Pet Tech Market Regional Analysis:
North America Market Insights
North America industry is likely to account for the largest revenue share of 54% by 2035. The growth of the pet tech market can be ascribed to the growing disposable income of people. People are inclined towards buying smart collars, feeders, smart hipsters, smart pet toys, etc. In the U.S., pet ownership is rising particularly among millennials. According to Pet Food Processing in 2022, 33% of millennials owned a pet. They prefer digital solutions when it comes to caring for pets.
The market in the pet tech market is also thriving in Canada and is projected to offer numerous lucrative opportunities. Canada has far less strict rules than those of numerous countries and is considered to be one of the best pet-friendly countries. According to data published by Made in CA in 2022, there were 28 million pets in Canada. People are using automatic litter boxes, pet cameras, pet surveillance, security protection, virtual veterinarian services, etc.
Asia Pacific Market Insights
The Asia Pacific pet tech market is projected to register the highest CAGR during the assessed time. This growth can be attributed to rising urbanization and pet adoption and ownership in the region. In countries like China, pet ownership has drastically increased and by 2030, it is projected that the urban pet population is expected to reach 70 million. Moreover, innovations in pet tech products such as smart collars, automated feeders, and health monitoring devices is expected to fuel market growth during the forecast period.
In India, various pet tech start-ups such as PAWSINDIA, Supertails, Wiggles India, and Tails Mart are rendering impeccable services to pet owners. Also, in Japan, the overall number of pet dogs was 6,844,000, and pet cats were 9,069,000 in 2022. Rising ownership of pets in the country is propelling the growth of the pet tech market.
