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

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.

• Afimilk
• Animo
• Blue Buffalo
• Chewy
• CleverPet
• Dogtra
• DOGVACAY
• FitBark
• Garmin International
• GoPro
• Hill's Pet Nutrition
• iFetch LLC
• IceRobotics
• Mars Petcare
• Nestle Purina Petcare