Pet Tech Market is driven by growing ownership of companion animals globally
The global pet tech market consists of a wide range of products that aid in pet monitoring, healthcare and entertainment. This includes pet cameras allowing video monitoring of pets at home; activity monitors that track steps, sleep cycles and energy levels; smart feeders with portions controlled via app; and interactive toys keeping pets mentally and physically engaged. Growing urbanization has led to an increase in nuclear families with both partners career oriented and unable to commit long hours to pets. Pet tech products allow owners to still feel connected and provide quality care to pets remotely. The growing popularity of pet humanization and willingness to spend more on Pet Tech Market Demand wellness is also fueling. Advancements in sensor technology and AI have made pet tech products more affordable and useful.
The Global Pet Tech Market is estimated to be valued at US$ 20.45 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 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. The increasing humanization of pets and growing pet ownership globally are some of the key factors driving demand for pet tech products. The global pet population is expected to grow to 650 million by 2030 from 600 million in 2020 according to the AVMA. According to the American Pet Products Association, the total US pet industry expenditures rose to $99 billion in 2020, up from $95 billion in 2019, with nearly 60% spent on companions like dogs and cats alone. Pet tech companies are expanding rapidly into new geographies to tap the growing global pet care market. For example, Mars Petcare acquired Anthropic, a AI training company working on robotics and nutrition in 2021 to accelerate technology innovations focused on pet health and well-being.
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