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.

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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.