Pet Wearable Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Pet Wearable Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The pet wearable market is expected to witness a CAGR of 8.49% over the forecast period (2022-2027).

Pet adoption increased tremendously during the pandemic, resulting in increased animal health care and thus driving the growth of the pet wearable market. For instance, according to the People's Dispensary for Sick Animals (PDSA) Animal Wellbeing (PAW) report published in June 2021, 2 million people in the United Kingdom acquired pets between March 2020 to May 2021. Of these pets, 10% were dogs, 8% were cats, and 13% were rabbits. Thus, COVID-19 significantly impacted pet adoption, directly related to the surging demand for pet wearables.

The Pet Food Manufacturers Association (United Kingdom) reported that in 2021, 17 million (59% of) households own pets. This increasing pet ownership is more concerned about the safety of their pets, and the pet owner population has become more aware of the safety of their pets. The increase in awareness about the pet's physical and mental fitness, increasing adoption of IoT, and rise in demand for pet monitoring and technological advancements are the key factors propelling the growth of the pet wearable market.

The pet wearable market is gaining attraction due to the rising awareness among pet owners about their health. The increasing inclination toward adopting pets as companions for mental stability, fitness, and entertainment is boosting the expenditure on the well-being of pets. For instance, in January 2022, digital pet care start-up, Supertails, released a new film, The New Year's Resolution, which brings the voice of a dog to its audience. Through this campaign, the company is asking pet parents to keep their pets closer this year, to spend time understanding them and building a real bond with them. This will boost the demand for products such as smart cameras and others. The rising awareness, coupled with the easy availability of wearables globally, is expected to boost the global pet wearable market.

Additionally, using pet wearables offers benefits, such as connecting humans to their pets to track their daily activities and health using these devices. This monitoring generates data for food intake, heart, and respiratory rate, and patterns and calories burnt by pets during the day. The data generated by these devices is used to analyze pets' health. The technological advancements in the market are further expected to positively impact the market studied. For instance, in June 2022, Furbo launched a 360-degree Dog Camera that rotates 360 degrees at its base to follow the active pup while offering a wide-angle lens, colored night vision, and auto dog tracking. The camera can be moved through app controls. Such product innovation is expected to drive the market studied significantly.

The aforementioned factors are boosting the adoption of pet wearables by pet owners, which in turn is propelling the growth of the market studied. However, the battery life issue of devices and the high production cost is expected to restrain the market growth during the study period.

Key Market TrendsIdentification and Tracking Segment is Expected to Hold the Largest Market Share over the Forecast Period

One of the most common uses of pet wearables, such as smart collars, is tracking the whereabouts of pet animals using GPS. With the help of wearables, owners can track their pets and help other people identify pets that have strayed off and return them to their rightful owners. Owners can track the location of their pets and identify them easily within a limited time, just by using their smartphones.

In the article "On Lost Pet Statistics and New Pet Tracking Technologies," published in January 2020, about 14% of dogs and 15% of cats strayed at least once during the past five years, and of those lost pets, 7% of dogs and 25% of cats were never found. Therefore, to increase the percentage of pets found, demand for pet wearables is expected to increase to address the rising demand for identification and tracking. Thus, the segment is expected to grow significantly.

Another article published entitled "Do Lost Pets Find Their Way Home?" in October 2021 mentioned that among 3.3 million dogs and cats entering shelters as strays, only 20% are reunited with their families. In contrast, microchipped dogs who returned home accounted for 52.2% of the time, even when they were 600 to 1,000 miles away from home, while dogs without microchips were returned to their families 21.9% of the time. These suggest that the pets wearing an identification ID or wearable are likely to be found and recovered. Hence, with wearables, such as GPS tracking devices, the chances of a pet getting lost or stolen may reduce drastically.

The increasing product launches and technological advancements drive the studied segment's growth. For example, in February 2021, the Greater Hyderabad Municipal Corporation (GHMC) planned to inject radio-frequency identification (RFID)-based chips in dogs and other animals to enable pet owners to locate their pets when found missing or lost. Also, in January 2022, Tractive announced the launch of its new pet tracker developed specifically for cats. The Tractive GPS Cat LTE Tracker is attached by threading the collar through the device for a more secure fit. Likewise, in September 2020, Garmin Ltd. launched Alpha200i, with enhanced mapping capabilities; a larger, 3.5" sunlight-readable touchscreen display; six-button, easy operation of the dog tracking-focused user experience; and inReach satellite technology for tracking and training of sporting dogs.

Hence, with the given advantages of using GPS-based wearables in identifying and tracking pets, the segment is expected to grow significantly over the forecast period.

North America Dominates the Market and is Expected to Follow the Same Trend over the Forecast Period

North America currently dominates the pet wearable market, and it is expected to continue its stronghold for a few more years. The Society for the Prevention of Cruelty to Animals, Los Angeles reported that the rate of adoption was doubled in June 2020 and daily adoptions of pet animals were about 10 to 13 per day. This rising adoption of pets may drive the growth of the veterinary healthcare management and pet wearable market in the longer-term process in North America during the forecast period.

Among the countries in the region, the United States is expected to retain its significant growth in the pet wearable market over the forecast period, owing to the growing adoption of companion animals, high disposable income, and increasing per capita animal healthcare expenditure. The rise in awareness about pet health among pet owners, the increase in product innovation, sophisticated technology, and a high percentage of tech-savvy owners are some other significant factors driving the growth of the pet wearable market in North America.

The American Pet Products Association's (APPA) National Pet Owners Survey (2021-2022) reported that, 70% of households in the United States are pet owners. Also, North American Pet Health Insurance Association (NAPHIA), State of the Industry Report for 2021 shows that the total number of pets insured in 2020 was nearly 3.1 million, an increased from 2.5 million in 2019. This report also mentioned that dogs were the major insured pets with 82.9% and cats for 17.1%. These above-mentioned factors create an opportunity for the major players in the pet wearable market for new product launches and is expected to fuel the studied market growth in this region.

High concentration of major players in the region, along with increasing product launches, is anticipated to drive the market growth. For instance, inOctober 2021, the Smart Tracking Technologies, LLC announced the launch of its new "Link Smart Pet Wearable", which offers pet owners a better way to keep their pet dogs safe, healthy and connected through its smart features which include GPS tracking, customized activity monitoring and analysis, reminders and access to vet records, temperature alerts, tone and vibration training controls, a built-in flashlight, and the ability to create safe places where your pet is free to roam and get immediate alerts if he wanders. Also, in July 2021, Whistle, one of the global leaders in pet health and location tracking has announced the launch of its newest pet wearable called "The Whistle Switch Smart Collar" which is size-inclusive and offers total health and fitness tracking along with 24/7 GPS location monitoring of pets.

Therefore, with the above-mentioned factors the region is expected to dominate the studied market over the forecast period.

Competitive Landscape

The market's competitive analysis shows that the pet wearable market is fairly fragmented. While the global market concentration is moderate to low, the market concentration in some countries is moderate to high. As the pet wearable market is spreading across developing regions, smaller companies are expected to contribute majorly to the growth of this market. Additionally, the key players have been evolving in the global market through strategic alliances and product launches. Companies like Garmin Ltd, Dogtra, Fitbark Inc., Scollar Inc., and DogTelligent Inc. are among the major players that are operating in the market.

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