The pet gadgets market is projected to expand to an impressive valuation of US$ 2.3 billion in 2023 and is projected to exhibit a CAGR of 14.5% from 2023 to 2033 and reach US$ 10.4 billion in 2033.
These days, the vast bulk of pet owners are youngsters who frequently devote more to high-quality goods and services for their pets' health, which has increased pet-related expenditures. People nowadays consider their pets to be an essential part of their homes. This has substantially influenced the expansion of the pet gadgets market and will proceed to do so in the forecast timeframe.
These goods are utilized for pet recreation and can be utilized to fulfill the everyday activity needs of animals. Toys and apparel can be either traditional or high-tech devices. With the emergence of the rising adoption of pets, a boost in expenses made by pet parents for the livelihood of their pets has been witnessed.
Individuals are increasingly concerned about their pets' wellness, habit, and leisure as a result of pet enlightenment. Pet owners' rush lifestyles make it challenging for them to care for their pets. This enhances the demand for pet devices, and the adoption of automation has made it easier for pet owners to communicate with and be concerned for their pets when they're not at houses.
To attract buyers and provide sophisticated pet fitness and health supervision, businesses concentrate on selling advanced pet gadgets and toys. High-tech devices and apparel include the iFetch automatic ball launcher, Petcube Play Wi-Fi Pet Camera, and Self-cleaning litter box. Water-resistant trackers with real-time data capture and long-lasting battery cells are available for purchase. They include country-wide pet traceability, as well as place and escape notifications via email, app, and text message. These devices use GPS, Wi-Fi, and cellular technology to provide the most precise control possible, allowing pet owners to always confirm where their pets are. Therefore, these advanced technological gadgets are expected to contribute to market growth over the upcoming decades.
During the predicted timeframe, the online sales channel with multiple e-commerce portals selling pet gadgets is predicted to generate the most profits. Among all distribution channels for pet gadgets, the worldwide online sales channel segment is predicted to expand at a CAGR of 11.4% during the forecast timeframe. In 2022, the dog segment held more than 40% of overall revenue. Dogs are the most companion animals, followed by cats. Dogs have been shown to reduce anxiety, tension, and distress, in addition to loneliness, alongside their ability to enhance cardiovascular health and motivate workouts, all of which add value to their prominence. As a consequence of these factors, this segment is expected to increase its market dominance among all type segments.
Technology developments have aided the expansion of the pet gadgets market and will strive to do so in the coming years at a considerable pace. Europe leads the industry in pet gadgets, followed by North America, including a rise in consumer awareness regarding animal well-being anticipated to boost the pet gadgets sector. Accelerated e-commerce and mobile phone permeation in the Asia Pacific region are driving the region's pet gadgets sales growth. Furthermore, important pet gadget market stakeholders in the pet gadgets market are widening into Latin America, the Middle East, and Africa, as these regions offer numerous opportunities due to rising spending power, increased pet adoptions, and certain other aspects.
Major market players are also largely focused on R&d projects to create novel products and diversify their product portfolio. Moreover, these participants are working to create unique products that can collect health metrics for pets, such as distance walking and caloric burn, which can be useful to vets.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 2.3 billion |
| Anticipated Forecast Value (2033) | US$ 10.4 billion |
| Projected Growth Rate (2023 to 2033) | 14.5% CAGR |
Nowadays, the majority of pet owners are millennials who often spend more on quality products as well as services for the well-being of their pets, which has scaled up pet-related expenses. Today, people treat their pets as an important part of their families. This has contributed significantly to the growth of the pet gadgets market and will continue to contribute over the forecast period.
These products are used for the entertainment of pets and can be used in daily activity needs of pets. Toys and accessories can be conventional or high-tech gadgets. With the rise in adoption rate of pets, an increase in expenditure made by pet owners for the wellbeing of their pets have been observed.
Thus, the growing per-capita expenditure on pet gadgets by owners is expected to drive the growth of the global pet gadgets market in the foreseeable future.
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Pet humanization has resulted in people being more concerned about their pet’s health, routine, and lifestyle.
With their hectic lifestyles, it becomes difficult for pet owners to take care of their pets. This boosts the demand for pet gadgets market and the use of technology has made it convenient for pet owners to interact and take care of their pets when they are not at their home.
The technological advancements have helped the pet gadgets industry to grow and will continue to contribute to the growth of the industry at a significant rate in the near future. Smart collars with an in-built GPS pet tracker and activity monitoring devices for dogs and other pets are another example of technological innovations that have changed the way pet owners are looking after their pets.
Private label brands offer products that are manufactured by a third party but are sold under the retailer’s brand. The introduction of private label brands has always been a part of a growth strategy for retailers. This trend has also been observed in the pet gadgets market. Private label brands are growing in this sector at a much faster rate.
Existing retailers like Amazon are generating significant revenues through their newly introduced private labels. In 2016, the online retailer Amazon extended its private label brand portfolio in the pet category as well. The company markets dog gadgets under its brand name AmazonBasics.
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Companies focus on selling modern pet gadgets and toys to attract customers and to provide advanced pet fitness and health monitoring. The iFetch automatic ball launcher, Petcube Play Wi-Fi Pet Camera, and Self-cleaning litter box are some of the examples of high tech gadgets and accessories.
In this present situation of the COVID-19 pandemic outbreak, sustaining business operations has become particularly difficult for Small and Medium Enterprises (SMEs). The crisis has already transformed into an economic and labor market shock impacting not only the production of pet gadgets but also its demand, initially in the Asia Pacific and then across the world.
The outbreak has thus pushed pet gadgets manufacturers to stop business till it gets recovered. Most of the government in many countries have ordered the shutdown hypermarket, supermarket, malls, etc. which will have a significant effect on target product’s sale of pet gadgets.
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Some of the key players operating in the global pet gadgets market are
These players are expected to positively influence the growth of the pet gadgets market during the forecast period.
The pet gadgets market classified into seven key areas:
Europe is leading the market followed by North America in pet gadgets market with an increase in the awareness about the well-being of animals is expected to propel the pet gadgets market. Rapid e-Commerce and smartphone penetration in the Asia Pacific region are propelling the growth of the pet gadgets market in the region.
Moreover, key players in the pet gadgets market are penetrating in Latin America and Middle East & Africa as these region provides ample opportunities to them owing to increasing disposable income, increasing pet adoptions and other factors.
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Pet Gadgets Market
