by Pet tech products such as pet wearables, smart feeds and lids, pet enteric devices, and smart toys provide advantages like location tracking, activity tracking, feeding monitoring, medical alerts, and smart entertainment to pets at home which is driving the increased need of such technological products associated with pets.
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. Key players in the market are focusing on product innovation and launching new AI-powered devices for improved pet health monitoring and entertainment.
The growing for pet humanization and increasing pet ownership is fueling Pet Tech Market Demand. Pet owners around the world are increasingly willing to spend more on technological products that can care for their pets when away. This is positively impacting the demand for smart pet feeders, activity monitors, and AI-based pet toys.
Pet tech companies are also expanding globally by introducing localized product offerings and strengthening their distribution networks across countries. The availability of affordable pet tech products suitable for local needs will further boost the adoption of these technologies in emerging nations and support the overall expansion of the pet tech industry worldwide over the coming years.
Market Key Trends
Access to advanced AI capabilities is a major trend in the Pet Tech Market Trends. Pet care product manufacturers are integrating AI functionalities like computer vision, advanced sensors, and machine learning algorithms into smart pet devices. This allows for more personalized care solutions such as automated health monitoring and nutrition management. AI-powered pet products can analyze pet behavior, feeding patterns and provide insights to owners as well as veterinary experts. The growing AI penetration is expected to significantly improve pet wellness and support the growth of the pet tech market during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high costs for R&D and technological innovation required in this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established brands.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for raw materials.
Threat of new substitutes: Substitutes pose moderate threat as technology in tracking and feeding domains is continuously evolving.
Competitive rivalry: Competition is high among major players to gain market share through continuous innovations.
Geographical Regions
North America accounts for the largest share of the pet tech market currently, in terms of value. This is attributed to high pet ownership and spending on pet care in countries like the U.S. and Canada. Asia Pacific is expected to record the fastest growth during the forecast period, supported by increasing millennial pet ownership and disposable incomes in countries like China and India.
The pet tech market in Europe is concentrated in Western countries such as Germany, U.K., France and Italy due to high adoption of advanced technology. South America and Middle East & Africa are emerging markets with potential for high growth in coming years, supported by rising pet humanization trend.
*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
