The pet tech market has witnessed significant growth in recent years. Rapid advancements in technologies has enabled the development of a wide range of pet tracking devices, cameras, toys, health and activity monitors, grooming brushes and feeders that enable continuous monitoring and better care of pets. Pet owners are increasingly relying on pet tech products to keep a check on their pets health, ensure safety and strengthen the human-animal bond. Key benefits offered by pet tech products include real-time location tracking, monitoring of vital health parameters, remote care through internet connectivity, customized grooming and feeding and mental stimulation through interactive pet toys.
The Global Pet Tech Market is estimated to be valued at US$ 8.12 Bn in 2024 and is expected to reach US$ 20.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.1% 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 Pet Tech Market Growth provides significant growth opportunities for innovation in product design and development of advanced technologies. Growing popularity of communication-enabled products is expected to drive further integration of IoT and AI capabilities.
Increasing urbanization and rising number of nuclear families have boosted pet adoption globally. This is encouraging pet tech companies to expand into international markets and develop localized offerings. Asia Pacific and Middle East regions are witnessed growing adoption of pet tech products.
Market Drivers
The key driver boosting the demand for pet tech products is the increasing humanization of pets. Pet owners across the world now consider their pets as integral family members and are willing to invest in products and services that can enhance pet care. Growing popularity of pet entertainment and training apps and games is also driving the need for connected pet tech devices among digital native pet owners. Moreover, rising pet healthcare expenditure and increasing prevalence of lifestyle diseases among pets have accelerated demand for health monitoring tools and fitness trackers for pets. The market is expected to further gain traction due to innovations in pet engagement solutions tailored for multi-pet households.
PEST Analysis
Political: The Pet Tech Market Analysis is subject to various regulations regarding the safety and well-being of animals. Regulations define standards for the design and manufacturing of pet tech products to ensure they do not harm pets.
Economic: Rising disposable incomes and growing humanization of pets have increased spending on pet care over the years, driving demand for innovative pet tech products that can monitor and interact with pets.
Social: People increasingly view pets as companions and family members. This has increased acceptance of pet tech devices that keep owners connected to pets even when away. It has also boosted demand for products ensuring pets remain healthy, happy and stimulated.
Technological: Advancements in areas like IoT, AI, sensors and mobile apps have enabled the development of smart pet devices for real-time monitoring of pets, two-way interaction, automated pet care and more. Further innovation will make pet tech more affordable and user-friendly.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global pet tech market value due to high pet ownership, willingness to spend on pet care and early adoption of innovative technologies. The US and Canada are major revenue generators.
Fastest Growing Geographical Region
The Asia Pacific region is expected to be the fastest growing market for pet tech during the forecast period due to rising incomes, increasing pet ownership, and growing awareness about pet care products among urban consumers in economies like India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile