Pet Tech Market Analysis by Type (RFID, GPS, and Sensors); by Product (Monitoring Equipment, Tracking Equipment, and Entertainment Equipment); by Application (Pet Safety, and Pet Healthcare); by End Use (Household, and Commercial); and by Distribution Channel (Offline, and Online) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4743 | Published Date: Mar 20, 2023
The global pet tech market is estimated to garner a revenue of ~USD 37 Billion by the end of 2035 by growing at a CAGR of ~16% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 7 Billion in the year 2022. 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.
|
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 |
|
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
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.
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 pet tech market includes the following segments:
|
By Type |
|
|
By Product |
|
|
By Application |
|
|
By End Use |
|
|
By Distribution Channel |
|
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.
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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2023 – 2035.
Ans: Growing competition among key stakeholders, unexpected malfunctions, and rise in electrical issues are estimated to be the growth hindering factors for the market expansion.
Ans: 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.
Ans: The major players in the market are GoPro, Inc., FitBark Inc., Garmin Ltd., CleverPet Inc., and more.
Ans: 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.
Ans: The market is segmented by type, product, application, end use, distribution channel, and by region.
Ans: The tracking equipment segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
