Pet tech to grow past $22000M
by Katie Pfaff
The market for pet technology is forecast to grow at a CAGR of 23.2% by 2028, according to a report by Brand Essence Market Research and Consulting Pvt Ltd. The market analysis firm projected that the market would reach a value of $22075.5 million by 2028 after a 2021 value of $5124.3 million.
The market increase is backed by the increased rate of pet adoption, technology improvements in the market. At the same time, the average household income and disposable wealth have increased worldwide. These factors have spurred demand in the market for pet tech.
Technology has become ubiquitous in many modern lives, and pet ownership is no exception. Technology can be used to track pet location and to aid in feeding and monitoring health, including obesity, heart rate, respiration, sleep, and other parameters.
By segment, sales which occur through an online-only retailer are performing at the highest rate compared to traditional retailers. By geography, the market in North America is expected to create the highest amount of revenue into the forecast period. The region has generated the greatest share of revenue in prior years.
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