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Global Pet Tech Market to Grow at a CAGR of 24% During 2021-2026, Aided by the Growing Digitalisation and Increasing Pet Ownership

According to a new report by EMR titled, ‘Global Pet Tech Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 24% between 2021 and 2026.

A significant portion of the population lead a busy and hectic lifestyle, due to which, they do not get time to take care of their pets. Therefore, technological advancements in the pet care industry are playing a crucial role in ensuring that the pets are healthy, well-nourished, and properly groomed. Over the forecast period, the increasing spending on the technologically advanced pet products owing to the rising disposable income of people in the emerging economies of the world is likely to propel the sales of the product.

The manufacturers are launching new product lines to fulfill the increasing consumer demand for technologically advanced devices. In March 2021, Dogness Corporation (NASDAQ: DOGZ) announced the launch of the latest GPS Pet Tracker, which comes with real-time positioning and pinpoint accuracy. With the help of this tracker, owners can get updates of the exact position of their pets to prevent any harm. Such developments in the industry are expected to significantly contribute to the market expansion over the forecast period.

In terms of region, Europe is anticipated to account for a significant share in the market, owing to the growing technological advancements in the pet care industry, as well as the growing homelessness of cats and dogs. The market is expected to be aided by the rising pet care expenditure in European countries like France, Spain, and the United Kingdom, among others. Furthermore, the steady growth of the e-commerce sector is likely to propel the sales of various pet tech products in the coming years.

Market Breakup by Product, Application, End Use, Distribution Channel, and Region:

  • The market is segmented based on product into tracking equipment, monitoring equipment, entertainment equipment, and feeding equipment, among others.
  • The different applications of the product include pet healthcare, pet owner convenience, communication and entertainment, and pet safety, among others.
  • The different end uses of the product include household and commercial.
  • The significant distribution channels include online and offline.
  • Region-wise, the global market for pet tech can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for pet tech is being driven by the growing focus on well-being and safety of pets. 
  • The hectic and busy lifestyle of the significant portion of the population is likely to propel the demand for technologically advanced pet care products.  
  • The increasing disposable incomes and the rising adoption of pets are expected to aid the industry. 
  • The growing popularity of ecommerce industry is likely to bolster the demand for pet tech products. 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for pet tech for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the products, applications, end uses, distribution channels, and major regions of pet tech.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global pet tech market are CleverPet, Dogtra Company, Pawscout, Inc., and Felcana, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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