What is the global market size of Pet Tech Market?

Global Pet Tech Market size was valued at USD 1809.57 million in 2021 and is poised to grow from USD 2365.1 million in 2022 to USD 6880 million by 2030, growing at a CAGR of 14.3% in the forecast period (2023-2030).

Pet Tech Market Size, Share, Growth Analysis, By Product(Pet wearable(Smart collar, Smart vest, Smart harness, Smart camera)), By Application(Pet healthcare, Pet owner convenience, Communication & entertainment, Pet safety), By End Use(Household, Commercial), By Distribution Channel(Physical pet store, Online retailer, Physical mass merchant store), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2198 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 124 | Figures: 77

Pet Tech Market Dynamics

Pet Tech Market Driver

Spending on pets has increased as a result of the growing reliance on pets for mental health, fitness, and entertainment. The most extensively used pet wearable technology today is a device called a smart collar, because of ongoing technological breakthroughs and new product innovations. Modern technologies like GPS tracking, Wi-Fi connectivity, and activity tracking and monitoring are being integrated into these gadgets.

Pet Tech Market Restraint

The majority of gadgets require intermittent charging, which makes them difficult to operate. GPS trackers have a small operating window and are not reliable in rainy conditions. Certain devices, like neck collar trackers, are irritating for the pets and can occasionally result in rashes and infections.

Pet Tech Market Report Snapshots

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Global Pet Tech Market size was valued at USD 1809.57 million in 2022 and is poised to grow from USD 2365.1 million in 2023 to USD 6880 million by 2031, growing at a CAGR of 14.3% in the forecast period (2024-2031).

Intense rivalry is being seen in the pet wearables business, which is still in its early stages of development. To improve their position in the international market, businesses are concentrating on strategic acquisitions, alliances, and expansions. Market participants are concentrating on enhancing their presence through a variety of strategic activities, including new product development, strategic collaborations, joint ventures, and partnerships, as well as mergers and acquisitions. 'Mars Petcare', 'Zoetis', 'Nestle Purina Petcare', 'Hill's Pet Nutrition', 'Royal Canin', 'Blue Buffalo', 'Chewy Inc.', 'Petco', 'PetSmart', 'Trupanion', 'Banfield Pet Hospital', 'VCA Animal Hospitals', 'PetMed Express', 'IDEXX Laboratories', 'Elanco Animal Health', 'Animalytix', 'WALTHAM Centre for Pet Nutrition', 'Petplan', 'Rover.com', 'Embark Veterinary Inc.'

The majority of gadgets require intermittent charging, which makes them difficult to operate. GPS trackers have a small operating window and are not reliable in rainy conditions. Certain devices, like neck collar trackers, are irritating for the pets and can occasionally result in rashes and infections.

Beyond activity tracking, it is anticipated that demand for pet wearables for medical diagnosis and treatment would increase at a CAGR of more than 15% between 2022 and 2030. Opportunities for category expansion are being created by the spending on pet health diagnostics. Without a question, pet owners are spending more money on their pets every day, which bodes well for the future of pet wearables. This spending is partially motivated by emotional factors, such as growing emotional attachment and reliance on the pets for amusement, company, and mental health.

Due to the rising adoption of pets in the United States, where 62% of pets belong to younger generations and 32% to baby boomers—North America is predicted to have significant development in the pet tech market and dominate the market. Additionally, millennials' purchasing power has a significant impact on the regional market share. Due to the increasing usage of pet technology, such as activity trackers, pet sitter applications, home monitoring devices, microchips, VIP (Very Important Pets) access, and data conversion & backup, among other things, Asia Pacific is predicted to have considerable growth in the pet tech market.

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Pet Tech Market Dynamics

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