The pet tech market has grown exponentially in recent years due to pet owners seeking products that keep their furry friends safe, entertained and healthy. Pet wearables like activity monitors, GPS trackers and smart collars allow owners to monitor their pet’s vitals, activity levels, location and more. Pet cameras, smart feeders and treat dispensers ensure pets stay mentally stimulated and get proper nutrition even when owners aren’t home. Advances in sensors, artificial intelligence and connectivity have enabled innovative pet tech solutions that help strengthen the bond between pets and their humans.
The Global Pet Tech Market is estimated to be valued at US$ 20.45 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Pet Tech Market are Afimilk, Animo, Blue Buffalo, Chewy, CleverPet, Dogtra, DOGVACAY, FitBark, Garmin International, GoPro, Hill’s Pet Nutrition, iFetch LLC, IceRobotics, Mars Petcare, and Nestle Purina Petcare.
The growing desire of Pet Tech Market Demand to stay connected with their pets even when apart has significantly boosted demand for various pet tech products like wearables, cameras and smart feeders. Pet tech enhances pet care by enabling remote monitoring of pets, automating feeding schedules and ensuring pets are always mentally stimulated.
The expansion of e-commerce channels for pet products along with rising internet penetration globally has further accelerated the adoption of connected pet gadgets. Pet tech companies are actively expanding their geographical footprint by partnering with local vendors to gain a stronger foothold worldwide.
Market Key Trends
The increased adoption of pet wearables due to their various health and safety benefits like activity tracking, real time location tracking using GPS and monitoring vital parameters is a major trend in the pet tech market. Fitness trackers and smart collars provide insights into pets’ calorie burn, distance covered, hours slept and active/inactive status which empowers owners to ensure pets stay fit and healthy.
Porter’s Analysis
Threat of new entrants: The pet tech market is gaining popularity and awareness every year with rising disposable incomes, making it attractive for new players to enter. However, R&D costs and IP protection pose barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many pet tech companies offering diverse products. However, buyers have growing brand loyalty towards certain companies which increases their bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power since raw materials and components used in pet tech products are available from multiple sources globally. However, specialized components require long-term agreements.
Threat of new substitutes: Threat from substitutes is low as there are limited alternate options to tech-based pet care products. However, traditional pet care products continue to dominate in certain regions.
Competitive rivalry:
The market has both global and regional players offering varied yet overlapping product lines. Competition is on innovation, quality, pricing and partnerships.
Geographical Regions:
North America currently accounts for the largest share of the global Pet Tech Market Regional Analysis, mainly due to high pet ownership and adoption of smart technologies.
The Asia Pacific region is expected to be the fastest growing market during the forecast period driven by population growth, rising incomes, nuclear families and urbanization trends in countries like China and India.
About Author - Ravina Pandya
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