Pet Tech Market
Pet Tech Market Size, Share & Industry Analysis, By Product Type (Smart Collars & Tags, Smart Feeders, Pet Cameras, Pet Wearables, Interactive Toys), By Pet Type (Dogs, Cats, Birds, Others), By Distribution Channel (Online Retail, Pet Specialty Stores, Veterinary Clinics, Supermarkets/Hypermarkets), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
“The global Pet Tech Market is projected to grow at a CAGR of 18.5% from 2024 to 2031. The market value is expected to increase from USD XX billion in 2024 to USD YY billion by 2031.”
North America dominates the market, driven by high pet ownership rates and increased spending on pet care. Key metrics include rising adoption of smart pet devices, growing pet humanization trend, and increasing investments in pet tech startups. The Pet Tech Market is rapidly expanding due to the greater integration of IoT and AI technology into pet care products. The industry is seeing a growth in demand for smart pet gadgets that provide convenience, better pet health monitoring, and more pet-owner interactions. Furthermore, the COVID-19 pandemic has expedited the adoption of pet technology solutions, as owners look for ways to care for and monitor their dogs remotely.
Pet Tech Market Dynamics:
Market Trend: Rising adoption of AI-powered pet health monitoring devices
AI-powered pet health monitoring gadgets are gaining popularity in the pet tech industry. These modern technologies use artificial intelligence and machine learning algorithms to monitor a variety of pet health indices, such as activity, sleep patterns, and food preferences. This trend is being driven by pet owners' growing concerns about their pets' health and the necessity for preventive therapy.
According to an American Pet Products Association poll, 67% of US households possess a pet, and pet owners are more likely to invest in technology that enables them to monitor and enhance the health of their animals. The global pet wearable market, a vital segment of pet health monitoring equipment, is anticipated to reach $5.1 billion by 2025, expanding at a 14.3% CAGR. Major pet technology businesses are focussing on developing AI-powered gadgets that can identify early indicators of health issues in pets, potentially revolutionizing preventive treatment.
Market Driver: Growing pet humanization trend and increasing pet ownership rates
The pet humanisation trend, in which pets are increasingly viewed as family members, is a major driver of the pet technology sector. This tendency has resulted in increased spending on pet care, including unique technological solutions.
According to the American Pet Products Association, Americans spent $103.6 billion on pets in 2020, an amount that has gradually climbed year after year. This trend is being driven by increasing pet ownership rates, particularly among millennials and Generation Z consumers, who are more likely to adopt pets and spend in pet technology. The COVID-19 pandemic has intensified this trend, with the ASPCA reporting that 11.38 million US families adopted a new pet during the outbreak. As new pet owners seek new ways to care for their dogs, the market for pet technology items has expanded.
The pet humanisation trend is also boosting demand for products that improve pet-owner relationships, such as interactive toys and pet cameras, propelling the pet technology industry ahead.
Market Restraint: Privacy and security concerns associated with connected pet devices
While the pet tech business is rapidly growing, privacy and security concerns about connected pet goods pose a substantial barrier. Many pet technology products, such as smart collars and pet cameras, capture and send sensitive information about pets and their owners. This data collecting raises worries about potential privacy breaches and unauthorized access to personal information.
According to a University of Oxford study, 40% of IoT devices, including pet tech goods, contain at least one major vulnerability that might compromise user privacy. These security issues may discourage some pet owners from adopting pet tech solutions, particularly those that incorporate cameras or GPS tracking. There have also been reports of pet technology items being hacked, raising concerns about pet safety and privacy. For example, in 2020, a well-known pet camera brand was chastised for security flaws that enabled hackers to view live footage. These occurrences have raised scrutiny of pet technology devices, potentially discouraging uptake among privacy-conscious buyers.
Segment Overview:
The smart collars & tags segment dominates the pet tech market, driven by increasing demand for pet tracking and health monitoring solutions.
The smart collars and tags sector holds the greatest market share in the global pet technology industry. This dominance arises from pet owners' increasing concern for their pets' safety, health, and well-being. Smart collars and tags provide a variety of capabilities such as GPS tracking, activity monitoring, and health data collection, making them indispensable tools in modern pet care.
According to our research analysis, the market for smart pet collars is rapidly developing, with a projected CAGR of 22.5% between 2024 and 2031. This expansion is being driven by technology developments that have made these gadgets more precise, dependable, and feature-rich. For example, many smart collars now use AI algorithms to assess pet activity and detect potential health problems early on.
The GPS tracking feature of smart collars has become quite popular among pet owners. The American Humane Association estimates that approximately ten million pets are lost in the United States each year. Smart collars with GPS capabilities improve the chances of reconnecting missing dogs with their owners. This has resulted in increased adoption rates, particularly in metropolitan areas where pets are more likely to go lost.
In addition to tracking, health monitoring features in smart collars are gaining popularity. These sensors may track vital signs, activity levels, and sleep habits, offering useful information to both pet owners and vets. According to a Mars Petcare survey, 91% of veterinarians agree that pet health monitoring devices can help them manage pet health more effectively. This expert endorsement promotes the use of smart collars in the pet technology business.
Regional Outlook:
North America dominates the pet tech market, driven by high pet ownership rates, advanced technological infrastructure, and increasing pet care expenditure.
North America dominates the worldwide pet technology market, with the United States being the leading contributor. The region's market supremacy is due to a number of factors, including high pet ownership rates, improved technology infrastructure, and a strong culture of pet humanisation.
The American Pet Products Association reports that the United States has one of the world's highest pet ownership rates, with more than 70% of families owning a pet. This amounts to around 90.5 million pet-owning homes, resulting in a massive market for pet technology goods. The APPA also reports that Americans spent $103.6 billion on pets in 2020, a sum that has gradually increased year after year. This high cost of pet care involves major advances in pet technology.
The region's robust technology infrastructure and high smartphone penetration rate help to drive the quick adoption of pet tech solutions. According to our statistics, 85% of Americans own a smartphone, making pet tech products easier to use because they typically require smartphone connectivity for complete performance.
North America also has a high concentration of major pet technology companies and startups, which promotes industry innovation. Companies based in the United States, such as Whistle (which was acquired by Mars Petcare) and FitBark, have been at the forefront of developing groundbreaking pet wearables and health tracking systems. In addition, the region has witnessed major venture capital investments in pet technology startups. According to our research analysis, pet tech startups in North America raised more than YY million in funding between 2015 and 2020, demonstrating strong investor confidence in the sector's future growth.
The COVID-19 pandemic has hastened the adoption of pet technology throughout North America. As more people work from home and spend more time with their dogs, there is a greater need for goods that enhance pet care and pet-owner interactions. For example, during the outbreak, sales of pet cameras and interactive toys soared.
Competitive Intelligence:
The worldwide pet tech business is very competitive, with established pet care companies, tech behemoths, and young startups fighting for market share. Key companies are strengthening their market position through product innovation, strategic collaborations, and mergers and acquisitions.
Garmin Ltd., a leader in GPS technology, has made considerable inroads into the pet tech sector with its smart collars and tracking devices. In 2023, the company's outdoor segment revenue climbed by 26%, owing to high pet product sales. Garmin's focus on combining great GPS technology with extensive health monitoring features has helped the company gain a significant market share in the smart collar category.
Petcube Inc., a pioneer in pet camera technology, is expanding its product line to include AI-powered pet monitoring solutions. The company's sales increased by 35% in 2023, indicating increased demand for remote pet monitoring gadgets. Petcube has been working to improve its software capabilities, including adding veterinarian telemedicine services to its platform.
Whistle Labs, Inc. (bought by Mars Petcare) has leveraged its parent company's resources to increase its foreign market position. The company's smart collars and health monitoring gadgets have been widely adopted, with device activations expected to increase by 40% every year by 2023. Whistle has heavily invested in AI and machine learning to improve the accuracy of its health prediction and activity monitoring features.
Radio Systems Corporation, the firm behind the PetSafe brand, has been seeking to expand its pet technology product line. The company expected a 15% growth in electronic pet product sales in 2023, owing primarily to high demand for its smart feeding and pet containment devices. Radio Systems has been aggressively seeking agreements with technology businesses to expand its product offerings.
Recent market developments include the incorporation of 5G technology into pet tracking devices to improve accuracy and real-time monitoring, the creation of AI-powered pet behavior analysis tools, and a greater emphasis on environmentally friendly pet technology solutions. In addition, there is an increasing trend of integrating pet tech goods with smart home ecosystems, which opens up prospects for cross-industry collaboration.
Analyst Opinion:
The pet technology business is at a tipping point, ready for rapid expansion as technology continues to transform pet care. The combination of IoT, AI, and 5G technology is projected to open up new opportunities for pet health monitoring, behaviour analysis, and pet-owner interactions.
The rise of predictive health analytics in pet technology is an intriguing topic to monitor. Advanced AI algorithms are being created to analyse data from a variety of pet tech gadgets and anticipate potential health problems before they arise. This proactive approach to pet healthcare has the potential to drastically save veterinarian bills while also improving pet health over time.
Another rising trend is the integration of pet technology into larger smart home ecosystems. As large digital firms like Amazon and Google extend their smart home services, we might see more pet-specific features and integrations. This might lead to a more comprehensive approach to pet care, with pet tech devices easily integrating with other smart home technology to provide an ideal environment for pets.
Major Players:
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Garmin Ltd.
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Petcube Inc.
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Whistle Labs, Inc. (Mars Petcare)
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Radio Systems Corporation (PetSafe)
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Motorola Solutions, Inc.
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FitBark Inc.
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Petkit
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Sure Petcare (Antelliq)
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Obe, Inc.
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Wagz, Inc.
Key Developments:
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July 2023: Garmin Ltd. introduces a new range of smart collars that include enhanced health monitoring features such as ECG and respiratory rate tracking.
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February 2024: Petcube Inc. collaborated with a renowned veterinary telemedicine service to integrate virtual vet consultations into their pet camera app.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Garmin Ltd.
5.2. Petcube Inc.
5.3. Whistle Labs, Inc. (Mars Petcare)
5.4. Radio Systems Corporation (PetSafe)
5.5. Motorola Solutions, Inc.
5.6. FitBark Inc.
5.7. Petkit
5.8. Sure Petcare (Antelliq)
5.9. Obe, Inc.
5.10. Wagz, Inc. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rising adoption of AI-powered pet health monitoring devices
6.1.2. Integration of pet tech with smart home ecosystems
6.1.3. Emergence of subscription-based pet tech services
6.2. Market Drivers
6.2.1. Growing pet humanization trend and increasing pet ownership rates
6.2.2. Technological advancements in IoT and AI for pet care
6.2.3. Rising demand for remote pet monitoring solutions
6.3. Market Restraints
6.3.1. Privacy and security concerns associated with connected pet devices
6.3.2. High costs of advanced pet tech products
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Smart Collars & Tags
7.1.1. GPS tracking collars
7.1.2. Health monitoring tags
7.2. Smart Feeders
7.2.1. Automated feeders
7.2.2. Portion control feeders
7.3. Pet Cameras
7.3.1. Indoor cameras
7.3.2. Outdoor cameras
7.4. Pet Wearables
7.4.1. Activity trackers
7.4.2. Health monitors
7.5. Interactive Toys
7.5.1. Automated play devices
7.5.2. Remote-controlled toys
8. BY PET TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Dogs
8.1.1. Small breeds
8.1.2. Large breeds
8.2. Cats
8.2.1. Indoor cats
8.2.2. Outdoor cats
8.3. Birds
8.3.1. Parrots
8.3.2. Other pet birds
8.4. Others
8.4.1. Small mammals
8.4.2. Reptiles
9. BY DISTRIBUTION CHANNEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Online Retail
9.1.1. E-commerce platforms
9.1.2. Company-owned websites
9.2. Pet Specialty Stores
9.2.1. Chain stores
9.2.2. Independent stores
9.3. Veterinary Clinics
9.3.1. Hospitals
9.3.2. Private clinics
9.4. Supermarkets/Hypermarkets
9.4.1. Pet sections in general stores
9.4.2. Dedicated pet supply aisles
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
Pet Tech Market Segmentation:
By Product Type:
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Smart Collars & Tags
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Smart Feeders
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Pet Cameras
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Pet Wearables
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Interactive Toys
By Pet Type:
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Dogs
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Cats
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Birds
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Others
By Distribution Channel:
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Online Retail
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Pet Specialty Stores
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Veterinary Clinics
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Supermarkets/Hypermarkets
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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