Pet Tech Market to hit US$ 20 billion by 2028, Says Global Market Insights Inc.

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The pet tech market is expected to surpass USD 20 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the increasing introduction of AI-enabled solutions that enhance the analytics capabilities of pet tech products.

Pet owners are becoming highly conscious about the nutritional value, quantity, and quality of food fed to their pets. Smart devices, such as feeders and bowls, assist owners to closely monitor their pets’ food intake & consumption habits. Pet tech products also include a built-in digital scales that measure food weight in both pounds and kilograms. This allows owners to feed optimum quantity of nutritious food to their pets based on their size, age, breed, and activity levels. The pet tech features an anti-microbial outer shell that aids in the elimination of harmful bacteria & germs that could impact the food quality.

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The pet tech market is being driven by the increasing demand for pet safety devices used to identify & track their activities and location. Bluetooth-based pet technology is utilized as it allows seamless connection between a smartphone and base station, which is linked to the pet to ensure that it is safe. If the pet gets separated from its owner and moves outside the bluetooth range of the smartphone, the pet tech offers real-time monitoring through a strong cellular network. The advancements in real-time positioning and the evolution of mapping portals are propelling the demand for pet tech devices used for safety purposes. The smart tech devices integrate 4G LTE network connectivity and Bluetooth to offer a high degree of reliability.

A significant rise in the number of pet owners that aim to automate & simplify various pet-related tasks, such as feeding, medication, safety, entertainment, and communication, is supporting the pet tech market expansion in the region. This overall profitability of the industry is increasing in the region owing to the presence of various renowned companies with a robust supply chain, offering advanced pet care products. According to the International Trade Administration, the U.S. Department of Commerce, Spain, is Europe’s fifth largest pet market with 28 million registered pets including 6.7 million dogs and 3.8 million cats. It is followed by the UK, FranceGermany, and Italy.

Some major findings of the pet tech market report are:

  • The increasing penetration of IoT devices is providing impetus to the pet tech market as it streamlines the process of collecting the pet’s vital signs and location details. IoT communication primarily connects pet tech devices with smartphones, tablets, and laptops. It sends important data to a centralized server through wireless technologies such as Bluetooth and Wireless LAN (WLAN), providing this information to pet owners through interactive dashboards and reports.
  • The high inclination of pet owners to provide enhanced comfort to their pets is fueling the market demand for smart pet crates and beds. They are used to monitor pet weight, relaxation & activity patterns, and provide climate management. This enables owners to monitor their pets’ sleep cycle and manage temperature ranges during the resting period according to their breed and age.
  • Pet healthcare is gaining traction as it enables veterinarians to provide effective treatments. Pet tech devices record a pet’s medical history, keep track of vaccinations, gather critical health information, and maintain previous operations & treatments. This enables doctors in identifying any irregularities in the vital health parameters of pets.
  • Physical pet stores are witnessing a high growth as they enable consumers to examine pet tech products before purchasing. The retailers offer various discounts & offers on product packages that are customized and designed after studying pets. The easy return and exchange policy also enables customers to buy optimum quality products for their pets.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Pet tech industry 360º synopsis, 2018 – 2028

2.1.1  Business trends

2.1.2  Regional trends

2.1.3  Product trends

2.1.4  Application trends

2.1.5  End-use trends

2.1.6  Distribution channel trends

Chapter 3 Pet Tech Industry Insights

3.1  Industry segmentation

3.2  Impact of coronavirus (COVID-19) pandemic

3.3  Industry ecosystem analysis

3.4  Technological & innovation landscape

3.5  Regulatory landscape

3.6  Industry impact forces

3.6.1  Growth drivers

3.6.1.1  Increasing awareness of pet mental and physical fitness

3.6.1.2  Growing demand for remote monitoring and tracking of pets in North America and Europe

3.6.1.3  The rising adoption of rescue pets by millennials in the U

3.6.1.4  Rising number of pet tech start-up companies in Europe

3.6.1.5  The increasing adoption of IoT-based products in China and Japan

3.6.1.6  Rising disposable income in Asia Pacific countries

3.6.1.7  Urbanization and rise in popularity of pets in Latin America

3.6.2  Industry pitfalls & challenges

3.6.2.1  High cost of products

3.6.2.2  Lack of public awareness

3.6.2.3  Power consumption and short battery life of devices

3.7  Growth potential analysis

3.8  Porter’s analysis

3.9  PESTEL analysis