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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Global Pet Gadgets Market: Market Dynamics
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.
Trends for Pet Gadgets Market
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.
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
- Innovation Pet
- Outward Hound
- Bed Bath & Beyond Inc.
- Pet Parent
- ThinkRace Technology
- Petco Animal Supplies Inc.
- PT Labs LLC
- Ancol Pet Products
- ABS Custom
- Beeztees.com
- Pet’s World.
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Global Pet Gadgets 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