Pet Tech Market Size & Share, by Type (RFID, GPS, Sensors); Product (Monitoring Equipment, Tracking Equipment, Entertainment Equipment); Application (Pet Safety, Pet Healthcare); End-user (Household, Commercial); Distribution Channel (Offline, Online) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4743
  • Published Date: Mar 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Pet Tech Market size is projected to surpass USD 37 Billion by the end of 2035, growing at a CAGR of 16% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of pet tech was over USD 7 Billion.The growth of the market can be attributed to growing adoption of pet all around the globe. In 2018, there were roughly 18 million dogs kept as pets in India. By the end of 2023, it was anticipated that the population of pet would exceed about 30 million. Cortisol levels, a hormone linked to stress, have been shown to drop and blood pressure to drop when people interact with animals. Additional research has revealed that animals could improve the mood, lessen loneliness, and increase feelings of social support. Hence, this could the major factor for the pet adoption growth.

Furthermore, people are becoming more aware of the importance of pet health. According to psychologists, a variety of factors, including sociocultural norms, religious convictions, personality traits, and early experiences, might have an effect on our emotions toward animals. Researchers have also proposed a genetic component to compassion for animals. Hence, owing to this, their concern for the wellbeing of the pet has become priority, which would further boost the demand for various pet tech products. Further, there has been a growing spread of disease among pets, which has also increased concern for pet health. Hence, the demand for examination is growing, which is also estimated to boost the market’s growth of pet tech.


Pet Tech Market
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Pet Tech Sector: Growth Drivers and Challenges

Growth Drivers

  • Surge in Disease Among Pets - Pets suffer from various disease which usually goes unnoticed. For instance, in dogs, congestive heart failure (CHF) is relatively prevalent. About 74% of older dogs and approximately 9% of all dogs have some sort of cardiac disease. The development of CHF could be caused by a variety of reasons. While this condition may take years to manifest, some dogs are born with congenital cardiac problems that contribute to this illness. Hence, in order to identify the disease in pets the demand for various animal’s wearable devices and AI assisted technology is growing, which is further estimated to boost the market growth.
  • Growing Prevalence of Internet- Since large number of people are using internet the demand for various applications on mobile phones is growing. These applications could help in tracking pet health along with connecting with the pet care services. About 4 billion people, or approximately 63 percent of the world's population, were internet users as of January 2023.
  • Rise in Lost Pet Cases - The number of lost pets in the US is around 9 million every year, with millions of them ending up in animal shelters around the country. Hence, the demand for microchips and more such devices in order to track lost pet is growing.
  • Launch of Smart Pet Equipment - The newest Halo collar, the Halo 2+, which offers newly patented, cutting-edge guidance for your dog, was introduced in 2022 by Halo, the world's safest and most sophisticated all-in-one pet safety and training technology.
  • Upsurge in Rise on Income of People - Over the past two decades, the US personal income has consistently increased, from about 4 trillion dollars in 1991 to approximately 2o trillion dollars in 2021. Hence, since the income of people is growing their spending on the wellbeing of their pets is also growing.

Challenges

  • Growing Competition Among Key Stakeholders
  • Unexpected Malfunctions – Owners using pet related technologies, also has to cope with unforeseen issues. Even, if the training collar has a remote, the remote could malfunction occasionally. For instance, the remote control could stop working at random times or the batteries might run out. Other issues might arise such as food being dispensed insufficiently or at the wrong times. Technology could malfunction in a variety of ways, so when these issues occur, people could find them bothersome. Hence this factor is estimated to hinder the growth of the market.
  • Rise in Electrical Issues Leading to Disturbance in Pet Tech Product Functions

Pet Tech Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~16%

Base Year Market Size (2022)

~ USD 7 Billion

Forecast Year Market Size (2035)

~ USD 37 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Pet Tech Segmentation

Type (RFID, GPS, Sensors)

The global pet tech market is segmented and analyzed for demand and supply by type into RFID, GPS, and sensors. Out of which, the RFID segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to the growing need to monitor the temperature, heart rate, and more, of the pet. Moreover, the obesity prevalence among pets is also growing. About 55% of dogs and approximately 59% of cats in the United States were overweight or obese in 2022. In addition to the domestic pets, about 29% of horses were also thought to be obese. Hence, the need to monitor calorie intake is also growing. The RFID trackers enable the monitoring of heart rate variability, caloric intake, body temperature, and pulse. These advantages are crucial to maintaining segment growth, which is anticipated to last for the entire forecast time period. Also, its usage is growing by the farmers in order to track their animals. Radio frequency identification also known as RFID has an antenna in the reader which delivers a radio signal to activate the RFID chip when the animal is within range of the reader. Then, a signal with the animal's identifying number is returned by the chip. An animal tracking computer may obtain the information from the reader. A multitude of parameters, such as medication dose, feed output, weight, and milk production, are tracked by farmers and ranchers using tags.

Product (Monitoring Equipment, Tracking Equipment, Entertainment Equipment)

The global pet tech market is also segmented and analyzed for demand and supply by product into monitoring equipment, tracking equipment, and entertainment equipment. Amongst which, the tracking equipment segment is anticipated to grow significantly over the forecast period, backed by growing urge to monitor the activity of the pet. Moreover, growing cases of lost pets is also estimated to boost the segment growth. Pets are fitted with tracking devices in order to boost the probability of owner-lost pet reunions. Also, the demand for mobile tracking solution is also growing. A mobile phone receives the pet's location information via radio frequencies (RFs) from satellites (such as GPS), and it is expected to drive the growth of the segment in the market.

Our in-depth analysis of the global market includes the following segments:

                By Type

  • RFID
  • GPS
  • Sensors

               By Product

  • Monitoring Equipment
  • Tracking Equipment
  • Entertainment Equipment

             By Application

  • Pet Safety
  • Pet Healthcare

             By End Use

  • Household
  • Commercial

            By Distribution Channel

  • Offline
  • Online

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Pet Tech Industry - Regional Synopsis

North American Market Forecast

The North American pet tech market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, backed by the growing disposable income which is influencing people to spend more on intelligent and smart pet products which includes smart collars, feeders, and more, along with growing adoption of rescue pets. In America, about 41% of people indicated that they'd rather adopt a pet from a shelter or a rescue than any other type of adoption. Moreover, the increased incidence of pet ailments is anticipated to drive pet owners to purchase smart pet tech items and examine their pet's health conditions, such as sleep, heart rate, and breathing. During the course of the forecast period, this is anticipated to increase growth for the North America pet tech market. Also, in the upcoming years, the market in this region would experience considerable growth in this region owing to an increasing need for pet collars that permit better training in animals. Pet collars with GPS tracking send updates and escape alarms through text message or an app. Owners could set activity objectives for exercise and calorie intake with the use of proactive notifications for excessive scratching, napping, and behavioral issues. Reminders for veterinary checkups, grooming, and medication assist to enhance the quality of life for the animal.

APAC Market Statistics

The Asia Pacific pet tech market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market in this region can be attributed to growing adoption of pets such as cats, dogs, and other species. As a result, people are spending more money to provide their pets a decent life. Hence owing to this the demand for pet tech is expected to boost. Further, there has been growing shift of people attitudes towards pet adoption that has occurred in recent years. Moreover, the primary driving force for pet adoption can be attributed to growing urbanization in developing economies. Also, millennials in the area have been adopting pets at a noticeably higher rate than the general population. Hence, all these factors are estimated to drive the growth of the market in this region.

Europe Market Forecast

Additionally, the market in Europe region is also estimated to have a significant growth over the forecast period, backed by growing demand for medical diagnostic and wellbeing of the pets. Hence, owing to these major factors the owners in Europe region are estimated to adopt advanced solutions such as pet wearables at a higher rate. Moreover, to satisfy the needs of tech-savvy consumers and broaden their product offering, the top market players are investing more money in the research and development of cutting-edge items.

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Pet Tech Market Size
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Companies Dominating the Pet Tech Landscape

top-features-companies
    • GoPro, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • FitBark Inc.
    • Garmin Ltd.
    • CleverPet Inc.
    • Scollar Personalized Pet Care
    • Tractive
    • Mars Incorporated
    • Lupine Pet
    • Motorola Solutions Inc.
    • Wagz Inc.

     


In the News

  • FirBark established a partnership with Elanco, a leader in the field of creating and promoting cutting-edge products that are thought to improve companion animal health. The partnership was supposed to unite FitBark with Galliprant (tablets containing grabiprant) at a few veterinarian practises across the United States.

  •  The launch of their new activity monitoring tool was announced by Tractive, a pioneer in GPS tracking for pets including cats and dogs. This was predicted to assist devoted pet parents in keeping tabs on their four-legged friends' whereabouts and keeping them in peak condition, in addition to Tractive's highly regarded GPS tracking functions. This function was created to provide pet owners with all they require to care for their cherished animal.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4743
  • Published Date: Mar 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are surge in disease among pets, growing prevalence of internet, rise in lost pet cases, and others.

The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2023-2035.

Growing competition among key stakeholders, unexpected malfunctions, and rise in electrical issues are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are GoPro, Inc., FitBark Inc., Garmin Ltd., CleverPet Inc., and more.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, product, application, end use, distribution channel, and by region.

The tracking equipment segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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