
- Sure Petcare
- PetKit Co. Ltd.
- DoggyMan H. A. Co. Ltd.
- Anker Innovations
- Boqii Holding Ltd.
- SpotCam
- Dogness (International) Corporation
- Zoozy
- Givaudan
- Invoxia
- Tractive
- Itch
- Felmo GmbH
- Dalma
- Lassie AB
- Zoosfery
- PetMart
- Petissimo
- Pet Center
- FitBark
- PetPace
- Embark Veterinary
- Cindy Fouts
- Kokomo Animal Hospital
- Microsules Argentina Laboratory
- Agroindustrias Baires S.A.
- Laboratorio Drag Pharma Chile Invetec S.A.
- Comfort Click Ltd.
- Zabeel Veterinary Hospital
- Primo Veterinary Medicines Trading LLC. (UAE)
- AL KUBARA VETERINARY MEDICINES TRADING LLC (UAE)
- Eurovets Veterinary Suppliers
- Norbrook
- BreedMax Egypt
For more information about this report visit https://www.researchandmarkets.com/r/egg5ui
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
