Pet Tech Market - By Product (Pet Wearables, Smart Pet Crates & Beds, Smart Pet Doors, Smart Pet Feeders & Bowls, Smart Water Dispenser, Smart Pet Fence, Smart Pet Toys), By Application, By End Use, By Distribution Channel & Forecast, 2024 - 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Animal Health and Nutrition | Format: Report available in PDF / Excel Format

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Pet Tech Market - By Product (Pet Wearables, Smart Pet Crates & Beds, Smart Pet Doors, Smart Pet Feeders & Bowls, Smart Water Dispenser, Smart Pet Fence, Smart Pet Toys), By Application, By End Use, By Distribution Channel & Forecast, 2024 - 2032

Pet Tech Market Size

Pet Tech Market was valued at USD 10.5 billion in 2023 and is estimated to register a CAGR of over 13.5% between 2024 and 2032. Pet owners are becoming more informed about their companions' health needs, driving demand for pet tech products that monitor activity, track vitals, and offer remote veterinary consultations.

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Companies collaborate with veterinary services for health monitoring and diagnostics, focusing on preventive care through smart devices. This shift from reactive to proactive measures has been generating demand for products that offer health monitoring, dietary insights, and remote consultations.

Pet Tech Market Report Attributes
Report Attribute Details
Base Year 2023
Pet Tech Market Size in 2023 USD 10.5 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 13.5%
2032 Value Projection USD 41.3 Billion
Historical Data for 2021 - 2023
No. of Pages 240
Tables, Charts & Figures 360
Segments covered Product, Application, End Use, Distribution Channel
Growth Drivers
  • Increased pet ownership and humanization
  • Growing awareness of pet health and wellness
  • Convenience and technological advancements like IoT, AI, data analytics for pet care
  • Governments supporting tech advancements through funding and regulations
Pitfalls & Challenges
  • Device reliability and malfunctioning
  • High upfront cost

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In addition, pets experience stress and anxiety, prompting the development of tech solutions addressing their emotional needs. In February 2023, Zoetis launched the AlphaTrak 3 blood glucose monitoring system for diabetic pets, designed for home use to reduce the need for frequent vet visits. The system is calibrated for dogs and cats, ensuring reliable data.

Further, an increase in pet ownership leads to a higher demand for pet products and services. Owners treat pets as family members, driving demand for advanced care solutions. Tech-savvy demographics, such as singles, millennials, and empty nesters, are adopting technology to enhance their pets' lives. In May 2023, the American Pet Products Association reported 70% of U.S. households own a pet, a key driver for the growing market.

Picture thisyou invest in a fancy pet tech device to make your life easier, but it starts acting up. It might not track your furry friend's activity accurately, or it might suddenly dispense a random amount of food, leaving your pet confused. Plus, it keeps losing connection, making you question if it's even worth the hassle. Hold up, there's more. All this data it collects about your pet could get into the wrong hands, raising red flags about privacy. And let's not forget the constant need to charge it. Who has time for that? And when the battery runs low, your pet's routine gets all messed up. Oh, and the price tag? It can be a real eye-opener, especially for devices with all the bells and whistles. And here's the kickermany pet owners are still in the dark about how these devices can help their furry companions. It's like there's a huge disconnect, holding back pet tech from reaching its full potential.

Pet Tech Market Trends

The world of pet technology is booming, thanks to cool gadgets and advancements like the Internet of Things (IoT), Artificial Intelligence (AI), and data analytics. These tools are like super-smart assistants for our furry friends' health. Data analytics can study your pet's health data and spot patterns, so vets and pet parents can create care plans that are just right for their needs. AI can even predict health problems based on how your pet moves around or its vital signs, which means catching things early. Smart devices like feeders, cameras, and litter boxes let you keep an eye on your pet and give them some control remotely. For example, PetSafe came out with an AI-powered smart feeder in March 2024. This amazing gadget adjusts your pet's feeding schedule based on their eating habits and health data. This helps keep your pet's weight healthy and lets AI analyze their eating habits, so if anything changes, you can get your furry friend to the vet faster.

Government funding for research in animal health monitoring, AI-powered solutions, and wearable technology can accelerate innovation. Further, collaboration between governments and private companies can leverage resources for R&D projects. Regulations promoting compatibility and data exchange between different pet wearable devices create a more interconnected ecosystem. In February 2024, the U.S. FDA released guidelines for data security in pet health monitoring devices, ensuring manufacturers develop secure products without stifling innovation. 

Pet Tech Market Analysis

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The market is divided into pet wearables, smart pet crates & beds, smart pet doors, smart pet feeders & bowls, smart water dispensers, smart pet fences, and smart pet toys. In 2023, pet wearables accounted for over 46% of the market share. The segment of pet wearables, such as smart collars, vests, harnesses, and cameras, has experienced significant growth in the recent years. Smart collars are equipped with features such as GPS tracking, activity monitoring, and health insights, catering to the needs for safety, health tracking, and behavioral insights.

In addition, smart vests offer features such as temperature regulation and health monitoring. While smart harnesses come with integrated technology for activity tracking and safety features. Further, smart cameras provide pet monitoring capabilities with features such as two-way audio and remote viewing through mobile apps. In June 2024, Tractive launched a new GPS smart collar with advanced real-time tracking and geofencing features, addressing the growing demand for pet safety and well-being.

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The pet tech market is categorized into pet healthcare, pet owner convenience, communication & entertainment, and pet safety. Pet healthcare is expected to reach over USD 9.5 billion by 2032. This segment includes wearables for health monitoring, telemedicine services, diagnostic tools, and smart feeding systems. Owners are increasingly willing to invest in advanced healthcare solutions for their pets, leveraging AI for predictive health insights and big data for personalized care.

For instance, in March 2024, Whistle expanded its health monitoring system to include features for early detection of health issues such as obesity and diabetes in pets, utilizing data collected from wearables to identify potential health risks and allowing for timely interventions.

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North America holds a significant share, accounting for over 57% of the market in 2023, driven by high pet ownership rates and advanced technology adoption. High disposable income and a focus on pet healthcare and preventive care technologies lead to high demand for pet care solutions. For instance, in May 2023, the American Pet Products Association reported a significant increase in spending on pet tech products, reaching $3.7 billion, driven by smart collars and health monitoring devices.

Europe is experiencing growth, due to growth in pet ownership and an increased focus on pet health, leading to the adoption of advanced pet care solutions and smart devices. In April 2024, the European Pet Food Industry Federation reported growth in spending on pet health and wellness technologies, with a notable increase in sales of smart feeding systems.

Asia-Pacific is one of the fastest-growing regions, driven by rising pet ownership and increasing disposable income. Urbanization leads to higher pet adoption and demand for tech-based pet care solutions. For instance, in February 2024, the Japan Pet Food Association reported a 20% increase in sales of smart pet care devices, indicating a growing acceptance and demand among Japanese pet owners.

Pet Tech Market Share

Mars Incorporated and Garmin International Inc. dominate the market over 1% of the market share. Mars Incorporated is a titan in the global consumer goods industry. The company is mostly recognized for its massive pet food brands such as Pedigree, Whiskas, and Iams. Mars is a diversified giant with its fingers in many cookie jars, including human candy (M&M's, Snickers), chewing gum (Orbit, Extra), and even pet care products beyond food (treats, litter). They have recently shown interest in the pet tech space with connected feeders, suggesting they aim to be a one-stop shop for all things pet care.

Garmin International, Inc. is a multinational leader in GPS technology. They are a household name for their navigation devices and wearables such as fitness trackers and smartwatches. Leveraging its expertise in wearables, the company has successfully entered the pet tech industry with popular GPS pet trackers and activity monitors. Their core competency lies in innovative technology, and it offers a variety of pet tech solutions beyond tracking, including training devices.

Pet Tech Market Companies

Major players operating in the market are

  • Mars Incorporated
  • Garmin International, Inc.
  • Nedap N.V.
  • Wagz Inc.
  • Afimilk
  • Xiaomi
  • Petcube Inc.
  • Fitbark Inc.
  • Pawbo (Acer)

Pet Tech Industry News

  • In May 2024, Tractive, known for its GPS pet trackers in Europe, has announced expansion into the U.S. market. The new GPS tracker offers enhanced real-time tracking, a user-friendly app, and improved battery life. This expansion reflects Tractive’s strategy to capture a larger share of the growing North American market.
  • In March 2024, FitBark’s released new health monitor, which includes advanced analytics for detecting anomalies in pets' health and activity patterns. The device uses machine learning to predict health issues and suggest preventive measures. FitBark’s focus on data-driven insights highlights the trend toward more personalized pet healthcare solutions.

The pet tech market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD) and volume (Tonnage) from 2021 to 2032, for the following segments

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Market, By Product

 

  • Pet wearable
    • Smart collar
    • Smart vest
    • Smart harness
    • Smart camera
  • Smart pet crates & beds
  • Smart pet doors
  • Smart pet feeders & bowls
  • Smart water dispenser
  • Smart pet fence
  • Smart pet toys

Market, By Application

  • Pet healthcare
  • Pet owner convenience
  • Communication & entertainment
  • Pet safety

Market, By End Use

  • Household
  • Commercial

Market, By Distribution Channel

  • Physical pet store
  • Online-only retailer
  • Physical mass merchant store

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
    • Rest of MEA

 

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