Pet Tech Global Market Report 2024

The pet tech market size has grown rapidly in recent years. It will grow from $5.24 billion in 2023 to $6.28 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth observed during the historical period can be attributed to several factors, including an increase in pet ownership, the rise of e-commerce in the pet products industry, a heightened focus on pet health and wellness, urbanization leading to busy lifestyles, and the trend of humanization of pets where pets are treated as family members and their well-being is prioritized.

The pet tech market size is expected to see rapid growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence (AI) and machine learning in pet tech, the expansion of telehealth services for pets, the growth of smart pet home ecosystems, an increased focus on environmental sustainability, and the adoption of customized nutrition solutions for pets. Major trends expected in the forecast period include collaborations with pet industry experts, advancements in wearable technology for pets, the development of smart feeding solutions, innovations in pet identification and tracking, and the rise of telehealth and remote veterinary services for enhanced pet care.

The rising adoption of pets is anticipated to drive the growth of the pet tech market in the coming years. Pet adoption involves the transfer of responsibility for a pet from one owner to another, and pet tech products play a crucial role in enhancing the well-being, health, safety, and overall experience of both pets and their owners. For example, in January 2023, according to the Petfood Industry, a US-based resource for professionals in the pet food and treat manufacturing industry, dog adoption numbers increased by approximately 1.2%, rising from 393,712 in 2021 to 398,477 in 2022. Additionally, U.S. residents adopted about 2% more cats than the previous year, reaching 539,015 in 2022. As a result, the surge in pet adoption is a key driver behind the growth of the pet tech market.

The increasing disposable income is expected to further boost the expansion of the pet tech market. Disposable income refers to the money available to individuals or households for spending or saving after income taxes have been deducted. With a rise in disposable income, consumers are more inclined to invest in premium and high-end pet tech products, leading to increased sales of sophisticated and durable technologies with advanced features. In June 2022, a report by the Bureau of Economic Analysis, a US-based government agency, indicated a monthly increase of $113.4 billion, or 0.5 percent, in personal income. Disposable personal income (DPI) also rose by $96.5 billion (0.5%). Consequently, the upward trend in disposable income is contributing to the growth of the pet tech market.

The limited internet connectivity in some areas is anticipated to hinder the growth of the pet tech market. This limitation refers to instances where access to the internet is restricted or insufficient, resulting in diminished or unreliable internet service. Such limited connectivity can cause delays or interruptions in receiving real-time updates or monitoring a pet's activities using pet tech devices such as cameras, health monitors, and GPS trackers that rely on instantaneous data transmission. For instance, data from the International Telecommunication Union in November 2022 revealed that approximately one-third of the global population, totaling 2.7 billion people, still lacks internet connectivity. Despite comprising nearly half of the world's population, 259 million fewer women have internet access compared to men, with only 63% of women using the internet in 2022. Therefore, the restricted internet connectivity in certain areas is hindering the growth of the pet tech market.

Major companies in the pet tech market are concentrating on developing advanced technologies, such as Minitailz GPS technology. This focus aims to enhance pet health monitoring and secure a competitive edge in the market. GPS technology involves using signals from satellites for precise location tracking. For example, in January 2024, Invoxia, a France-based consumer electronics company, introduced the Minitailz Smart Pet Tracker, an AI wearable for dogs and cats. This device serves as an all-in-one GPS tracker and wellness device, measuring respiratory rate and heart vitals, detecting anomalies in pet behavior, and differentiating activities such as walking, running, and eating. It also identifies atrial fibrillation in pets and offers detailed health reports through the accompanying app. The Minitailz includes a built-in SIM with GPS technology for activity tracking and locating lost pets, along with geofencing features, including vital signs monitoring and atrial fibrillation detection.

In May 2023, Datamars, a US-based data solutions company, completed the acquisition of Kippy S.r.l. for an undisclosed amount. This strategic move aimed to fortify Datamars' portfolio of pet-related solutions, meeting the growing global demand for products that ensure the well-being of pets. Kippy S.r.l is an Italy-based company specializing in the production and sale of Internet-based devices used for security, real-time tracking, activity tracking, and Vita messages of pets.

Major companies operating in the pet tech market report are Garmin Ltd., GoPro, Loc8tor Ltd, Nedap NV, Datamars, Tractive, Wag Inc., Invisible Fence, Scollar Inc., Avid Identification Systems Inc, DOGVACAY, PetPace LLC, Allflex Group, CleverPet, Petcube Inc., Konectera, Whistle Labs Inc., Furbo, iFetch LLC, Dogtra, IceRobotics, Fitbark, Link AKC, Pawscout Inc., Invoxia, Felcana, Actijoy Solution, Powbo Inc., All Home Robotics.

North America was the largest region in the pet tech market in 2023. The regions covered in the pet tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet tech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Pet tech encompasses products and technologies designed to enhance the care, comfort, and overall well-being of pets while providing convenience for their owners. These products integrate innovative technologies and features to offer solutions for improving the health, safety, and overall experience of pets.

The primary types of pet tech include radio frequency identification (RFID), global positioning systems (GPS), sensors, and other innovative technologies. RFID is a technology that employs tags and readers using radio waves to track and identify objects or individuals. Pet tech products are distributed through both online and offline channels and find applications in various areas, including identification and tracking, behavior monitoring and control, facilitation, safety and security, as well as medical diagnosis and treatment. These products cater to both commercial and household purposes.

The pet tech market research report is one of a series of new reports that provides pet tech market statistics, including pet tech industry global market size, regional shares, competitors with a pet tech market share, detailed pet tech market segments, market trends and opportunities, and any further data you may need to thrive in the pet tech industry. This pet tech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pet tech market includes revenues earned by entities by providing services such as pet health monitoring, pet insurance, pet nutrition, safety and security and pet training. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The pet tech market consists of sales of smart pet crates, pet wearables, automatic ball launchers, cat containment systems, microchip pet doors, GPS trackers, pet cams, automatic food dispensers, and health monitoring devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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