Global pet tech market
DUBLIN, April 8, 2024 (GLOBE NEWSWIRE) — 'Pet Tech Global Market Report 2024' added ResearchAndMarkets.com Recruitment.
The pet technology market size has been growing rapidly in recent years, with a compound annual growth rate (CAGR) of 19.8%, reaching $6.28 billion in 2024 from $5.24 billion in 2023.
The growth observed during this historical period has been due to increased pet ownership, the rise of e-commerce in the pet products industry, growing interest in pet health and wellness, urbanization leading to hectic lifestyles, and the increasing adoption of pets as family members. A trend towards humanizing pets, treating them as members of the family and prioritizing their health.
The pet technology market size is expected to grow rapidly in the coming years and grow to $12.02 billion by 2028 at a CAGR of 17.6%.
Expected growth over the forecast period is driven by the integration of artificial intelligence (AI) and machine learning in pet technology, expansion of telehealth services for pets, growth in the smart pet home ecosystem, and focus on environmental sustainability. increasing adoption of nutritional solutions customized for pets. Key trends expected during the forecast period include collaboration with pet industry experts, advancements in wearable technology for pets, development of smart feeding solutions, innovations in pet identification and tracking, and collaboration with pet industry experts to enhance pet care. These include the rise of telemedicine and televeterinary services.
Rising pet adoption is expected to drive the growth of the pet technology market in the coming years. Pet adoption involves transferring responsibility for a pet from one owner to another. Pet technology products play an important role in improving the happiness, health, safety, and overall experience of both pets and their owners. For example, in January 2023, the number of dog adoptions increased by approximately 1.2%, from 393,712 dogs in 2021 to 2022, according to Pet Food Industry, a U.S.-based resource for pet food and treat manufacturing industry professionals. The number increased to 398,477. The number of cats adopted by U.S. residents increased by about 2% from the previous year, reaching 539,015 in 2022. As a result, the rapid increase in the number of pet adoptions has become a key driver supporting the growth of the pet technology market.
Rising disposable income is expected to further drive the expansion of the pet tech market. Disposable income refers to the money available to an individual or household for spending or saving after income taxes have been deducted. With increasing disposable income, consumers are increasingly investing in premium and high-end pet technology products, leading to increased sales of sophisticated and durable technology with advanced features. In June 2022, a report from the Bureau of Economic Analysis, a US-based government agency, showed that personal income would increase by $113.4 billion (0.5%) per month. Disposable personal income (DPI) also increased by $96.5 billion (0.5%). As a result, the rising trend of disposable income is contributing to the growth of the pet tech market.
Leading companies in the pet technology market are focused on developing advanced technologies such as Minitailz GPS technology. This focus aims to enhance pet health monitoring and ensure competitiveness in the market. GPS technology involves using signals from satellites to track your precise location. For example, in January 2024, the French-based consumer electronics company Invoxia launched his AI wearable for dogs and cats, the Minitailz Smart Pet Tracker. This device acts as an all-in-one GPS tracker and wellness device, measuring breathing rate and heart vitals, detecting abnormalities in your pet's behavior, and differentiating activities such as walking, running, eating, etc. . It also identifies atrial fibrillation in pets and provides detailed health reports through the accompanying app. Minitailz has a built-in SIM with GPS technology for activity tracking and lost pet location, as well as geofencing features such as vital signs monitoring and atrial fibrillation detection.
The report covers market characteristics, size and growth, segmentation, regional and country breakdown, competitive landscape, market share, trends and strategies for this market. It tracks market history and projected market growth by geography.
Report scope
Target market:
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By type: Radio Frequency Identification (RFID). Global Positioning System (GPS); sensors; other types.
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By distribution channel: Offline.online
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By application: identification and tracking. Behavioral monitoring and control. Facilitation, safety and security. Medical diagnosis and treatment.
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By end use: Commercial.home
Country: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; United Kingdom; United States; Canada; Italy; Spain
region: Asia Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: 5 year history and 10 year forecast.
Key attributes:
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report attributes |
detail |
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number of pages |
175 |
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Forecast period |
2024 – 2028 |
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Estimated market value in 2024 (USD) |
$6.28 billion |
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Projected market value to 2028 (USD) |
$12.02 billion |
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compound annual growth rate |
17.6% |
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Target area |
global |
Companies featured:
For more information on this report, please visit https://www.researchandmarkets.com/r/esew0y.
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