The global smart pet product market will reach a valuation of USD 5.9 billion in 2024, driven by integration of AR and VR technologies. The trend is set to create new opportunities for the market, leading to a projected CAGR of 19.5% between 2024 and 2034, and reaching a total valuation of approximately USD 35.3 billion by 2034.
Smart pet products generate vast amounts of data about behavior of pets, health metrics, and environmental conditions. Manufacturers can leverage data analytics and machine learning algorithms to derive actionable insights and provide predictive recommendations to pet owners, such as identifying early signs of illness or behavior changes.
There is a growing market for smart products designed specifically for senior pets, as pets live longer due to advancements in veterinary care and nutrition. The products address age related health issues, mobility challenges, and cognitive decline, allowing pet owners to provide better care and support for their aging companions.
Smart pet products often come with companion mobile applications that enable pet owners to monitor and control the devices of their pets remotely. The apps provide real time alerts, activity tracking, and customization options, enhancing the user experience and fostering greater engagement with the product.
There is a growing need for regulatory oversight and industry standards to ensure product safety, data privacy, and interoperability, with the increasing proliferation of smart pet products.
Manufacturers that adhere to established regulations and standards can build trust with consumers and gain a competitive advantage in the market. Smart pet feeders and food dispensers are evolving to offer more advanced features, such as portion control, meal scheduling, and dietary recommendations based on pet health data.
Some products even utilize facial recognition technology to ensure that each pet receives the appropriate portion size and diet. There is a growing demand for smart pet products that cater to the needs of multiple pets simultaneously, with the increasing prevalence of multi pet households.
Key Takeaways from the Market Study
- Global smart pet product market was valued at US$ 4.9 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 19.1%.
- The market in India to expand at a CAGR of 28.0% through 2034.
- By product type, the wearable product segment to account for a share of 32.0% in 2024.
- The market in the United Kingdom will expand at a CAGR of 18.9% through 2034.
- In terms of technology type, the GPS technology segment to account for a share of 39.7% in 2024.
Competitive Landscape
Prominent players in the smart pet product market are Petcube, FitBark, Whistle, Sure Petcare, iFetch, Wagz, Furbo, Petnet, Pawtrack, Petrics, PetSafe, Tagg GPS Pet Tracker, and PetChatz, among others.
Company Portfolio
- Whistle, a company based in California, offers GPS pet trackers and activity monitors that help pet owners keep track of the location of their pets, and monitor their activity levels. Their devices also provide health insights and behavioral trends.
- Sure Petcare offers a range of smart pet products including microchip pet doors, automatic pet feeders, and microchip enabled pet bowls, all designed to enhance the lives of pets and their owners through technology.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global smart pet product market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the smart pet product market, the market is segmented on the basis of product type (pet wearables, pet toys, pet feeders, pet beds, litter boxes), technology type (GPS technology, RFID technology, bluetooth, wi-fi enabled devices, others), and sales channel (direct sales, modern trade, departmental stores, online retailers, pet specialty stores, other sales channel), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
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