New York , Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global pet tech market size is predicted to grow at a CAGR of over 16% from 2023 to 2035. The market is projected to garner a revenue of USD 37 billion by the end of 2035, up from a revenue of USD 7 billion in the year 2022. The growing trend of pet ownership has significantly contributed to the growth of the market. More and more people are adopting pets and considering them as integral members of their families.
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The number of people owning pets in the United States has seen an increase in the last thirty years. Currently, 67% of households in the U.S., which translates to, around 87 million homes have pets. It has been observed that 86% of dog owners and 79% of cat owners treat their pets as members of their families. This shift in mindset has created a strong demand for innovative technology that can enhance the overall pet ownership experience.
Pet Tech Market: Key Takeaways
- Market in North America to propel highest growth
- Tracking equipment segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Emerging Trends in Pet Health and Wellness to Boost Market Growth
Pet owners are increasingly focused on monitoring and tracking the health of their pets. They want to ensure that their pets are healthy and receive the necessary care. A total of nearly 300,000 pets in Europe and North America are equipped with an IoT pet tracking device. With a growth rate of 43 percent, it's one of the hottest areas of the Internet of Things. This trend has led to the development of technology that can track and analyze pet health data, such as wearable devices and smart collars.
In addition to monitoring health, pet owners are also focused on promoting overall wellness for their pets. They want to provide the best care possible, which includes managing their pets' diet, exercise, and mental well-being. This has created a demand for technology that can help pet owners track and manage their pets' wellness, such as smart feeding systems and interactive toys.
Pet Tech Industry: Regional Overview
The global pet tech market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Interest in Health and Wellness Among Pet Owners to Drive the Growth in the North America Region
The pet tech market in North America region is estimated to garner the largest revenue by the end of 2035. There is a growing interest in health and wellness among pet owners in region, and this has led to an increased demand for pet tech solutions that can help monitor and improve the health of their pets. Moreover, in the United States, pet adoption from shelters and rescues has become increasingly popular in recent years. In the United States, 13% of respondents adopted a pet in the last year (2020), and 41% prefer adoptions from shelters or rescues to other forms of adoption. This rise in pet adoption has caused an increase in demand for pet-related products and services, such as pet-related apps, pet insurance, and pet wearables. As more people adopt pets, the demand for pet-related products and services will continue to grow.
Increasing Urbanization and Growing Middle Class to Drive the Growth in the Asia Pacific Region
The Asia Pacific pet tech market is estimated to garner the largest revenue by the end of 2035. The millennial generation in the region is more likely to adopt pets than other generations, as well as adopt pet tech products such as pet trackers and pet cameras that support remote monitoring of pets. Approximately 65 percent of Chinese buyers of intelligent pet products purchased smart water fountains in 2021. Almost 62% of smart device buyers preferred monitoring cameras to check on their pets while they were away. Furthermore, the Asia Pacific region has a large and growing middle class, which is likely to drive economic growth, as well as an increase in pet adoption to drive pet tech market. Moreover, the increasing urbanization of the region is driving the demand for pet products, as well as the demand for pet tech products.
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Pet Tech Segmentation by Type
- RFID
- GPS
- Sensors
The RFID segment in the pet tech market is anticipated to hold the largest revenue by the end of 2035 driven by the increasing awareness among pet owners about their pet's health, as well as the availability of innovative pet tech products like RFID chips, which can track pet's physical activity levels and provide insights into their pet's health. As of 2018, livestock and pets were identified and tracked with over 536 million RFID tags. The RFID segment is also expected to benefit from the increasing adoption of pet tech by veterinarians, who can use the data to track the health of their patients and make more informed decisions about their health. RFID tags can provide veterinarians with real-time data on their pet patients, such as their body temperature, heart rate, and blood pressure. This data can help veterinarians to monitor the health of their patients and make decisions about their health with more accuracy.
Pet Tech Segmentation by Product
- Monitoring Equipment
- Tracking Equipment
- Entertainment Equipment
The tracking equipment segment is anticipated to hold the largest revenue by the end of 2035 driven bsy the increasing number of lost pets. Each year, approximately 11 million dogs and cats are reported lost or stolen in the United States. As pet owners become more aware of the risks associated with losing a pet, they are more likely to invest in tracking equipment. The tracking equipment segment is also projected to benefit from the increasing popularity of pet cams and other pet monitoring devices. Moreover, as more people use their phones to track their pets, there is a growing demand for mobile tracking solutions. GPS and other satellite technologies are becoming more accurate and can be used to provide real-time tracking data, making it easier to keep track of a pet's location.
Pet Tech Segmentation by Application
- Pet Safety
- Pet Healthcare
Pet Tech Segmentation by End Use
- Household
- Commercial
Pet Tech Segmentation by Distribution Channel
- Offline
- Online
A few of the well-known market leaders in the global pet tech market that are profiled by Research Nester are GoPro, Inc., FitBark Inc., Garmin Ltd., CleverPet Inc., Scollar Personalized Pet Care, Tractive, Mars Incorporated, Lupine Pet, Motorola Solutions Inc., Wagz Inc, and other key market players.
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Recent Development in the Pet Tech Market
- FitBark formed a collaboration with Elanco, a company specializing in the development and promotion of innovative products aimed at enhancing the wellbeing of companion animals. The objective of this partnership was to bring FitBark and Galliprant (a medication in tablet form containing grabiprant) at select veterinary practices, throughout the United States.
- Tractive, a known brand in GPS pet tracking for both cats and dogs recently announced the release of their new activity monitoring tool. This innovative feature aims to help pet owners stay connected with their companions ensuring they are always in good health and keeping an eye on their whereabouts. With this addition, to Tractives renowned GPS tracking capabilities devoted pet parents now have everything they need to provide the care for their beloved animals.
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