How the Pet Tech Market Will Grow: Key Trends, Market Size, and Opportunities Beyond 2025
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Drivers Are Shaping the Growth and Development of thePet Tech Market?
With the surge in pet adoption rates, the pet tech market is anticipated to experience significant growth. Pet adoption, the process of taking responsibility for a previously owned pet, pushes the demand for pet tech products. Pet tech items help pet owners improve their pets’ health, safety, and overall wellbeing. As illustrated by the Petfood Industry in January 2023, the number of dogs being adopted rose by about 1.2% compared to the previous year. This was an increase from 393,712 in 2021 to 398,477 in 2022. Pet adoptions by U.S citizens also grew by roughly 2% for cats, totaling to 539,015 in 2022. Hence, the uptrend in pet adoption is fueling the rise of the pet tech market. The second driver that is contributing positively to the pet tech market expansion is the growth in disposable income. Once income tax has been deducted, disposable income is the remaining amount available for personal spending or saving. When disposable income increases, consumers are more inclined to purchase high-quality, high-end pet tech products. This then boosts sales of advanced, durable pet tech innovations. To illustrate, data from the US Bureau of Economic Analysis in June 2022 revealed that monthly personal income rose by $113.4 billion, or 0.5 percent, and disposable personal income (DPI) scaled up by $96.5 billion (0.5%), in May 2022. Therefore, the increase in disposable income propels the growth of the pet tech market.
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#How Will the CAGR of the Pet Tech Market Influence Its Overall Growth by 2034?
The dimension of the pet tech market has experienced significant expansion in the previous years. Its growth is projected to rise from $6.28 billion in 2024 to $7.53 billion in 2025, marking a compound annual growth rate (CAGR) of 19.9%. The development during the historical period is a result of factors such as the surge in pet ownership, the emergence of e-commerce platforms for pet products, an elevated focus on pet health and wellness, urbanization, hectic lifestyle, and the humanization of pets.
Expectations are high for the pet tech market to experience a significant uptick in growth in the coming years. The market is projected to inflate to a sizeable $15.74 billion by 2029, with a compound annual growth rate (CAGR) of 20.3%. This growth during the predicted period can be credited to developments in artificial intelligence and machine learning, the advent of telehealth services specifically for pets, the broadening of smart pet home ecosystems, a heightened focus on environmental issues and sustainability, as well as personalized nutrition options. Key trends to look out for during this forecasted period encompass partnerships with experts in the pet industry, progress in wearable technology, advanced feeding mechanisms for pets, pet identification and tracking systems, along with telehealth and remote veterinary services.
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Which Cutting-Edge Market Trends Are Expected to Drive thePet Tech Market’s Growth?
Leading corporations in the pet technology industry are focusing on developing cutting-edge technology like Minitailz GPS technology to improve pet health monitoring, and gain an edge over competitors in the market. GPS technology involves the usage of signals from satellites for exact location tracking. For instance, In January 2024, Invoxia, a French consumer electronics firm, unveiled Minitailz Smart Pet Tracker, an artificial intelligence wearable device for cats and dogs that operates as a comprehensive GPS tracker and wellness gadget. The product monitors respiratory rate and heart vitals, identifies abnormalities in pet behavior and distinguishes activities like walking, eating, and running. It also detects atrial fibrillation in animals, and offers comprehensive health reports via its corresponding app. The Minitailz comes with an integrated SIM that uses GPS technology for activity tracking and finding missing pets, along with geofencing functions like vital signs monitoring, atrial fibrillation recognition, and an embedded SIM.
What Are the Leading Market Players Impacting thePet Tech Market’s Growth Trend?
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
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How Are the Key Segments of the Pet Tech Market Driving Opportunities and Innovations?
The pet tech market covered in this report is segmented –
1) By Type: Radio Frequency Identification (RFID), Global Positioning System (GPS), Sensors, Other Types
2) By Distribution Channel: Offline, Online
3) By Application: Identification And Tracking, Behavior Monitoring And Control, Facilitation, Safety And Security, Medical Diagnosis And Treatment
4) By End Use: Commercial, Household
Subsegments:
1) By Radio Frequency Identification (RFID): RFID Pet Tags, RFID Collars, RFID Microchips, RFID-Based Pet Identification Systems
2) By Global Positioning System (GPS): GPS Pet Trackers, GPS-enabled Pet Collars, GPS Pet Monitors For Activity And Location
3) By Sensors: Activity Sensors (Pet Fitness Trackers), Health Monitoring Sensors, Motion And Behavior Sensors, Environmental Sensors
4) By Other Types: Pet Cameras and Monitors, Smart Pet Feeders, Automatic Litter Boxes, Wearable Pet Devices
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What Regions Are At the Forefront of #What Drivers Are Shaping the Growth and Development of thePet Tech Market?# Market Expansion?
North America was the largest region in the pet tech market in 2024. The regions covered in the pet tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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