In the latest report by Future Market Insights, the lead research consultant estimates the global smart pet product market value to reach USD 5.9 billion in 2024.
The upward trajectory will continue securing growth, with projections indicating a market value of USD 35.3 billion by 2034. This equates to a moderate CAGR of 19.5% through the forecast period.
| Attributes | Key Insights |
|---|---|
| Smart Pet Product Market Estimated Size in 2024 | USD 5.9 billion |
| Projected Market Value in 2034 | USD 35.3 billion |
| Value-based CAGR from 2024 to 2034 | 19.5% |
The scope for smart pet product rose at a 19.1% CAGR between 2019 and 2023. The global market is achieving heights to grow at an impressive CAGR of 19.5% over the forecast period 2024 to 2034.
The market experienced significant growth during the historical period, owing to the factors including rise in awareness as well as adoption among pet owners. Products such as smart feeders, activity trackers, and pet cameras also gained traction as consumers recognized the benefits of technology in pet care.
There were significant advancements in technology during the historical period, and the developments led to the introduction of more sophisticated smart pet products with enhanced features and capabilities.
Increasing pet ownership rates and higher spending on pet care are other factors that also contributed to the expansion of the smart pet product market. Pet owners, particularly in developed regions, invested in innovative products to improve the health as well as well being of their pets.
The forecast period, on the other hand is all set to enter a phase of maturity, attributed to diversification of product offerings by manufacturers. They are diversifying their product offerings to cater to the evolving needs and preferences of pet owners.
There will be opportunities for market expansion beyond traditional regions, as pet ownership rates rise in emerging markets. Manufacturers are targeting emerging economies with growing middle class populations and increasing pet ownership rates.
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by India and the United Kingdom. The countries will lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 11.9% |
| The United Kingdom | 18.9% |
| China | 16.1% |
| Japan | 18.1% |
| India | 28.0% |
The smart pet product market in the United States will expand at a CAGR of 11.9% through 2034. The country is a hub for technological innovation, with a thriving ecosystem of companies and startups developing cutting edge smart pet products.
Advances in areas such as artificial intelligence and IoT, as well as mobile apps drive the development of innovative smart pet products tailored to the needs of American pet owners.
The United States has one of the highest rates of pet ownership globally, with a large population of pet owners across the country. There is a growing demand for smart pet products to enhance pet care, monitoring, and companionship, as more citizens welcome pets into their homes.
The smart pet product market in the United Kingdom to expand at a CAGR of 18.9% through 2034. Pets are considered members of the family in the country, with many pet owners treating them accordingly.
The humanization of pets drives the demand for smart pet products that offer features including personalized feeding schedules, interactive toys, and two way communication. The products enable pet owners to strengthen their bond with their pets and provide them with the best possible care.
Pet owners in the United Kingdom are increasingly focused on the health and well being of their pets. There is a growing demand for smart pet products that promote pet health, including activity trackers, health monitors, and personalized nutrition solutions. Pet owners are willing to invest in products that help them monitor and optimize the health and quality of life, of their pets.
Smart pet product trends in China are taking a turn for the better. A 16.1% CAGR is forecast for the country from 2024 to 2034. There has been a cultural shift towards pet ownership in China, with pets increasingly being viewed as companions and family members rather than mere possessions.
The cultural shift fosters a greater demand for products and services that cater to the needs of pets, including smart pet products that enhance their well being and quality of life. China has the largest e-commerce market in the world, with a vast number of consumers shopping online for a wide range of products, including pet supplies.
The convenience of online shopping, coupled with a wide selection of smart pet products available through e-commerce platforms, accelerates the growth of the smart pet product market in China.
The smart pet product market in Japan is poised to expand at a CAGR of 18.1% through 2034. Pet cafes and pet centric events are gaining popularity in Indian cities, providing pet owners with socialization opportunities for their pets.
The venues serve as platforms for showcasing smart pet products, fostering community engagement, and driving awareness and adoption of such products among pet owners. The Japanese government has introduced regulations and initiatives to support the growth of pet industry, including regulations to improve pet welfare and promote responsible pet ownership.
Government support creates a favorable business environment for companies operating in the smart pet product market, fueling investment and innovation in the sector.
The smart pet product market in India will expand at a CAGR of 28.0% through 2034. The pet services industry in India, including pet grooming, boarding, and training, is experiencing rapid growth.
Smart pet products complement these services by providing pet owners with tools to monitor health, behavior, and activities of their pets, enhancing the overall pet care experience and augmenting the market growth.
There is a growing trend of pet friendly housing developments in Indian cities, as more residential complexes and apartments become pet friendly. Pet ownership has become more feasible for urban dwellers, leading to an increase in demand for smart pet products that facilitate urban pet living.
The below table highlights how wearable product segment is leading the market in terms of product type, and will account for a share of 32.0% in 2024. Based on technology type, the GPS technology segment is gaining heights and will to account for a share of 39.7% in 2024.
| Category | Shares in 2024 |
|---|---|
| Wearable Product | 32.0% |
| GPS Technology | 39.7% |
Based on product type, the wearable product segment will dominate the smart pet product market. Wearable devices enable pet owners to proactively monitor the health of their pets, and detect early signs of illness or discomfort.
Wearable devices help pet owners identify potential health issues before they escalate, by tracking metrics such as heart rate, temperature, and activity levels. Wearable devices for pets, such as activity trackers and health monitors, allow pet owners to monitor the activity levels, sleep patterns, and vital signs of their pets in real time.
The growing emphasis on pet health and wellness is driving demand for wearable devices that provide actionable insights into the overall well being of pets.
In terms of technology type, the GPS technology segment will dominate the smart pet product market. GPS technology plays a crucial role in facilitating the quick and efficient recovery of lost pets.
In the event that a pet goes missing, GPS enabled devices provide precise location information, enabling pet owners, rescue organizations, and animal control agencies to locate and retrieve lost pets more effectively.
GPS enabled devices allow pet owners to remotely monitor and control the movements of their pets, even when they are away from home. Pet owners, by using mobile apps or web based platforms, can set up geofences, receive notifications if their pets stray beyond designated boundaries, and track the activities of their pets in real time.
The smart pet product market is characterized by intense competition among key players striving to maintain or enhance their market share through strategic initiatives, product innovation, and differentiation strategies.
Company Portfolio
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | USD 5.9 billion |
| Projected Market Valuation in 2034 | USD 35.3 billion |
| Value-based CAGR 2024 to 2034 | 19.5% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Product Type, Technology Type, Sales Channel, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Petcube; FitBark; Whistle; Sure Petcare; iFetch; Wagz; Furbo; Petnet; Pawtrack; Petrics; PetSafe; Tagg GPS Pet Tracker; PetChatz |
The smart pet product market is projected to reach a valuation of USD 5.9 billion in 2024.
The smart pet product industry is set to expand by a CAGR of 19.5% through 2034.
The smart pet product market is forecast to reach USD 35.3 billion by 2034.
India is set to be the top performing market, exhibiting a CAGR of 28.0% through 2034.
Wearable product segment is preferred, and will account for a share of 32.0% in 2024.
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Smart Pet Product Market
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