Pet Wearables Market to Grow at 8% CAGR from 2022 to 2032

During the forecast period of 2022-2032, the pet wearables market is anticipated to grow at a compound annual growth rate (CAGR) of 8%, according to Fact.MR. By 2032, the global market for pet wearables is projected to reach a valuation of US$ 10.96 billion. This growth is largely driven by consumers' increasing spending on pet healthcare and biomedical imaging. Additionally, the rapid expansion of pet insurance companies in recent years has significantly contributed to the rising demand for pet wearables.

One of the major factors influencing the pet wearables market is the recommendation of these devices by insurance companies. Increasing awareness of pet health and rising downstream demand are also crucial factors driving the market. Pet wearables are expected to gain prominence during the forecast period due to their cost-effectiveness and positive impacts on the pet healthcare system.

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Region wise, the availability of improved technologies and increased veterinary care expenditures are likely to drive growth in the US industry. According to the American Pet Product Association, the US pet industry will spend more than USD 100 billion by 2022. On the other hand, rising pet health awareness and a growing use of wearable technology are expected to propel Chinese market development over the forecast period.

Key Takeaways from the Market Study

In 2022, the global cheddar cheese market is estimated to reach a valuation of US$ 3.2 billion. Within this market, the RFID segment by technology type is expected to dominate, holding a substantial 58% market share and maintaining its leading position through the forecast period of 2022-2032. The prominence of RFID technology can be attributed to its widespread application and efficiency in tracking and managing inventory, which is increasingly critical in the food industry. Meanwhile, the emotion tracker segment, which monitors pets' emotional states, is projected to secure a 30% share of the global market in 2022. This segment's growth reflects the rising interest in advanced pet care technologies, as pet owners seek more comprehensive ways to ensure their pets' well-being.

The US market is anticipated to capture a significant 45% of the global market share in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2032. This robust growth is driven by the high adoption rate of innovative pet care products and the increasing spending capacity of pet owners in the region. In contrast, the Chinese market is forecasted to grow at a slightly lower but still impressive CAGR of 7.9% during the same period. The growth in China is propelled by the rising pet ownership rates and the burgeoning middle class, which is increasingly investing in pet healthcare and wellness. These dynamics indicate a strong and sustained demand for pet wearables across different regions, highlighting the global expansion of this market.

List of Key Companies Profiled in The Report

RSA Group
Avid Identification Systems, Inc.
Allflex USA Inc.
Datamars
FitBark
Garmin Ltd.
Invisible Fence
Link AKC
Others

What is the outlook of the US Pet Wearables Market?

The US market will be the most lucrative market for pet wearables during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.

The region's market is expected to develop as a result of the availability of advanced technology and rising expenditure on veterinary care. For instance, the American Pet Product Association projects that by 2022, the U.S. pet sector would spend more than USD 100 billion.

Numerous pet-related services, including pet daycare facilities, nutritional supplements, grooming services, pet accessories, and one of the newest offerings-pet wearables and communication gadgets-are all anticipated to drive demand in the industry. Thus, the US market is predicted to grow at an 8.1% CAGR during 2022-2032.

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Competitive Dynamics

Avid Identification Systems Inc. stands out in the realm of animal applications with its innovative injectable RFID electronic identification systems. Labtrac, a permanent animal identification device utilizing microchips, is a notable product in their portfolio. This technology is distributed across a diverse range of countries, including Australia, Argentina, Brazil, Colombia, Canada, Costa Rica, France, Ecuador, Guatemala, Mexico, South Korea, New Zealand, Spain, Peru, the United States, the United Kingdom, and Uruguay.

In contrast, Fitbark has entered the market with the FitBark GPS 2nd Generation, unveiled in 2022. This cutting-edge tracker seamlessly switches between AT&T, Verizon, and T-Mobile 4G LTE-M networks, ensuring optimal coverage at all times. Notably, the integrated sim operates independently of the smartphone's cellular carrier. Weighing a mere 16 grams, FitBark GPS 2nd Generation is water-friendly, catering to dogs of all sizes, from Leonbergers to Chihuahuas, and easily fits collars up to 1.5 inches (38 mm) in width. The competitive landscape in pet identification and tracking is evolving with these companies at the forefront of technological innovation.

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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.