Microchip Pet Feeder Connect Market Segmentation By Material (Stainless Steel, Plastic, Ceramic And Others); By Distribution Channel (Pet Stores, Online Stores And Retail Shops) – Global Demand Analysis & Opportunity Outlook 2020-2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Microchip pet feeder is a smart pet feeder that recognizes the microchip or an RFID tag embedded in pets such as cats or dogs and monitors their eating habits. The microchip pet feeder opens for only those pets that are wearing a microchip enabled RFID collar tag. A single pet feeder could permit registration for up to 32 pets. Moreover, pet owners would be able to control and measure the consumption of food, decide the accurate portion size to be provided and analyze the eating behavior of pets. This device indicates to the pet owner about any changes in the behavioural patterns of pets such as appetite loss or illness on the basis of analysis of food consumption.
The microchip pet feeder connect market is estimated to record a modest growth over the forecast period (2020-2027). This can be attributable to several factors that are generating the demand for this product such as ensuring adequate food supply to pets. Pet owners with more than one pet just have to insert a microchip RFID tag on the collar to ensure that each pet would have access to food expected to be consumed by them every day. It has automated open system for when the pet arrives and lock system for after it finishes consuming the food.
There is a surge in the number of smart device users across the globe who are showing increased preferences towards managing their daily activities with comfort and ease such as by using mobile apps for operating their daily activities. The advancements in digital technology have provided adequate opportunities for managing domestic tasks through the click of an app of a smartphone. There is a notable increase in the number of pet owners using virtual assistants with voice activation for enabling pet feeders. Smartphones provide several additional features and notifications regarding pet care and food that must be consumed by pets in order to ensure a healthy life. Additionally, changing cultures among individuals that is increasing the number of pets owned by them is another factor estimated to boost the market growth.
The rising disposable incomes among the global millennial population accompanied by increasing shift towards healthier food habits among them as well as their pets are some factors anticipated to drive the growth of the market over the forecast period.
Increasing prevalence of urban lifestyles and burden of work pressure faced by individuals at workplace have drastically reduced the time available for taking care of pets. On account of such factors, pet grooming, pet care and many other services are becoming increasingly popular globally which is anticipated to drive the demand for pet feeders over the forecast period.
Although, microchip pet feeder permits access to only the authorized pet towards the food bowl and prevents access to other animals, it is complicated as far as its use is concerned which might create a hurdle for the user if not operated properly, thus limiting the demand for such pet feeders. Apart from this, pet feeders have a low battery life. Moreover, bigger pets may not be able to have access to such food bowls. These factors are estimated to hinder the progress of microchip pet feeder market during the forecast period.
Our in-depth analysis of the global microchip pet feeder connect market includes the following segments:
On the basis of regional analysis, the microchip pet feeder connect market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North American region is predicted to occupy the largest market share, owing to increasing awareness among the general population about pet feeders and various technological and product development initiatives undertaken by market players in the region. Besides, the rise in the working population and rapid urbanization has led to the rise in demand among the general population to adopt microchip pet feeders in order to save time and also ensure their pets are being served with accurate portions of food and at the appropriate time in order to ensure the health and well-being of their pets.
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The global microchip pet feeder connect market is further classified on the basis of region as follows:
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