PET TECH MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Pet Tech Market Size and Trends

The Global Pet Tech Market is estimated to be valued at US$ 8.12 Bn in 2024 and is expected to reach US$ 20.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.1% from 2024 to 2031.

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The key trends driving the growth of the pet tech market include rising pet humanization across the world and growing demand for pet monitoring and interactives toys & apps. Increasing prevalence of zoonotic diseases as well as growing awareness about pet health is also contributing to the rise in adoption of various pet wearable devices and apps. Advancements in GPS trackers and camera-based monitoring systems have further boosted the market.

Increasing humanization of pets

The growing trend of pet humanization has driven the increasing demand for pet tech solutions that enable remote monitoring and virtual interaction between pet owners and their furry companions. As more people live in urban environments and spend extended hours away from home due to work commitments, they seek innovative technologies that can help them stay connected with their pets and ensure their well-being even in their absence.

The pet tech market has expanded rapidly in response to this need, offering a range of products such as pet cameras, activity trackers, and smart feeders that allow pet owners to remotely observe their pets' behavior, monitor their health and activity levels, and even dispense treats or engage them in interactive play. These technologies cater to the desire of pet owners to maintain a strong bond with their pets and provide them with the best possible care, even when physically separated.

The convenience, peace of mind, and enhanced pet care capabilities offered by remote monitoring and connectivity are key factors driving the growing adoption of pet tech solutions among tech-savvy pet owners. As the humanization of pets continues to shape consumer preferences, the pet tech market is poised for further growth, with manufacturers constantly innovating to meet the evolving needs of this lucrative and emotionally-driven customer segment.

Market Concentration and Competitive Landscape

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Rising pet population and increased spending on pets

Factors like delayed childbearing, preference for single pet ownership, and people choosing pets over children have led to a global rise in the number of pet dogs and cats in recent years. According to estimates, the population of pet dogs and cats worldwide crossed 900 million in the late 2010s. This represents a significant increase from the estimates of just over 650 million dogs and cats as pets at the start of the previous decade.

As pet populations worldwide rise steadily, pet parents are also increasingly willing to spend lavishly on their furry companions. High pet ownership rates coupled with growing disposable incomes have made the pet industry big business globally. Pet owners now spend a considerable amount from their budget on premium food, grooming services, health insurance, and other services related to their pets' wellbeing. It is therefore not surprising that this lucrative pet market is also seeing growth in spending on innovative pet tech products that promise to take care responsibilities to the next level through convenience and connectivity.

Key Takeaways from Analyst:

Online shopping and rising awareness about various pet tech products through social media are further fueling the market expansion. However, the market faces challenges in terms of high costs of specialized pet tech devices and lack of awareness in rural areas and developing nations.

North America currently dominates the global pet tech market owing to high tech adoption and growing popularity of innovative dog and cat feeders, trackers, and pet doors, amongst others. Within North America, the U.S. pet tech industry has been growing at an impressive pace. Meanwhile, the Asia Pacific region is expected to emerge as the fastest growing market in the coming years. This can be attributed to growing pet care spending, rapid urbanization, and increasing middle-class population in China and India.

Overall, the future prospects of the pet tech market look bright as innovative technologies continue to enhance pet parenting experiences. There is vast scope for integration of artificial intelligence and IoT in pet products. On the product front, smart pet feeders and treat dispensers, interactive pet toys, pet monitoring cameras, and wearables are likely to witness strong demand.

Market Challenges: High costs associated with pet tech products

The high costs associated with pet tech products is one of the major factors restraining the growth of global pet tech market. Pet owners are often reluctant to spend significant amounts of money on technology products for their pets due to the premium pricing of most pet tech devices and services. While technology has enhanced pet care through activity trackers, water fountains, cameras and other smart devices, the financial investment required continues to be a roadblock.

This is especially true in price-sensitive and value-conscious developing markets which make up a large portion of the growing pet population worldwide. According to estimates by the World Health Organization in 2020, about 80% of the global dog population lives in developing countries. However, with relatively low disposable income levels in these regions, pet owners tend to prioritize basic pet supplies and services over expensive tech solutions. This financial barrier limits the scope of mass adoption of pet tech products. Even small cost-saving features or an entry-level tier of devices with restricted functionality could potentially drive adoption by making pet tech accessible to more pet owners globally.

The high costs also discourage frequent upgrades which are important for the technology industry to thrive. New pet tech features and capabilities can address evolving needs but many pet owners continue using old devices for longer since replacing the existing item requires a substantial investment each time. This hamper recurring revenue possibilities for pet tech companies. While premiumization provides opportunities through high-margin premium products, lowering entry costs and improving affordability across more price points could help drive greater overall sales volumes and market expansion over the long term.

Market Opportunities: Scope for development of innovative products

The global pet tech market has tremendous scope for the development of innovative products that could boost market growth significantly in the coming years. As pet ownership increases globally and humans develop closer emotional bonds with their pets, there is growing demand for technologies that can help people better monitor, entertain, and care for their animal companions. Technologies like activity monitors, GPS trackers, interactive toys, and automated feeders that give pets mental and physical stimulation as well as allow owners to remotely oversee their pets' wellbeing from anywhere have grown in popularity in recent years.

Some areas ripe for innovation include pet wearables that can monitor vital signs and give advanced health insights, smart collars that translate pets' emotional states and needs, augmented reality toys that mentally engage pets, and smart homes full of voice-controlled pet gadgets. With further technological advances in areas like AI, sensor miniaturization and predictive analytics, future innovative products could transition the pet-owner experience towards constant two-way communication and even primitive levels of understanding between species. Such advanced solutions will especially appeal to younger pet parents who are early adopters of emerging technologies and view their pets as valued family members.

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Insights By Product - Monitoring Equipment Segment Is Dominated Due to Convenience and Care

In terms of Product, the Monitoring Equipment segment is expected to hold 35.1% share of the market in 2024 owning to pet owners’ increasing desire for convenience and care while away. Monitoring equipment allows owners to check in on pets anytime via smartphone apps showing activity levels, environmental conditions like temperature and sounds in the home. The availability of pet monitoring technologies provides pet owners with a sense of security and assurance, knowing that their pets are safe, comfortable, and well-cared for even when they are physically absent from the home. These advanced solutions, which include video cameras, audio devices, and activity sensors, serve as additional eyes and ears within the home, enabling pet owners to quickly respond to any potential issues or emergencies that may arise.

The integration of remote monitoring capabilities into pet care routines has reduced the need for traditional pet sitting or boarding services, as pet owners can now keep a close eye on their furry companions from anywhere. Furthermore, the latest pet tech products offer video and voice interaction features, allowing pet owners to engage with their pets and strengthen the human-animal bond even when they are physically separated.

Constant connectivity through pet monitoring technologies promotes responsible pet ownership and encourages timely care and intervention. By providing real-time updates on their pets' eating habits, hydration levels, and sleep patterns, these solutions aid in the effective management of pet health without the need for physical presence. The convenience and care benefits offered by pet monitoring technologies help busy pet owners alleviate feelings of guilt and ensure that they can consistently provide proper care and attention to their pets, regardless of their schedules or location.

Insights By Application - Healthcare Solutions

In terms of Application, the Pet Healthcare segment is expected to hold 44.6% share in 2024 due to growing solutions for health and wellness. Technologies are emerging for diabetes management, medication reminders, and even non-contact veterinary scans & exams using video link apps. The integration of fitness and nutritional trackers, interactive feeders, and digital health passes enhances pet well-being. Advanced medical records and telehealth options streamline veterinary care, mirroring the advancements in human healthcare. As pets live longer, preventative healthcare and chronic condition management become priorities, driving the adoption of premium and tailored pet insurance. This commitment to healthcare access fosters the integration of tech-based solutions, enabling pet owners to actively participate in their pets' health from anywhere, thereby driving sustained growth in this segment.

Insights By End User - The Household Segment Dominating Due to Home Life Integration

In terms of End User, the Household segment is expected to hold 56.3% share in 2024 owing to tight integration of pet tech into home environments and lifestyles. The pet tech product landscape seamlessly integrates with the lifestyles of pet owners who are juggling multiple responsibilities while seeking to maintain strong bonds with their furry companions. Smart feeders, for instance, can be programmed to dispense food on schedules tailored to the specific needs and preferences of both the pet and the owner, ensuring consistent and appropriate nutrition even in the owner's absence.

Similarly, automated toys, water fountains, and access control systems help keep pets mentally and physically stimulated throughout the day, even when their owners are at work or school. This not only promotes the overall well-being of the pets but also provides peace of mind for the owners, knowing that their pets are engaged and content.

For elderly or homebound pet owners, in-home monitoring technologies extend their eyes and communication capabilities, enabling them to maintain a strong connection with their pets and preserving their independence. These gadgets also satisfy the natural nurturing instincts of pet lovers, allowing them to engage in play, provide comfort, and exercise control over their pets' environments, whether they are physically present or not.

The home user market for pet tech products remains vibrant, as these gadgets have become everyday tools that enable relationships as deep and meaningful as those between family members living under the same roof. Continuous innovation in features and functionalities reinvents the convenience factor while preserving the precious human-pet interactions that are central to modern households.

Regional Insights

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North America has dominated the global pet tech market with an estimated market share of 37.4% in 2024 owing to high pet ownership and spending in the region. The U.S. in particular has seen widespread adoption of pet tech devices as more and more pet owners look for innovative ways to care for and interact with their pets. Leading U.S. brands have established a strong foothold in the region with popular activity monitors, GPS trackers, interactive feeding systems and other high-tech pet accessories. Moreover, North American consumers tend to be early adopters of new technologies and strongly value products that can enhance and entertain their pets.

A region that has shown immense growth potential in recent times is Asia Pacific. Rising disposable incomes, rapid urbanization, and changing perceptions around pet ownership have fueled the pet care market across key countries like China, India, and South Korea. Young professionals with busy lifestyles but a desire for companionship are turning to pets in large numbers. This has made Asia Pacific an exciting new frontier for pet tech companies globally. Local startups are also introducing novel solutions tailored for Asian markets. For instance, smart feeders and bone-shaped activity trackers that Asian pet owners find particularly appealing due to cultural preferences.

While North America continues to set trends in pet tech innovation due to high R&D investments, Asia is poised to play catch up in the coming years. The region offers a huge untapped user base and lower production costs are drawing global players to establish local manufacturing facilities. This will likely make pet tech more affordable and drive mass adoption. It remains to be seen if Asia overtakes North America as the dominant market in the future given its pace of investments, increasingly wealthy demographic and growing passion for pet care. Either way, both these important regions will be key decisive factors shaping global pet tech industry trends and partnerships.

Market Report Scope

Key Developments

• In July 2024, Tractive, a leading provider of pet tracking solutions, launched a new GPS smart collar that offers advanced real-time tracking and geofencing features to address the growing demand from pet owners for enhanced safety and well-being for their furry companions.
• In May 2024, Tractive, a leading provider of innovative pet tracking solutions, announced its expansion into the U.S. market. The company's new GPS tracker, designed for the North American market, offers enhanced real-time tracking capabilities, a user-friendly mobile app, and improved battery life compared to previous models. This strategic move reflects Tractive's commitment to capturing a larger share of the growing pet technology market in North America.
• In March 2024, FitBark, a leading provider of innovative pet tracking and health monitoring solutions, released a new health monitor that includes advanced analytics for detecting anomalies in pets' health and activity patterns. The device leverages machine learning algorithms to analyze the collected data and provide pet owners with predictive insights, allowing them to take proactive measures to address potential health issues before they escalate.

*Definition: The Global Pet Tech Market involves technology products and services specifically designed for companion animals. This includes pet tracking devices, pet activity monitors, interactive pet toys, smart pet feeders and bowls, intelligent pet doors, and apps to monitor and care for pets remotely. The global pet tech industry has seen increased investment and innovation in recent years as more pet owners look to utilize technology to enhance their pets' health, safety and well-being through personalized monitoring, interactive engagement and automatic care whenever they are away from home.

Market Segmentation

•  Product Insights (Revenue, US$ Bn, 2019 - 2031)
  • Tracking Equipment
  • Monitoring Equipment
  • Entertainment Equipment
  • Feeding Equipment
  • Others
•  Application Insights (Revenue, US$ Bn, 2019 - 2031)
  • Pet Healthcare
  • Pet Owner Convenience
  • Communication and Entertainment
  • Pet Safety
•  End User Insights (Revenue, US$ Bn, 2019 - 2031)
  • Household
  • Commercial
• Regional Insights (Revenue, US$ Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • South Africa
    • Rest of Middle East & Africa
• Key Players Insights
  • Afimilk
  • Animo
  • Blue Buffalo
  • Chewy
  • CleverPet
  • Dogtra
  • DOGVACAY
  • FitBark
  • Garmin International
  • GoPro
  • Hill's Pet Nutrition
  • iFetch LLC
  • IceRobotics
  • Mars Petcare
  • Nestle Purina Petcare