Pets are animals that are primarily kept for a person's enjoyment or company, as opposed to being used for work. Pet owners today consider their animals to be a part of the family and are prepared to invest in their pets' health, happiness, and fitness. These factors have created a brand-new market called “Pet Tech.” Through smartphone apps, the new pet market enables owners to access their pet's current location as well as other helpful statistics. Additionally, today's pet owners want technology to automate tasks like monitoring their animals' health and feeding them. Pet owners are finally adopting technology such as automatic pet feeding, monitoring cameras, and fitness.
Market Overview:
Pet tech market was valued at USD 5.2 billion in 2021, and it is expected to attain a value of USD 17.57 billion by 2028, with a CAGR of 19% over the forecast period (2022 – 2028).
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Top Key players operated in Global Pet tech Market:
- Avid Identification Systems, Inc. (US)
- Allflex USA Inc. (US)
- Datamars (Switzerland)
- FitBark (US)
- Garmin Ltd. (US)
- Invisible Fence (US)
- Link AKC (US)
- Loc8tor Ltd. (UK)
- PetPace LLC (US)
- Whistle Labs, Inc. (US)
- Voyce (US)
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Key Offerings:
- Global Pet tech Market Size & Forecast by Revenue | 2022−2028
- Global Pet tech Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis on type, product, application and region.
- Competitive Landscape – Top key vendors and other prominent vendors
Global Pet Tech Key Market Trends
- Beyond activity tracking, it is anticipated that demand for pet wearables for medical diagnosis and treatment would increase at a CAGR of more than 15% between 2022 and 2030. Opportunities for category expansion are being created by the spending on pet health diagnostics. Without a question, pet owners are spending more money on their pets every day, which bodes well for the future of pet wearables. This spending is partially motivated by emotional factors, such as growing emotional attachment and reliance on the pets for amusement, company, and mental health.
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