Pet Tech Market Size, Share, Growth Analysis, By Type(RFID, GPS) By Product(Pet wearable, Smart camera), By Application, By End Use, By Distribution Channel, By Region - Industry Forecast 2024-2031

Global Pet Tech Market size was valued at USD 8.9 billion in 2022 and is poised to grow from USD 10.4 billion in 2023 to USD 30.29 billion by 2031, growing at a CAGR of 14.3% during the forecast period (2024-2031).

Pets are animals that are primarily kept for a person's enjoyment or company, as opposed to being used for work. Pet owners today consider their animals to be a part of the family and are prepared to invest in their pets' health, happiness, and fitness. These factors have created a brand-new market called "Pet Tech." Through smartphone apps, the new pet market enables owners to access their pet's current location as well as other helpful statistics. Additionally, today's pet owners want technology to automate tasks like monitoring their animals' health and feeding them. Pet owners are finally adopting technology such as automatic pet feeding, monitoring cameras, and fitness.

Due to the lockdown of manufacturing facilities that resulted in supply chain disruption for significant vendors active in the pet tech sector, the COVID 19 outbreak has had a detrimental effect on the pet tech market. Additionally, numerous economies' GDP growth was stunted by the travel bans and lockdown, which raised the jobless rate. During the pandemic, all of these variables had a considerable impact on consumers' capacity to purchase pet tech goods. However, once the lockdown is relaxed and the economy begins to improve, consumer spending on pet technology will increase, which will further fuel the market expansion.

US Pet Tech Market is poised to grow at a sustainable CAGR for the next forcast year.