The value of the Pet Tech Market in 2022 Was $5 Billion and is expected to cross $35 Billion in 2032, witnessing a CAGR(compound annual growth rate) of 15% from 2023 to 2032. The market is carrying a higher weight in the pet market with sorts of advanced products and services. The popularity of smart pet electronics has also made it easier and better to care for and interact with pets than it ever was. Now, let’s look further into the pet tech market. Value of the Pet Tech Market in 2022 Was $5 Billion and is expected to cross $35 Billion in 2032.
Segments of the Pet Tech Market by Products
The pet tech market has chiefly evolved in terms of various segment innovations. These six segments occupy a major portion of the pet tech market.
1. Pet Smart Wearables
With immense potential and room for growth, the global pet wearable market reached a scale of $2.7 billion in 2023. From 2023 to 2030, its expansion rate is expected to be 14.3% CAGR. Holding 40% market share, North America is the largest smart wearable market around the world, other important contributors include Europe, Asia Pacific, South America, Middle East.
Smart wearables are practical for different pets with various types. It contains smart pet collars, vests, harnesses, and cameras. As for their functions, smart wearables brag about powerful functions that cover tracking, recording, health monitoring, and behavior monitoring.
Among those wearables, the smart pet tracker is paramount in the market for safety is one of the constantly concerned issues for pet owners. Estimated at $938.9 million in 2022 and expected to reach $2.6 billion by 2031, the pet smart tracker market is predicted to develop with a CAGR of 10.3% from 2022.
2. Smart Feeding Equipment
The two relevant equipment are smart feeders and smart water fountains. In 2023, the market size of global smart pet feeders and pet water fountains stood at a value of $2.11 billion and $153 million respectively. The former is expected to achieve $6.29 billion in 2033 with a CAGR of 11.6%. The latter is rated to reach $267.8 million by 2030, witnessing a CAGR of 8.3% during the forecast period.
The smart feeders can be remotely controlled by the owners’ phones. Pet owners can set a time and portion to feed their pets and observe them through the camera. The smart water dispensers provide clean flowing water to pets and its sensor mode appeals to pets to drink more water. Scientific feeding provides pets with a healthier life.
3. Smart Pet Toys and Pet Robots
The global smart pet toys market size is predicted to reach $830.5 million by 2030 with a CAGR of 15% from 2024 to 2030. The smart pet toys include sound and motion-enabled toys and phone-controlled toys. They interact with pets when pet owners are not at home to get rid of pet’s boredom and increase their happiness.
Pet companion robots also have a strong presence. In 2023, the global market size of smart companion robots was estimated at 874.5 million US dollars, and it is expected to witness expansion at a CAGR of 12.3% during the period from 2023 to 2033. Apart from accompaniment and amusement, pet robots allow pet owners to monitor and play with pets under the control of a phone app.
4. Smart Self-cleaning Cat Litter Box
Intelligent cat litter box has get flavor of pet parents for its convenience and efficiency. By the end of 2030, the global smart cat litter box market is projected to expand from $796.7 million in 2023 to $1.2627 billion with a CAGR of 6.8%. The box will clean the box automatically after the cat leaves. The automatic cleaning leaves a fresh environment for cats and reduces cleaning times for pet owners. Some upgraded litter boxes are equipped with tech to eliminate odors.
5. Pet Monitoring Camera Market
The global pet monitoring camera market was valued at $160 million in 2023, growing at a CAGR of 26.8% from 2024 to 2028. The monitoring cameras with wide angles are absolutely fundamental for pet owners. They can gather information about pet’s activities and capture adorable moments in pets’ lives. Moreover, it is helpful for pet owners and pets to ease their separation anxiety. Their increasing personalized features also accelerate market growth and advancement.
6. Smart Pet Door
The global smart pet door market reached a scale of $310.1 million in 2023. From 2023 to 2030, it is calculated to grow at a CAGR of 11.1%. Having stirred the pet market, the smart pet door avoids bother from other animals by only allowing your pet to enter the house. The door is opened by the sensor on the pet or through the control of the phone app.
From the above analysis, we can find that the smart pet wearable market is the most potential segment. What’s more, other than the above key segments, many other smart pet devices like smart pet fences and pet telemedicine are also in advance. It is desirable that pet tech market is making great strides in more segments.
2. Drivers of the Pet Tech Market
Going ahead with the burgeoning pet market and advancing modern technologies, the pet tech market is driven by several key factors.
1. Growing Pet Ownership
Globally, pet ownership is growing with billions of households globally owning a pet at home. In the U.S., about 66% or 86.9 million of households hold a pet. It is not only caused by the COVID-19 pandemic and popular stray dog adoption, but also pushed by the increasing number of young pet owners. In America, there are about 62% of pets from the younger generation who has the fame of empathy and technology intimacy. This just drives the hot adoption of smart pet products.
2. Enhancing Awareness of Pet Care
The trend of pet humanization creates better awareness of pet care, treating their pets just like their family member. Pet owners are pleased to pay the bill if the products can effectively profit to their pet’s comfort and wellness. Data indicate that between 2024 to 2030 global pet expenditure will grow at a CAGR of 6.58%. This trend causes increasing usage of smart products. One example is the smart bed which can adjust the temperature as per the climate to take care of pets thoughtfully.
At the same time, the concern for pet health and safety increases, and the growing obesity in dogs and cats are typical example. This drives pet owners to utilize smart devices, such as smart collars with functions of health monitoring and GPS tracking; personalized nutrition plans, or automated feeders to manage healthy diets.
3. Dependent on Convenience and Efficiency
The number of pet owners who live alone is also increasing. Only in China, the number of single individuals has reached about 150 million in 2023. Their busy work life makes it difficult for pet owners to take care of and play with their pets all the time, encouraging them shift towards to smart devices. The camera allows them to have a close watch on their pet; the smart feeder and water fountain schedule the pet’s diet; the smart litter box free owners’ hands; the pet teaser and pet robot engage pets in some fun and stimulation.
4. Technological Advancement
Growth in AI, LoT, and sensor technologies contribute to developing smart pet solutions. Creative and sophisticated pet products like the smart launcher with a camera cater to the evolving needs and preferences of pet owners, attracting swarms of pet owners to pay for them. For instance, pet AI facial recognition is helpful in finding lost pets, According to the statistics, around one-third of all cats and dogs in the U.S. are missed and about 80% never return. The incorporation of advanced technology not only enhances the playing experience of pets but also offers numerous benefits for pet owners.
5. Higher disposable Income
Higher disposable income permits pet owners to give more budget for high-quality pet supplies. Disposable income has risen with the growing middle class and rising urbanization, especially in the Asian Pacific region. The urban disposable income has already overshot ￥50,000 ($6,876) in 2023 in China. Smart supplies, such as smart collars with built-in GPSs and health monitors, help supervise the health and mood of pets. Today, those smart products will be more preferred by competent pet owners.
6. E-commerce
The worldwide use of E-commerce makes it possible for pet owners to buy a pyramid of smart pet products. In 2023, the global e-commerce business was rated to be worth $25.93 trillion and is anticipated to grow at a CAGR of 18.9% from 2024 to 2030. Thanks to such a booming trend, the pet tech market will continue to grow globally.
Those drivers have injected great momentum into the pet tech market, promoting its further growth.
3. Challenges of the Pet Tech Market
Though rapidly developed, the pet tech market also faces many challenges that pet enterprises need to succeed.
High Costs
Advanced pet tech products can be more expensive, for instance, $799 for an AI-powered robot. Smart toy development and production ask for a significant investment in technologies and talents. At this time, consumers are always responsible for the cost, so smart toys are more costly than traditional toys. Many pet owners may not have access to them due to their high cost.
Privacy and Security Concerns
Privacy is a big problem, not just bothering our humans. Pet tech devices, particularly various cameras, gather a lot of data from apps. The camera data generally will record the daily activity of pets and even pet owners, which is more serious if there is privacy leakage.
Limited Compatibility and Standardization
The lack of industry standards makes it difficult for devices produced by different manufacturers to work together. Different devices from different brands use different apps to connect the phone. Those Apps are not on the same platform and are not compatible with each other, leading to operational trouble and fragmented experience for users.
Market Competition
More companies find the niche and enter the pet tech market. However, the meaningless sales following and price competition have hindered further development. It is a challenge to ensure products with unique value and not affected by the price war. For instance, the smart groomer innovated by Neakasa can contend with various needs like grooming, shaving, and removing floating hairs. It had been a hot-selling product but other imitated products affected its interests with lower prices.
Battery Life and Reliability
Not like traditional supplies, most smart pet products have to rely on battery power and sensors. One of the pain points of smart cat litter boxes is that they are susceptible to break down for their sensors. It is essential to reduce technical malfunction and guarantee their long battery life and reliability.
International Climate
The international climate will definitely influence the global market. The regional conflict like the Ukrainian crisis has caused economic uncertainty. International unpredictability may result in disruption to the global supply chain and fluctuation in exchange rates. Many smart pet devices recourse electronic components whose suppliers come from the affected regions. Then, affected foreign transactions may cause delayed production and higher costs in material and transportation.
The pet tech market is in development and we believe that those problems will be addressed with a higher degree of innovative technology, market standards, and a higher understanding of the market and the pet owners’ needs.
4. Trends of the Pet Tech Market
The next three key trends are noteworthy in terms of the future direction of the pet tech market.
Integration of AI and Machine Learning
One prevailing trend is that the increasing integration of artificial intelligence(AI) and machine learning. One important example is adaptive feeding. The AI system will adjust the feeding schedule and portion based on the pet’s activity level, age, weight, and many other statistics. Other technologies like dog bark translators are also a key development.
High-end Customization
Customized products and services in the pet tech market will be more ubiquitous. For example, the pet climate-controlled bed can adjust temperature and humidity based on their specific requirements. Catering to the specific preferences and demands of pet families, personalized products provide superior and luxurious experiences and functionality to them.
Sustainability
More pet smart products are made based on the consideration of the global sustainable development concept. For instance, eco-friendly biodegradable materials are utilized in some smart devices to reduce likely influences on the environment.
Smart pet products will transform the lives of pets and pet families in all respects with greater convenience and sustainability.
5. Conclusion
In this blog, we have delved into six significant segments of the pet tech market, analyzed its drivers and challenges, and made reasonable predictions of the market trends. The pet tech market is on an upward trajectory in this technical era along with the promising pet industry. Beardpet, as an emerging smart pet electronics company, is also endeavoring to closely follow the rhythm of the whole market, making breakthroughs in key pet technology.
