PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1490937
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1490937
Global Pet Tech Market is valued at approximately USD 5.9 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 15.21% over the forecast period 2024-2032. Pet Tech is the technology used to improve the health, wellbeing and safety of pets. There are a numerous products available in the market for pet tech such pet wearables, smart feeders and water dispensers, pet cameras and monitors, automatic pet toys, pet training devices and more. These innovations aim to improve pet care by offering more convenient, efficient, and personalized solutions for monitoring pets' health, ensuring their safety, and providing entertainment. The Growing trend of pet awareness across the countries stimulate the Global Pet Tech Market growth. Awareness regarding the importance of pet health accelerate the demand for innovative pet monitoring devices which are available in the global Pet Tech Market.
The growing awareness about physical and mental health of pets is driving the Global Pet Tech Market as these product helps in maintaining the good health of pets like smart feeders and pet training devices. The most extensively used pet wearables technology product is smart collar contains GPS tracking, WI -FI connectivity, and mostly the activity tracking and monitoring are integrated into the pet tech gadgets which increased the demand for these in the market. The increase demand for remote tracking and monitoring of pets leads to rise in the number of pet smart device start-up companies across the globe. Although the pet tech products are costly and anticipated to restrict the market growth. The majority of gadgets require intermittent charging, which makes them difficult to operate. Certain devices such as collar trackers are irritating for pets and can cause rashes and infections which hinders the market growth.
The key regions considered for the Global Pet Tech Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, US is dominating the Global Pet Tech Market. The pet adoption rate in US is higher across the globe and is adopted by younger generations and baby boomers, this led the adoption of the innovative pet tech products for enhancing the pet's well-being and health inn US. The Asia Pacific region is the fastest growing region because of the growing urbanisation, expanding pet ownership, and rising pet care awareness are the main drivers of this growth.