Press Release
Press Release
According to a new report by EMR titled, ‘Global Pet Tech Market Report and Forecast 2024-2032’, the market is expected to grow at a CAGR of 24% between 2024 and 2032.
A significant portion of the population lead a busy and hectic lifestyle, due to which, they do not get time to take care of their pets. Therefore, technological advancements in the pet care industry are playing a crucial role in ensuring that the pets are healthy, well-nourished, and properly groomed. Over the forecast period, the increasing spending on the technologically advanced pet products owing to the rising disposable income of people in the emerging economies of the world is likely to propel the sales of the product.
The manufacturers are launching new product lines to fulfill the increasing consumer demand for technologically advanced devices. In March 2021, Dogness Corporation (NASDAQ: DOGZ) announced the launch of the latest GPS Pet Tracker, which comes with real-time positioning and pinpoint accuracy. With the help of this tracker, owners can get updates of the exact position of their pets to prevent any harm. Such developments in the industry are expected to significantly contribute to the market expansion over the forecast period.
In terms of region, Europe is anticipated to account for a significant share in the market, owing to the growing technological advancements in the pet care industry, as well as the growing homelessness of cats and dogs. The market is expected to be aided by the rising pet care expenditure in European countries like France, Spain, and the United Kingdom, among others. Furthermore, the steady growth of the e-commerce sector is likely to propel the sales of various pet tech products in the coming years.
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The major players in the global pet tech market are CleverPet, Dogtra Company, Pawscout, Inc., and Felcana, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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