The pet gadgets market is expected to expand to an impressive valuation of US$ 2.3 billion in 2023 and is projected to exhibit a CAGR of 14.5% from 2023 to 2033 and reach US$ 10.4 billion in 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.
Pets are entertained with these products and can also be used in the daily routine needs of the pets. Toys and accessories can be traditional or sophisticated gadgets. In the wake of adoption, there is a significant increase in the expenditures by pet owners for the improved wellbeing of their pets. As such, the increasing per capita outlay of pet gadgets by the owners is going to propel growth in the global market for pets during the forthcoming years.
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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.
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.
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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.
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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