Pet Tech Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

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The pet tech industry has experienced rapid growth and innovation in recent years, driven by the increasing pet ownership rates and the growing demand for advanced solutions to enhance the well-being and care of pets. This executive summary provides an overview of the pet tech market, including its current state, key trends, major players, and future prospects.

Market Overview:

The global pet tech market size was held to be USD 6.1 billion in 2023. The pet tech market encompasses a wide range of products and services that leverage technology to improve the lives of pets and their owners. It includes segments such as pet wearables, smart feeding devices, pet monitoring systems, pet health and wellness apps, and online pet services. The market is driven by the rising trend of pet humanization, where pets are considered as family members and owners seek to provide them with the best possible care.

Key Trends:

Wearable Technology: Pet wearables, such as GPS trackers and activity monitors, have gained significant popularity. These devices enable owners to track their pet's location, monitor their activity levels, and even receive health-related data, allowing for better overall pet management.

Smart Home Integration: The integration of pet tech with smart home systems is on the rise. Pet owners can control and automate feeding schedules, monitor their pets remotely through video surveillance, and even interact with them via voice commands, providing convenience and peace of mind.

Health and Wellness Focus: The pet tech market is witnessing a surge in health and wellness solutions. From smart pet beds that regulate temperature and sleep patterns to apps that offer customized diet and exercise plans, pet owners are increasingly investing in technologies that prioritize their pets' well-being.

Market Segmentation:

Type:

·        RFID

·        GPS

·        Sensors

·        Others

Product:

·        Monitoring Equipment

·        Tracking Equipment

·        Entertainment Equipment

Application:

·        Pet Safety

·        Pet Healthcare

End Use:

·        Household

·        Commercial

Distribution Channel:

·        Offline

·        Online

The pet tech market can be segmented based on several factors, including type, product, application, end use, and distribution channel. In terms of type, the market comprises RFID, GPS, sensors, and other emerging technologies. RFID technology utilizes radio waves to track and monitor pets, while GPS enables real-time tracking using satellite-based positioning systems. Sensors encompass various technologies that provide insights into pet behavior and health. Other emerging technologies represent innovative solutions in the pet tech space.

In the product segment, the market can be divided into monitoring equipment, tracking equipment, and entertainment equipment. Monitoring equipment includes cameras, pet activity trackers, and smart collars that allow remote monitoring of pets. Tracking equipment involves devices equipped with GPS or RFID technology to locate pets if they go missing or stray. Entertainment equipment comprises interactive toys and automated feeders that provide mental stimulation and entertainment for pets.

The application segment focuses on pet safety and pet healthcare. Pet safety applications involve technologies such as tracking devices, containment systems, and pet safety sensors, which ensure the well-being and security of pets. Pet healthcare applications include wearables for health tracking, telemedicine solutions, and smart pet healthcare products that aid in monitoring and managing pet health.

In terms of end use, the market can be categorized into household and commercial sectors. Household end use refers to products and technologies targeted at individual pet owners and households. Commercial end use encompasses solutions designed for pet businesses, such as pet care services, veterinary clinics, and pet shelters.

The distribution channel segment comprises offline and online channels. Offline distribution involves the sale of pet tech products through physical retail stores, including pet specialty stores, supermarkets, and veterinary clinics. Online distribution refers to the availability of products for purchase through e-commerce platforms, such as dedicated pet tech websites, online retailers, and marketplaces.

Major Players:

The pet tech market is a highly competitive industry, with several prominent players vying for dominance. Key companies such as Pawscout, Petnet, Whistle Labs, and FitBark have firmly established themselves as major players in the pet wearables and tracking segment. They offer cutting-edge solutions for monitoring and tracking pets' activities and location.

In the realm of smart feeding and monitoring devices, Sure Petcare, Petnet, and PetSafe emerge as the leading providers. These companies offer a wide range of products designed to enhance pet care and well-being, including advanced monitoring devices and automated feeding systems.

Future Prospects:

The pet tech market is expected to witness substantial growth in the coming years. Factors such as the increasing adoption of smart home technologies, the rising awareness of pet health and wellness, and the growing urban population are likely to drive market expansion. The integration of artificial intelligence and machine learning algorithms into pet tech solutions is also expected to fuel innovation and open new possibilities for personalized pet care.

Key Companies in Pet Tech Market:

The pet tech market is a highly competitive industry, with several prominent players vying for dominance. Key companies such as Pawscout, Petnet, Whistle Labs, and FitBark have firmly established themselves as major players in the pet wearables and tracking segment. They offer cutting-edge solutions for monitoring and tracking pets' activities and location.

In the realm of smart feeding and monitoring devices, Sure Petcare, Petnet, and PetSafe emerge as the leading providers. These companies offer a wide range of products designed to enhance pet care and well-being, including advanced monitoring devices and automated feeding systems.

Report Overview

Global Pet Tech Market research report presents a strategic analysis of the global Pet Tech Market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it.

This report delivers market size, regional and country market data, segmentation growth, market share, competitive landscape, company’s Pet Tech revenue analysis, strategies of domestic and global market players, opportunities analysis, strategic market growth analysis, and technological innovations. It analyses historical and current market data to accurately gauge its future growth potential. This market report provides in-depth analysis and insight of market drivers, challenges, trends & opportunities. At the same time, comprehensive coverage of major vendors (recent product development & industrial activities, company overview, insights on business strategy & financial performance, company SWOT analysis) is provided to give competitive overview. This study presents most detailed (COVID-19 updated) and in-depth analysis about the global Pet Tech Market, covering all global regions and countries. The report provides intricate dynamics for each of the countries covered, offering unmatched value, accuracy and expert insights.

Report Purpose

The purpose of the report is to portray the state of the global Pet Tech Market and to present real and expert-verified data and insights about the market values, volumes, dynamics, segmentation and prices. It also offers forecast for the market development in the short and medium term and the impact COVID-19 has and will have on it. Further, it covers in-depth analysis of the key market players, industry trends and insights, growth drivers and challenges and all other factors, influencing the growth of market.

Scope of the Report

The report on the global Pet Tech Market presents:

·         Historical Data: Market data including volume, growth rate, value, and dynamics; Market segmentation (by product, by region and by country; etc.) for the last five years;

·         Strategic Insights for companies looking to launch new products to diversify their business, exploring leading countries to establish supply chain, and top countries to increase company export and go global

·         Comprehensive Regional Market Data: volume, growth rate, value, market share and dynamics of for the last five years (broken down by region);

·         Market Dynamics: Analysis of the factors impacting the market including demand drivers, industry trends and challenges and the short and the medium-term impact of COVID-19 presently and in near future;

·         Analysis and forecast for the global economy and demographics;

·         Supply chain and value chain analysis, risk analysis of supply side and demand side;

·         Market Forecast for next ten years (market share, year-on-year growth, volume, value and segmentation by region);

·         Company profiling of key market players covering company’s Pet Tech revenue, sales and market share;

·         Comprehensive coverage of competitive landscape offering market positioning and snapshot of key business strategies;

·         Porter’s Five Forces analysis;

How Can You Benefit from This Report?

In this report you can:

·         Track and identify key market trends and insights and key drivers behind recent market changes and see the impact COVID-19 has and will have on the market in both the short and the medium term;

·         Get access to reliable and verified market data, with which aids you to make confident business decisions;

·         Analysis of market numbers, such as volume, value, forecasts, dynamics, segmentation and market structure – past, present and future;

·         Gain competitive intelligence about the market at low cost as compared to other reports;

·         Understand growth potential countries and regions, opportunities, growth drivers and barriers on the market;

·         Own data spreadsheet for comparison at global, regional and for individual country, covered in the report;

·         Analyse countries with highest and lowest demand for Pet Tech and countries in each region which will grow at highest growth in next five years.

·         Strategically plan business strategy based on verified market data and expert insights;

·         Identify revenue generation opportunities in the countries and regions within the market;

·         Get market trend data of last 10 years and how market growth will unfold in next ten years;

·         Market share analysis and positioning of leading market players;

·         Get an assessment of competitive intensity, fragmentation and environment and understand competitive threats;

·         Get hands on data your competitors might already have and be acting upon;

·         Assess your position on the market, choose a new product line market to enter or get to know a completely new market;

·         Save money, time and resources by not purchasing/collecting data and compiling them by yourself;

·         Extensive analysis of all required market data in one place;

·         Empower your marketing, branding, strategy, product and business development, consumption and supply functions with valuable market insights;

·         Assess market attractiveness and BPS analysis for region and country and strategies business activities;

·         Develop your own market entry or market expansion strategy or validate your current strategy;

·         Get easy to read, perceive and understand report.

What Kind of Decisions You Can Make Based on the Data in This Report?

This report detailed and all-inclusive data on Pet Tech Market, providing valuable support to make vital decisions regarding:

·         Strategic planning;

·         Industry analysis;

·         Target Market/Marketing and sales;

·         Regional and country assessment and opportunity analysis;

·         Market entry into new product group or country;

·         Pricing of existing and new products;

·         New product development and Innovation in existing products;

·         Supply chain management;

·         Market evaluation;

·         Mergers, Expansions, Joint Ventures and acquisitions.

Who Is This Report for?

This report is intended to give broad overview of market to people who already are working on this market:

·         C-suite Level executives;

·         Directors;

·         Industry strategists;

·         Marketing professionals;

·         Business development professionals;

·         Product developers;

·         Product marketers and strategists;

·         Product managers;

·         Project managers;

·         Suppliers;

·         Traders;

This report also caters to people who are not involved in the market, representatives of investors, consultants, advisors and financial institutions:

·         Management consultants;

·         Investment managers;

·         Financial professionals;

·         M&A managers. 

Regional Coverage

The report on the global Pet Tech Market breaks down the world into the following regions & countries and covers every single one of them:

Report Customization

If the report as is does not serve your market research needs, get it customized at free of cost, as per your own specific requirements. Feel free to contact us for more information!

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