Pet Tech Market Detailed Analysis of Current Industry Figures with Forecasts Growth By 2027

The pet tech market is anticipated to witness remunerative revenue gains by 2027 due to rising pet humanization trend, growing convenience of online shopping, escalating demand for innovative pet care products, and rising disposable income of consumers.
The combination of a progressively young and tech-literate demographic of consumers, and a rising global pet population, is bringing about strong growth of a relatively novel industry, that is the pet tech market.
The beginning of covid-19 pandemic saw a significant spike in pet ownership and has since then led the pet industry to witness a steady growth in spending related to pet care. The new trend is likely to continue this upward climb given that more pet owners are now spending more time with their pets inside their homes.
The pet tech market covers all facets of a pet's life, ranging from sustainable pet food delivery to collaborative veterinary, pet platforms as well as online pet education services.
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The pet tech market is segmented in terms of product, application, end-use, distribution channel and regional landscape.
With respect to product, the market for pet tech is bifurcated into smart pet toys, smart pet fence, smart pet feeders & bowls, smart pet doors, smart pet crates & beds and pet wearables. Among these, the smart pet doors segment will witness robust demand over the coming time period. Smart pet doors ensures safety of pets in absence of their owners, which is a major reason that has led to the product's growing popularity.
Smart pet doors generally comprise of RFID-sensing units as well as microchip-sensing units that connect to the owners smartphone. In comparison to automatic pet door, smart pet doors offer much more control and locking features and work best for smaller dogs as well as cats.
In terms of application, the pet tech market is categorized into pet safety, communication & entertainment, pet owner convenience and pet healthcare. Here, the communication & entertainment segment is anticipated to witness strong demand over the coming time period. Pet owners are likely to spend more on devices that enhances the communication & entertainment of their companion animals.
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In terms of end-use, the market is divided into commercial and household. The need to improve health conditions of livestock will drive the demand for innovative products. This in turn is expected to accelerate the commercial segmental growth.
Based on distribution channel, the market is classified into physical mass merchant store, online-only retailer and physical pet store. The shift towards online shopping, brought on by the covid-19 pandemic, is a formidable consumer behavior that is fueling segment growth. It is projected that this trend would still be highly prevalent in the post pandemic world, making it a dependable growth facilitator for the segment.
On the geographical front, Asia Pacific region will witness robust demand owing to the rising disposable income of consumers and trend of pet humanization.