In 2023, the pet gadgets market is expected to grow to a significant value of around US$ 2.3 billion. It is anticipated to continue expanding with a Compound Annual Growth Rate (CAGR) of 14.5% from 2023 to 2033, reaching approximately US$ 10.4 billion by the end of 2033.
Nowadays, people consider pets as the essential members of their families. This has significantly contributed to the pet gadgets market growth and will further do so over the course of the period. Today, most pet owners are millennials who tend to spend much more on the superior goods and services that benefit their pets’ health resulting in increased costs of products for the same.
Global Pet Gadgets Market: Market Dynamics
- Pet humanization trends have led to increased concern among pet owners regarding their pets’ health, routines, and overall lifestyle.
- Busy lifestyles make it challenging for pet owners to adequately care for their pets, driving the demand for pet gadgets in the market.
- Technology plays a crucial role in addressing the needs of pet owners by providing convenient solutions for interacting with and monitoring pets remotely.
- Technological advancements have significantly contributed to the growth of the pet gadgets industry, enabling pet owners to better care for their pets even when they are not at home.
- Smart collars equipped with GPS pet trackers and activity monitoring devices for dogs and other pets are examples of technological innovations that have revolutionized pet care by allowing owners to track their pets’ location and activity levels.
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Trends for Pet Gadgets Market
- Private label brands in the pet gadgets market offer products manufactured by third parties but sold under the retailer’s brand name, serving as part of the growth strategy for retailers.
- The trend of private label brands is rapidly expanding within the pet gadgets sector, with these brands experiencing faster growth rates compared to other market segments.
- Established retailers like Amazon are capitalizing on this trend by introducing their own private label brands, generating significant revenues in the process.
- Amazon, for instance, extended its private label brand portfolio to include pet gadgets in 2016, marketing products such as dog gadgets under its AmazonBasics brand name.
Opportunities for Pet Gadgets Market
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.
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Challenges for Pet Gadgets Market
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.
Global Pet Gadgets Market: Key Players
Some of the key players operating in the global pet gadgets market are
- Honest Pet Products LLC
- Cycle Dog
- Hyper-Pet LLC
- Simply Fido
- Homes for Pets
Pet Gadgets Market: Regional Outlook
The pet gadgets market classified into seven key areas:
- North America
- Europe
- Latin America
- East Asia
- South Asia
- Oceania,
- Middle East & Africa
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.
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Market Segmentation
By product type:
- Toys
- Bedding & Feeding Products
- Care Products
- Pet Hosing
- Smart Collars
- Others
By utility type:
- Playing
- Walk
- Sleep
- Groom
- Eat
- Others
By pet type:
- Dogs
- Cats
- Fish and Reptiles
- Small Pets
- Birds
- Horses & Other Livestock
By end-user:
- Residential
- Commercial
By price range:
- Premium
- Mid-range
- Economic
By distribution channel:
- Direct
- Indirect
- Care Service Centers
- Pet Specialty Stores
- Convenience stores
- Independent Small Stores
- Online Sales Channel
- Others
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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