Global Pet Tech Market
Dublin, April 08, 2024 (GLOBE NEWSWIRE) — The “Pet Tech Global Market Report 2024” has been added to AnalysisAndMarkets.com’s providing.
The pet tech market measurement has grown quickly in recent years, from $5.24 billion in 2023 to $6.28 billion in 2024 at a compound annual development fee (CAGR) of 19.8%.
The development noticed in the course of the historic interval will be attributed to a number of components, together with a rise in pet possession, the rise of e-commerce within the pet merchandise trade, a heightened deal with pet well being and wellness, urbanization resulting in busy life, and the pattern of humanization of pets the place pets are handled as relations and their well-being is prioritized.
The pet tech market measurement is predicted to see fast development within the subsequent few years, rising to $12.02 billion in 2028 at a CAGR of 17.6%.
The anticipated development within the forecast interval will be attributed to the combination of synthetic intelligence (AI) and machine studying in pet tech, the growth of telehealth companies for pets, the expansion of sensible pet home ecosystems, an elevated deal with environmental sustainability, and the adoption of custom-made vitamin options for pets. Major developments anticipated within the forecast interval embody collaborations with pet trade specialists, developments in wearable know-how for pets, the event of sensible feeding options, improvements in pet identification and monitoring, and the rise of telehealth and distant veterinary companies for enhanced pet care.
The rising adoption of pets is anticipated to drive the expansion of the pet tech market within the coming years. Pet adoption includes the switch of duty for a pet from one proprietor to a different, and pet tech merchandise play an important position in enhancing the well-being, well being, security, and general expertise of each pets and their homeowners. For instance, in January 2023, in line with the Petfood Industry, a US-based useful resource for professionals within the pet meals and deal with manufacturing trade, canine adoption numbers elevated by roughly 1.2%, rising from 393,712 in 2021 to 398,477 in 2022. Additionally, U.S. residents adopted about 2% extra cats than the earlier 12 months, reaching 539,015 in 2022. As a end result, the surge in pet adoption is a key driver behind the expansion of the pet tech market.
The growing disposable earnings is predicted to additional increase the growth of the pet tech market. Disposable earnings refers back to the money available to people or households for spending or saving after earnings taxes have been deducted. With an increase in disposable earnings, customers are extra inclined to spend money on premium and high-end pet tech merchandise, resulting in elevated gross sales of refined and sturdy applied sciences with superior options. In June 2022, a report by the Bureau of Economic Analysis, a US-based authorities company, indicated a month-to-month enhance of $113.4 billion, or 0.5 %, in private earnings. Disposable private earnings (DPI) additionally rose by $96.5 billion (0.5%). Consequently, the upward pattern in disposable earnings is contributing to the expansion of the pet tech market.
Major corporations within the pet tech market are concentrating on creating superior applied sciences, corresponding to Minitailz GPS know-how. This focus goals to boost pet well being monitoring and safe a aggressive edge available in the market. GPS know-how includes utilizing indicators from satellites for exact location monitoring. For instance, in January 2024, Invoxia, a France-based client electronics firm, launched the Minitailz Smart Pet Tracker, an AI wearable for dogs and cats. This gadget serves as an all-in-one GPS tracker and wellness gadget, measuring respiratory fee and coronary heart vitals, detecting anomalies in pet habits, and differentiating actions corresponding to walking, working, and consuming. It additionally identifies atrial fibrillation in pets and gives detailed well being stories by means of the accompanying app. The Minitailz features a built-in SIM with GPS know-how for exercise monitoring and finding misplaced pets, together with geofencing options, together with important indicators monitoring and atrial fibrillation detection.
The report covers market traits, measurement and development, segmentation, regional and nation breakdowns, aggressive panorama, market shares, developments and techniques for this market. It traces the market’s historic and forecast market development by geography.
Report Scope
Markets Covered:
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By Type: Radio Frequency Identification (RFID); Global Positioning System (GPS); Sensors; Other Types.
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By Distribution Channel: Offline; Online
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By Application: Identification And Tracking; Behavior Monitoring And Control; Facilitation, Safety And Security; Medical Diagnosis And Treatment.
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By End Use: Commercial; Household
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time sequence: Five years historic and ten years forecast.
Key Attributes:
|
Report Attribute |
Details |
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No. of Pages |
175 |
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Forecast Period |
2024 – 2028 |
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Estimated Market Value (USD) in 2024 |
$6.28 Billion |
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Forecasted Market Value (USD) by 2028 |
$12.02 Billion |
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Compound Annual Growth Rate |
17.6% |
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Regions Covered |
Global |
Companies Profiled:
For extra details about this report go to https://www.researchandmarkets.com/r/esew0y
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