Market Overview:

Global Pet Tech Market size was valued at around 167.62 billion in 2023 and is expected to reach a value of USD 271.40 billion by 2032, at a CAGR of 5.5% over the forecast period (2024–2032).

The major drivers of growth are the increase in pet humanisation and the increase in consumer spending in home and pet care. Due to the fact that they are easy to humanise and take care of compared to larger pets, individuals are also keeping small pets (dogs, cats, etc.). Individuals are thus willing to spend more money to ensure their pets get maximum care. Due to this reason, pet items such as waterers, bowls, and feeders have gained popularity.

Over the last few years, the pet market has been expanding at a fast pace. Approximately 85 million homes own a pet, and pet ownership has risen from 56% to 68% over the last 30 years, as reported by the American Pet Products Association. Technology and the rise of online shopping are some of the reasons behind the shift in pet ownership.

Due to the impact of COVID-19, most people were forced to stay at home for an extended duration, either due to work-from-home guidelines or shelter-in-place orders. Shortly thereafter, there was increased time spent at home, as well as adoption and foster care, based on pet shelter reports.

But cultural shifts are largely responsible for the growth. In contrast to their forebears, Generation Z and millennial pet owners have embraced pet ownership and adore it significantly more as they've entered adulthood. Approximately 60% of pet ownership in 2020 will take place in households with younger members, while just 30% will take place in homes with baby boomers.

Pet owners are also demonstrating an interest in wanting to know more about issues involving their pets' health. They are promoting preventive care for companion animals. Ethical pet ownership has thus increased in popularity in recent years. Moreover, this is a trend that is driving the sales of pet care products and, as a result, the pet care industry.

Market Drivers

Increasing Pet Ownership and Humanization of Pets

• One of the primary drivers of the pet tech market is growing pet ownership combined with pet humanization. Pet owners have come to see their pets as part of the family and hence are more inclined to spend on advanced technology that ensures the wellness, safety, and ease of their pets. This cultural change has brought about a demand for new gadgets like smart collars, GPS, auto feeders, and sensory toys, that enhance the comfort of pets' lives and pet care ease for owners. It is also supported by increasing disposable incomes and pet wellness awareness.

Advancements in IoT and Wearable Technologies

• The evolution of IoT and wearable technology is a key driver of the growth of the pet tech market. GPS tracking devices, smart feeders, and IoT-connected cameras can be networked, allowing pet owners to monitor, interact with, and care for their pets via the internet. They are all readily incorporated with smartphones and other digital media to give real-time feedback and access to the life of a pet anywhere. This access has been so appealing to busy pet owners, encouraging increased adoption rates.
• Smart collars and health monitors, wearable devices, hold sensors and AI elements that feed owners with usable information regarding the activity, sleeping patterns, and overall well-being of a pet. With the use of wearable devices, pet owners are capable of monitoring pets' health real-time and providing preventive actions at detecting anomalies. For instance, smart collars are capable of monitoring life signs and alerting owners if pets display distress or abnormality.
• The intersection of wearable technology and IoT enhances not just pet convenience and security but also data-informed decision-making in pet care. As the technologies keep improving, they stand to spur even more innovation and growth in the pet tech space, meeting the needs of technologically inclined pet owners.

Market Opportunity

Rising Adoption of Telehealth and Remote Monitoring Solutions for Pets

• There is vast development potential for the market due to growing use of telehealth and remote monitoring services for animals. Telehealth websites and remote monitoring equipment offer a convenient means for pet owners to receive veterinarian attention and health monitoring from any location while looking for more convenient ways to take care of their dogs' health. The problems of veterinary availability in underserved or rural communities are addressed by this invention while also improving the pet care experience.

Growing Demand for Eco-friendly Pet Tech Solutions

• As sustainability of the environment moves up the consumers' priority list, the pet tech industry has an increasing range of opportunity to design sustainable products. Pet owners increasingly expect products that are beneficial for their animals' health and carry a low environmental impact as well. This can be anything from products designed from sustainable materials, energy-efficient devices, and products designed with longer lifespan to reduce waste. Those companies placing sustainability at the forefront in the design of their products are likely to appeal to the more environmentally conscious consumer base, and thereby position themselves to benefit from this shift in demand. As this gain’s momentum, there are opportunities for brands to gain new markets through green pet tech innovation.

Market Restraining Factors

High Cost of Advanced Pet Tech Products

• Despite its growth opportunities, the pet tech sector is plagued by one major limitation in the form of high costs associated with cutting-edge products. The products that come equipped with IoT, AI, and other such advanced technologies come with a heavy price tag, which makes them unaffordable for a broad consumer base. This cost limitation can deter would-be consumers, particularly in emerging markets, where affordability is one of the main concerns.

Data Privacy and Security Concerns

• The pet's location, health, and daily routines are some of the sensitive information that pet tech devices often collect and store, with concerns over data security and privacy. As most pet tech products are connected to the internet, they are vulnerable to hacking, data breaches, and unauthorized access. If customers are not sure about how the data of their pets is managed, stored, and protected, they may not be willing to adopt these technologies. To convert customers and achieve wide adoption, these concerns should be addressed and robust security must be implemented. The risk that personal and pet information will be exploited may hold back industry growth and innovation unless proper protection measures are in place.

Segmentation Analysis

The market scope is segmented because of by Pet Type, by Type, by Application.

• By Pet Type

Based on the Pet Type of the market is segmented into Dog, Cat, Fish, Bird, Others.

The segment of dogs contributed more than 38% of the revenue share in 2021. Dogs are the most sought-after pets, followed by cats. Dogs are said to alleviate depression, stress, and anxiety, as well as loneliness, enhance cardiovascular health, and stimulate exercise, all of which have led to their popularity. Pet furniture is usually the choice of individuals who reside in apartments and flats and do not have a porch or lawn where their pets can reside. This segment is expected to drive the pet care industry because of these reasons.

Additionally, the cat pet type segment is also anticipated to have a CAGR of 5.5% during 2023-2032. The growing cat owners worldwide are likely to drive market growth positively. In addition, the growing single-person households and increased propensity to keep at least one pet have been largely driving the market in developed economies in the past few years.

• By Type

Based on the Type of the market is segmented into Products, Food.

The type of product segment generated more than 56% of the revenue in 2023. Due to increasing emphasis on climate change, increasingly sustainably produced and eco-friendly pet goods are introduced to the market, which will potentially fuel the development of the pet care industry throughout the forecast period. Further, increasing knowledge of consumers about products related to pets is promoting the growth of the industry.

The pet food type segment is likely to achieve a CAGR of 5.5% from 2023 to 2032. The pet food has meat, meat by-products, grains, cereals, vitamins, and minerals. Increased attention among pet owners regarding the wellness and health of their pet animals is driving most of the demand for good quality pet food. Furthermore, home delivery of products by online retailers and clean labelling are some of the elements anticipated to drive the growth of the segment.

• Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. North America has traditionally led the pet tech market and still maintains a leadership position. The reasons for this leadership include a high level of pet ownership, extensive humanization of pets, and early embracing of sophisticated technologies. The region's strong technological innovation infrastructure, coupled with high disposable incomes, allows pet owners to spend money on high-end pet tech products. Also, the involvement of key players in the market and a solid distribution network contributes to North America's dominance in this industry. The growing interest in smart pet devices, telehealth products, and IoT-powered products indicates the region's focus on innovative solutions that improve the care of pets.

The Asia-Pacific market is forecasted to be the fastest-growing region for pet technology in the years to come. Growth accelerating for a middle-class population, rising urbanization, and rising numbers of pet owners, especially in China, India, and Japan, are driving such growth. Changing attitudes among pet owners about looking after their pets, as knowledge on pet well-being and wellbeing grows, will drive demand for cutting-edge solutions in technologies. growth of e-commerce platforms in the region has increased the availability of more sophisticated pet tech products. With rising disposable incomes and shifting consumer preferences, the Asia-Pacific region is set to experience phenomenal growth, emerging as a significant pet tech innovation hub.

List of Companies Profiled

• Ancol Pet Products Limited
• Blue Buffalo Co., Ltd.
• Champion Petfoods LP
• Hill`s Pet Nutrition, Inc.
• Mars, Incorporated
• Nestle Purina PetCare
• Petmate Holdings Co
• Saturn Petcare GmbH
• Tail Blazers
• The Hartz Mountain Corporation

Key Industry Developments

In December 2021, Wahl Animal's new premium dog grooming items are the Medium Slicker Head Brush, Double-Sided Bath Pin Brush, and Double-Sided Flex Slicker Brush.

In October 2020, Spectrum Brands Holdings, Inc. acquired Armitage Pet Care Ltd., a producer of premium pet toys and treats. With the acquisition, the company's customers, capabilities, and reach were enhanced by adding pet supplies.

Report Coverage

The report will cover the qualitative and quantitative data on the global Pet Tech Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Regional Analysis:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America is expected to have considerable development and lead the pet tech industry due to the growing pet adoption rate in the United States, where 32% of pets belong to baby boomers and 62% to younger generations. Furthermore, the spending power of millennials significantly affects the regional market share. Pet technology, including activity trackers, pet sitter apps, home surveillance devices, microchips, which VIP (Very Valuable Pets) access, and information conversion & backup, is becoming more and more popular. As a result, the pet tech market is expected to increase significantly in Asia Pacific.

Europe is expected to lead in this field due to the emergence of new pet enterprises that are promoting the growth of the pet tech industry, such as FirstVet, Barkyn, Mascoteros, Katkin, Butternut Box, Pet Buddy, Bella and Duke, among others. Additionally, the growing number of adoptions of pets in the Middle East and Africa is expected to promote the growth of the pet technology industry in those regions, with significant market growth predicted.

Pet Tech Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Pet Tech Market valued?
• Which region has the largest share in 2024 for the global Pet Tech Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Pet Tech Market

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Pet Tech Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: