Pet tech, or pet technology, refers to products and services designed to enhance the care of pets through the integration of technology. The aim of pet tech is to improve the well-being, health, safety and overall quality of life for pets, as well as to simplify pet care tasks for their owners.
The pet tech market consists of sales, by entities (organizations, sole traders and partnerships), of pet tech products and services designed to enhance the lives of pets and their owners.
The global pet tech market was valued at $2,787.8 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 13.0%.
Rapid Urbanization
During the historic period, rapid urbanization drove the growth of the pet tech market. As more people migrated to urban areas, there was a corresponding rise in pet ownership within these densely populated spaces. Urban lifestyles often come with challenges such as limited living space, busy schedules and the need for convenience. In response, pet owners sought out technological solutions to meet the needs of their pets while navigating urban living. Pet tech products that offered space-saving designs, remote monitoring capabilities and automated features became increasingly popular among urban dwellers. For example, according to the United Nations Department of Economic and Social Affairs, in 2018, 55% of the world's population resided in urban regions and this is projected to rise to 68% by 2050. Also, according to the United Nations Conference on Trade and Development, the urban population share increased to 56.5% in 2021. Therefore, rapid urbanization positively impacted the growth of the pet tech market during the historic period.
Introduction Of Wearable Devices For Activity Tracking And Heath Monitoring
Companies in the pet tech market are focusing on introducing wearable devices for activity tracking and heath monitoring. These companies are leveraging technological innovations to create advanced solutions such as global positioning system (GPS) trackers, activity monitors and health sensors tailored specifically for pets. For instance, in January 2024, Invoxia, a France-based consumer electronic company, launched the Minitailz smart pet tracker, an AI wearable for dogs and cats that functions as an all-in-one GPS tracker and wellness device. The device measures respiratory rate and heart vitals, detecting anomalies in pet behavior and differentiating activities such as walking, running and eating. It also identifies atrial fibrillation in pets and offers detailed health reports through the accompanying app. The Minitailz includes a built-in SIM with GPS technology for activity tracking and locating lost pets, along with geofencing features, vital signs monitoring, atrial fibrillation detection and a built-in SIM.
The global pet tech market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 12.90% of the total market in 2022.
Pet Tech Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global pet tech market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for pet tech? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The pet tech market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider pet tech market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by distribution channel, by application and by end-use.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the pet tech market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by distribution channel, by application and by end-use in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for pet tech providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Radio Frequency Identification (RFID); Global Positioning System (GPS); Sensors; Camera; Other Types
- 2) By Application: Identification And Tracking; Behavior Monitoring And Control; Facilitation, Safety And Security; Medical Diagnosis And Treatment
- 3) By End Use: Commercial; Household
- 4) By Distribution Channel: Offline; Online
- Companies Mentioned: Petco Health and Wellness Company Inc.; Fi; Tractive GmbH; PetSafe; Whistle Labs Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; pet tech indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.