Market Overview:

According to a new report by IMIR Market Research on Global Pet Tech Market was valued at approximately USD 2929.4 Million in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 14.3%, reaching a value of USD 7444.3 Million by 2031.

Pets kept largely for a person's company or enjoyment rather than for work are termed pets. Contemporary pet owners view their animals as members of the family and are willing to make financial investments in the well-being, fitness, and health of their animals. The result of these developments is a brand-new industry known as "Pet Tech." Owners can now get useful statistics and their pet's current location via smartphone apps thanks to the new pet market. Modern pet owners also expect duties like feeding and health-monitoring their animals to be automated by technology. Technology like fitness trackers, camera surveillance, and automatic pet feeding are finally being adopted by pet owners.

The COVID 19 outbreak has had a negative impact on the pet tech business because of the shutdown of manufacturing facilities, which caused supply chain disruption for major suppliers involved in the pet tech industry. In addition, the lockdown and travel restrictions slowed the growth of the GDP in several economies, which increased the unemployment rate. All of these factors significantly affected consumers' ability to buy pet tech products during the epidemic. But if the economy picks up and the lockdown is eased, consumer spending on pet technology will rise, driving the market's growth even further.

Market Dynamics:

Market Drivers:

Increasing Pet Ownership and Humanization

• The growing humanization of pets and the trend of pet ownership. More money is being spent on the amusement, health, and well-being of pets as they are viewed as essential family members. A growing number of people are owning pets, including dogs, cats, birds, and small animals. The tendency is associated with changes in disposable income, urbanization, and lifestyle. Pet technological solutions that improve safety, engagement, and medical monitoring are becoming more and more necessary as pet parents strive to give their furry friends the best care and lifestyle possible.

Advancements in Technology and Connectivity

• The fast advancement of technology and communication has allowed for the production of high-end pet tech products and services. The pet industry has changed as a result of the growing use of wearables, smartphones, Internet of Things (IoT) devices, and wireless networking. Due to these advancements, pet owners may now watch and interact in their pets in an instant from a distance. The pet industry has changed as a result of the growing use of wearables, smartphones, Internet of Things (IoT) devices, and wireless networking. Due to these advancements, pet owners may now watch and interact in their pets in an instant from a distance. The creative pet technology companies are constantly developing new features and functionalities, including health tracking, behavioural analysis, customized feeding schedules, remote pet communication, and virtual pet training. Additionally, pet owners' ease and accessibility with pet tech products are enhanced by voice-activated assistants and connectivity with smart home ecosystems. 

Market Trends:

Rise of Wearable Technology for Pets

• The growing acceptance of wearable electronics made especially for animals. Due to they offer useful information on their pets' behavior, health, and well-being, wearable technology—such as smart collars, tracking devices, and health monitors—is becoming more and more popular among pet owners.  Wearable technology frequently includes sensors to detect many parameters, including body temperature, degree of exercise, sleep patterns, and heart rate. Wearable technology frequently includes sensors to detect many parameters, including body temperature, degree of exercise, sleep patterns, and heart rate. Pet caregivers can receive real-time updates and analytics regarding the activities and health status of their dogs by transmitting the data acquired by wearable devices to mobile applications or cloud platforms. By giving owners a better awareness of their pets' needs and preferences, smartwatches for pets not only improves monitoring and care but also fortifies the relationship between pet owners and their furry friends.

Expansion of Smart Pet Feeding Solutions​

• the growth of intelligent pet feeding programs designed to automate and enhance pet feeding. With features like portion management, scheduling, remote monitoring, & individualization, smart pet feeders give pet owners more simple and effective ways to manage their pets' diets. Furthermore, if pet owners are away from home, these intelligent feeders can precisely divide food at predetermined intervals, guaranteeing that pets get the proper amount of nourishment at the right time. Additionally, to these features, some smart feeders allow pet owners to communicate with their animals and keep an eye on their feeding habits from a distance. These features include voice commands, notifications, and video monitoring. Pet owners want ease, control, & peace of minds when it comes to feeding and nutrition for their pets, which is why there is a demand for intelligent pet feeding solutions. Because pet owners' requirements and preferences are constantly changing, manufacturers are responding by creating smart pet feeders with novel capabilities and functions that are propelling the market growth in this particular section of the pet tech market.

Market Restraining Factors:

Cost and Affordability Concerns

• The price of goods and services related to pet technology are referred to as the "Pet Tech Market." Pet owners continue to place a high value on the well-being, security, and health of their animals, but many are still concerned about the cost of cutting-edge pet technology solutions. Pet owners on a tight budget may be discouraged from purchasing some high-end pet tech items because of their exorbitant cost, such as GPS trackers, smart collars, and automatic feeding. Moreover, the total cost of buying and maintaining pet tech devices may increase due to recurring expenses like premium features in pet tech apps or membership fees for data storage. Due to the affordability gap, it is difficult for pet tech service providers and manufacturers to provide competitive pricing as well as value propositions that will appeal to a wider range of pet owners, including those with restricted means. If price and pricing issues are not resolved, market adoption may be hampered and the pet tech sector's potential for growth may be limited.

Key Industry Developments:

• In Augest 2022, Garmin International Inc. announced an upgrade for its Tread powersport navigator that incorporates features to assist hunters and dog handlers in tracking sports dogs (separately sold). This comes after Tread was integrated with particular Garmin GPS dog systems.

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:

Pet Tech Market Players Analysis:

• Mars Petcare
• Zoetis
• Nestle Purina Petcare
• Hill's Pet Nutrition
• Royal Canin
• Blue Buffalo
• Chewy Inc.
• Petco
• PetSmart
• Trupanion
• Banfield Pet Hospital
• VCA Animal Hospitals
• PetMed Express
• IDEXX Laboratories
• Elanco Animal Health
• Animalytix
• WALTHAM Centre for Pet Nutrition
• Petplan
• com
• Embark Veterinary Inc.

Pet Tech Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Pet Tech Market Segmentation Analysis:

By Type

• RFID
• GPS
• Sensors
• Others

By Product

• Monitoring Equipment
• Tracking Equipment
• Entertaining Equipment
• Feeding Equipment
• Pet Wearables
• Others

By Application

• Pet Safety
• Pet Healthcare
• Pet Owner Convenience
• Communication & Entertainment

The report also helps in understanding Global Pet Tech Market dynamics, structure by analyzing the market segments, and project the Global Pet Tech Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Pet Tech Market make the report investor’s guide.

Segmentation Analysis:

The market is divided into segments based on By Type, By Product, By Application.

By Type

Based on the Type of the market is segmented into RFID, GPS, Sensors, Others.

The market with the highest revenue share in 2022 was that of pet technology with an RFID chip; that year, it topped 30%. The two main drivers of the segment's expansion are dependability and precision. The RFID trackers can be used to measure body temperature, pulse, calories consumed, and heart rate variability. These benefits are necessary to maintain sector expansion, which is expected to continue during the predicted years.

The market for GPS-enabled devices is anticipated to increase at a CAGR (compound annual growth rate) of more than 10% during the course of the forecast period, generating a sizable revenue share. Dog wearable technology with GPS is becoming increasingly common as the need to monitor their movements while ensuring security increases. Demand is expected to increase as a result of rising smartphone use, real-time positioning, and also mapping portal usage. GPS businesses have also established strategic alliances with mobile phone manufacturers, retailers, and app developers to improve the usage of GPS in new applications.

By Product

Based on the Product of the market is categorised into Monitoring Equipment, Tracking Equipment, Entertaining Equipment, Feeding Equipment, Pet Wearables, Others.

The pet wearable identification & tracking device market is anticipated to be the dominant one, with a market value of over $1 billion in 2022. Features like weight and measures and access to past locations are driving the sector's growth. The industry is becoming more and more popular since these devices provide pet owners with a handy and safe way to monitor the activity of their animals.

The pet wearable for medical diagnosis & therapy category is expected to increase at a CAGR (compound annual growth rate) of more than 15%, in addition to activity tracking. New business sectors are being opened by the funds that are spent on pet health diagnostics. There is no doubting that pet owners are regularly spending greater sums on their animals, which is good news for the market for wearable pets. The emotional components of this investment include a stronger emotional bond and a dependence on the dogs for companionship, amusement, and mental wellness.

Regional Snapshots:

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: 2018- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

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