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Pet tech market trends to be driven by rising innovations brought forth by industry players
Pet tech market trends are anticipated to depict a rapid transformation owing to the rising prevalence of pet e-commerce and advent of products with tech enabled services that lead to the pets’ enhanced wellbeing and security. Nowadays pet owners are looking for novel approaches to keep their pet happy and healthy which would further substantially influence pet tech market outlook over the forecast period.
U.S. pet tech market share, by product, 2018 & 2025 (USD Million)
Prominent reports suggest that in recent years, the annual spending on pets has surged to double due to the busy schedule of pet owners. As companies continue to offer top-grade products like high-tech fences, pet cameras, automatic food bowls, and more, pet tech industry size is expected to substantially increase in the ensuing years.
Pet technology has become a rapidly emerging market remnant of electronic and connected solutions which help owners to train, monitor, feed, and play with their furry friends. According to studies, security and safety are considered as major concerns for the pet owners and most of them opine that technology will help resolve them efficiently. Pet tech manufacturers are looking to develop new products and advanced solutions for pets that will help attract a significant consumer pool comprising pet lovers. This would further enhance the growth of pet tech market share in the upcoming years.
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Of late, companies have been working to launch novel products like smart cameras that are designed to be the perfect assistants for busy pet parents through which they can talk, watch and even play with their pets remotely. The pet owners can receive notifications about their pet’s behavior and can undertake continuous home monitoring. Such products brought forth by industry players will considerably contribute to stimulate pet tech industry trends.
In terms of the regional landscape, the North America pet tech market held more than 55% of the industry share in 2018 and will experience steady growth due to the increase in the adoption of technological solutions in the household sector. It has been observed that major changes in pet ownership are in the pipeline due to the advent of technological and cultural change.
Nowadays, pet parents are opting, not for traditional food but nutritious food with healthy ingredients for their pets. They are also paying more attention to pet care, grooming, transportation, and many other aspects. The pet owners in North America are spending massively on the health and fitness of their pets as well.
In 2017, it was projected that the mutual gross written premiums of pet health insurance were registered at more than USD 1.2 billion. The household pet ownership in the region is witnessing high growth, which stimulates pet care companies to manufacture more tech-enabled products, in turn, propelling the pet tech industry share.
Pet tech companies are on the continuous quest of undertaking novel methods to keep pets close to their owners which has given rise to several new applications and solutions that can make the pet’s life feasible and trouble-free. For instance, in May 2019, Petz, a chain of pet shops in Brazil had recently created an e-commerce tool named Pet-Commerce which combines artificial intelligence with facial recognition to aid dogs make their own online shopping decisions and provide their dogs the best- ever experience. These novel innovations will attract more pet owners and highlight the substantial growth potential for pet tech industry players.
Considering the efforts undertaken by the remarkably industry players, it is clear that the pet tech market would depict substantial growth in the forthcoming years. The competitive spectrum of this industry is distinctive and consists of renowned companies such as Fitbark, IceRobotics, Garmin Ltd., Konectera, Whistle Labs LLC, Loc8tor, Motorola, Nedap N.V., Pod Trackers Pty Ltd, Tractive, Petcube, Inc., Petnet Inc., Scollar, PetPace LLC, CleverPet, Petrics, and WOPET.
Exemplary initiatives by the leading players will undoubtedly have a lasting impact on the growth prospects of this industry. Global Market Insights, Inc. estimates that pet tech market size will exceed the USD 20 billion mark by 2025.
Author Name : Deeksha Pant