The pet technology or pet tech market involves a wide range of pet care products that utilize technology to monitor and interact with companion animals. This includes devices such as GPS and activity trackers that monitor location, health and fitness of pets, smart bowls that track water and food intake, cameras and video monitors to allow pet parents to watch their pets remotely and smart toys that offer mental stimulation and feedback. The growing humanization of pets has resulted in owners treating pets as companions, even as members of the family. This has increased the demand for sophisticated pet care products that allow for better understanding of pets’ needs and behaviors.
Key Takeaways
Key players operating in the pet tech market include 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 number of pet owners globally and rising disposable incomes have boosted demand for pet tech products. According to statistics, over 85.7 million households in the United States owned a pet as of 2021, up from 78.2 million in 2011 and pet owners are increasingly willing to spend on technological products that aid in pet care and bonding.
Pet tech companies are also focusing on expanding into emerging markets through strategic partnerships and acquisitions. Dogtra, for example, partnered with Anthropic to enhance its artificial intelligence capabilities and expand into Europe and Asia. Chewy acquired pet healthcare company The Farmers Dog for $700 million to boost its presence in the lucrative raw food and prescription medication business lines.
Market Drivers
A key driver for the Pet Tech Market Size is the growing ability of technologies to mimic human capabilities such as understanding speech, recognizing images, and harnessing data to offer personalized experiences and care. For instance, products equipped with artificial intelligence are able to monitor pet behavior, recognize sounds and activities, and provide automated alerts, notifications and treatment based on patterns. This has increased convenience for owners and caregivers and enhanced the bond between pets and humans. Rapid advances in areas such as IoT, AI, miniaturized electronics and cloud computing continue to fuel innovation and demand within the pet tech space.
Get more insights on Pet Tech Market
