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Pet are animals that are mainly kept for person’s entertainment or company rather than as a working animal. These days’ pets are being considered as the part of the family and owner as willing to spend on their pet’s fitness, healthcare and well-being. All these circumstances have led to all new market known as “Pet Tech”. The new pet market helps owner to get the live location of their pet and other useful stats via mobile apps. Also, modern pet owners these days are looking forward to automate task such as checking their pet health, and feeding with some sort of technology. Technology such as automatic pet feeders, monitoring cameras and fitness are eventually being adopted by pet owners.
Further, according to Consumer Technology Association (CTA), 40% pet tech is used for philanthropic purposes including finding shelter for rescued animal after natural disaster and 46% owners use an app that provide health information directly to their vests.
The outbreak of COVID 19 has negatively impacted the pet tech market due to the closure of manufacturing facilities that caused supply chain disruption for major vendors operating in the pet tech market. Additionally, the imposed lockdown and travel restrictions declined the GDP growth in several economies that resulted in increased unemployment rate. All these factors caused significant impact on consumer’s spending ability on their pet tech products during the pandemic. However, with relaxation on the lockdown imposed and improving economic conditions there will be rise in consumer spending on pet tech that would further help in driving the growth of pet tech market.
Key Market Driver -
• Increasing awareness about pet’s physical and mental health is anticipated to drive the growth of pet tech market. • Increase demand for remote tracking and monitoring of pets is expected to drive the growth of the market.
Key Market Restraint -
• Pet tech products are costly and anticipated to restrict the market growth. • Short battery life of pet tech products is expected to hinder the market growth.
Key players providing pet tech solutions are GoPro, Inc., FitBark Inc., Garmin International Inc., CleverPet Inc., Dogtra Co. Konectera Inc., Lo8tor Ltd, Mars Incorporated, Lupine Pet, Motorola Solutions Inc., Wagz Inc., Tractive GmbH, Smart Pet Love, Scollar Inc., Pod Tracker ANZ Pty Ltd, PetSmart Inc., PetPace LLC, PETKIT and Powbo Inc., among others.
Major market players are adopting various strategies such as collaboration, acquisitions, new product launch, product enhancement, mergers and partnership to enhance their market presence. For instance, in November 2019, FitBark Inc., launched FitBark GPS all in one dog location and health tracker United States market.
North America is anticipated to have the significant growth in the pet tech market due the increased adoption of pet in the region, for instance, in United States around 62% of pets are from younger generation and 32% belongs to baby boomers. Further, the purchasing power of millennials plays an important role in the regional market share. This has led to the increased adoption of innovative pet tech products for enhancing the pet’s well-being and health.
Asia Pacific is expected to have significant growth in the pet tech market due to the rising adoption of pet tech and activity tracker, pet sitter apps, home monitoring devices, microchips, VIP (Very Important Pets) access and data conversion & backup among others. These pet tech trends are more likely to create lucrative growth opportunities for pet tech market in the region.
Similarly, Europe is also anticipated to drive the growth due to new pet startups such as FirstVet, Barkyn, Mascoteros, Katkin, Butternut Box, Pet Buddy, and Bella and Duke among others are contributing towards the growth of pet tech market in the region.
Further, Middle East and Africa is also expected to have significant growth in the market due the increasing number of people are adopting pets that would eventually contribute to the growth of pet tech market in the region.
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