Pet Wearables Market Dynamics

Introduction

As per the studies undertaken by Stallion Market Research, the pet wearable market is expected to reach between $1,700-1,720 million by 2024 compared to $700-705 million in 2019 at a 19.6% CAGR. By 2025, the market of pet wearables is expected to reach $2,000-2,130 million. The market’s growth is ascribed to the increasing concerns toward pet health and wellbeing, rising pet population & pet humanization. Additionally, surging demand for IoT in pet tracking devices and growing expenditure on pets due to high disposable income are reasons behind the growth. The growth has been aided by IoT, AI, and other technologies in all the wearables. IoT-integrated pet devices help in tracking the health and location of a pet. Devices driven by IoT in such wearables will significantly impact medical treatments and the diagnosis of pets. These two factors are driving the growth of the pet wearable market. Pet wearables can be used for other functions, like maintaining the connection of owners with their pets and measuring or monitoring their fitness and health. Pet wearables also keep a watch on the food intakes, calories burnt, heart, and respiratory patterns. All these factors help the growth of the pet wearable market in recent years.

According to Stallion Market Research reports, the expenses incurred on companion animals in the U.S. were around $70-72 billion in 2018. Continuous advancements in technology are expected to increase demand for these wearables over the forecast period. Wearables are widely accepted due to their capability of continually tracking health-related parameters such as body temperature, Heart Rate Variability (HRV), and calorie intake among pets. Moreover, increasing dependency on pets for companionship, fitness, mental wellbeing, and entertainment has led to increased investment in pet animals. The widespread availability of the latest pet devices that monitor pet health will drive the pet wearable market growth. The increasing adoption of pet animals in emerging economies such as India and China opens up multiple opportunities for market growth in the Asia Pacific region over the forecast period.

Further key findings from our study reveal:

• In 2019, the RFID segment dominated the market with a share of 39.9%. RFID technology is considered more reliable and accurate. It helps to authenticate products and store information.
• The identification and tracking segment is projected to reach around $3 billion by 2027. The rise is expected as tracking wearable devices play a significant role in finding lost or stolen pets.
• Between the span of 2020 and 2027, the Asia Pacific pet wearable market is estimated to register the highest CAGR of over 17-18%. The growth’s possible reason is the increasing awareness regarding pet fitness and health in countries such as India and Australia.

Recent development

Smart collar devices will be the most significant contributor to the pet wearable market during the forecast period.

The smart pet collar is an efficient pet wearable device that connects wirelessly to a smartphone with Wi-Fi or Bluetooth. Using this device gives the user insights and information about their pets, such as location, training activity, health conditions, and much more. A smart collar is a multi-purpose tool. With GPS technology, pet owners can track their Pet using an LED display on the outer part of the collar. It is easy to monitor, track and gather information through alerts about your pet wearable market.

One of the primary growth factors for the smart-connected pet collars market is the rising demand from working individuals to monitor their pets. Pet owners want to be connected to their pets without compromising on their daily tasks. Hectic lifestyle and long working hours push the owners to opt for smart devices.

The sensor-based innovative harnesses market will grow at the highest CAGR during the forecast period.

With numerous technologies and sensors that sense and monitor the body language, Pet’s posture and sounds can be assessed from the innovative harnesses. Physiological sensors included within the intelligent harness checks the Pet’s body temperature and heart rate. The sensors and tracking of a pet’s physical wellbeing can offer information on its emotional state, such as whether it is stressed or excited. The technology helps significantly guide dogs and monitor their health regularly—for example, Inupathy – a harness-like device created by a Japanese company. It is easy to analyze a pet’s heartbeat variation by monitoring pets’ heart rates through a sensor placed within the device. The presence of multicolored LEDs represents the emotional state of these pets. It allows owners to maintain a strong bonding and understand their pets better.

North America will capture the largest market share during the forecast period. The trend of pet adoption and humanization is on the rise. Multiple reasons act as significant growth drivers of the market – growing disposable income, increasing per capita animal healthcare expenses, etc. Moreover, rising awareness among pet owners about pet health and increasing tendencies among tech-savvy owners to use innovative pet care products are a few other significant factors for driving the pet wearable market’s development in North America. Growth drivers

Over the last few years, people have become more enthusiastic about adopting pets. The trend of adopting various pets is well-spread all across the globe. Automatically, the demand for pet wearables has given rise to the growth of the market. Moreover, unlike before, owners are keen on gathering knowledge about their pets’ or animals’ physical fitness. It has led people to adopt new and latest-technology driven devices to monitor their pets. The feasibility of owning and maintaining pets is pushing more people to act as growth drivers. The trend in adopting dogs or cats and numerous applications on pet wearables act as catalysts of the global pet wearables market. Smart pet devices are loaded with hidden video cameras and sensors that ensure the security of pets—the technology helps in streaming the video content when the Pet makes a sound. The feature has particularly encouraged the adoption of these devices in stray dogs for mainly safety and security purposes.

The identification and tracking application features in the pet wearable market will witness substantial growth till 2026. Incidents of lost pets have been on the rise for the past few years, which has encouraged the adoption of wearables more. Around two million pets are stolen each year worldwide as per Pet Found by the Internet (FBI). Identification of pets gets easy with the RFID- integration technology in pet wearables. It is done by implanting a microchip under the Pet’s skin. Due to modern farming’s emergence, the pet wearable market will register clear gains from the commercial end-user sector. Livestock monitoring and tracking are done by devices to identify early health problems. The devices carry the ability to monitor the health of pets. Such devices are used in animal training to improve performance and reduce the risks of injury. Several manufacturers worldwide are busy developing devices to help farm owners track health metrics such as heart rate, blood pressure, respiratory rate, and temperature. However, increasing pet abandonment incidents in many regions have resulted in mass awareness and stringent regulations on pet safety.

Key challenges

Developed countries like the U.S pet owners or potential pet owners are well aware of the trending pet wearables in the market. On the other hand, developing countries like China, Indonesia, India, etc., have less awareness about these products. There must be an entirely different approach to handle both sets of consumers – in the developing and the developed countries. Even though there are vast growth opportunities for the wearables market, some of the market’s critical challenges remain imperative. Challenges include high power consumption and short battery life of pet wearable devices. Wireless networks and GPS features make most of these pet wearable devices consume a lot of power. Frequent charging cycles of such devices reduce battery life. It leads to additional maintenance and expenses for pet owners who may stand as an obstacle to the market growth. The high initial cost of pet wearable devices due to the integration of advanced technology is expected to slow the market’s development over the coming years, mainly in emerging economies.

Predicting the future of pet wearables

The rising demand among the millennials to adopt pets will lead to a higher pet wearables market growth. To keep up with the changing and rising demands, the market players need to create novel and innovative ways to bring new features to the applications and products. A more personalized and omnichannel experience would gather more acceptance among the users. Additional premiums or discounts on pet wearables can elevate the popularity of such devices among the owners. As owners rely on improving the Pet’s lifestyle, a digitally-enabled approach in devices can work great as measured through wearable devices. Market players need to come up with new business models that cater to pet health and safety.

Conclusion

The pet wearables market experiences an abundance of change and development. The only way to handle incoming demands is to offer new technology-oriented products and devices. The market will see increased competition in the following years with other and new players emerging into the market.