Pet Tech Market, Current Trends and Future Growth Opportunities


With the Covid-19 epidemic significantly affecting pet adoption and care trends, the pet technology market is laying a solid foundation. Several countries have shut down all unnecessary services and imposed severe lockdowns and social restrictions on their citizens amid the coronavirus crisis, which has never been seen before. These lockdowns have served their purpose; Reduces the spread of the virus. On the contrary, they fuel mental health and depression in people who are stuck in small-scale social interactions inside their homes.

A July 2020 survey conducted by the Kaiser Family Foundation on Mental Health found that the majority of adults surveyed reported a significant negative impact of epidemic-induced lifestyles on their well-being and mental health. About 36% and 32% of participants reported difficulty sleeping and eating, respectively, whereas 12% of participants reported worsening of pre-existing chronic conditions due to stress caused by coronavirus.

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Look to the future

An ‘impossible’ solution:

The adoption of companion animals has helped most of these people cope with mental health problems and depression. Inevitably, the cost of pet care products increased during the epidemic, increasing the size of the global pet technology industry, which is expected to exceed মূল্য 20 billion in value by 2027.

Although the tendency to have companion animals was already showing strong signs of growth before Covid, the epidemic has given a significant impetus to this consumer behavior. Several studies have shown that keeping pets helps reduce stress. In view of the need for stress relief, more and more people around the world are adopting pets as companions to maintain their morale through isolation.

Results:

Circumstances have led to a paradigm shift in the trend of pet humanization, where more and more consumers are inclined to give their pets a human-like product or experience. This evolving consumer behavior has allowed pet industry players to roll out a number of innovative products on the market, preparing themselves for the future of pet care technology.

A look at Pet Technology and Industry 4.0

An emerging opportunity:

Although the global pet industry has been a technology-free space since people learned to raise livestock, the advent of Industry 4.0 has rooted this notion. With ongoing advances in IoT, AI, and machine learning, new pet technology innovations are being taken to an unexpected level. These innovations go hand in hand with the ongoing pet humanization trend, with most consumers welcoming them with open arms.

The Rise of Pet Technology 4.0:

Products such as smart dog homes, self-clearing litter boxes, microchip-enabled pet doors are fast becoming commonplace additions to pet homes. Globally, the size of the pet wearable market is expected to reach $ 10 billion by 2027. One of the emerging pet technologies is the smart pet collar. This product is available with a variety of features. GPS tracking is a common and expected feature of smart pet collars.

For example, the NVK dog training collar comes with a remote and up to three training modes. The product is suitable for commercial dog training purposes as well as for serious home pet trainers. When it comes to potential home care products for companion animals, automatic feeders are gaining momentum among consumers. The rapid expansion of e-commerce platforms has helped pet technology products reach a wider consumer pool.

Digital transformation of veterinary care

Today, technological advances in the pet industry are not only focusing on fancy products, and increasingly making their way into the veterinary sector, Big Data and AI have become extremely helpful in optimizing the perfect veterinary medicine for pets. A number of veterinary technology products and equipment are being introduced to make diagnosis and treatment more effective and accurate.

How the industry managed COVID-19:

The coronavirus epidemic has also allowed the mHealth sector to undermine veterinary care. As mentioned earlier, the epidemic saw many people adopt pets as companion animals, most of them first time owners who were not aware of the need to treat their pets. This has created an overwhelming need for medical pet care services at a time when people may not really be eager to make a vet appointment.

As a result, industry owners have seen doctors take on the digital field as medical consultants to better care for their animals and effectively help them meet any non-emergency medical needs from home security.

Emergence of India as a profitable pet technology market

New opportunities:

The pet care market, and the pet technology industry by extension, is witnessing tremendous growth from the APAC region. Among other Asia-Pacific economies, India is playing a significant role in this trend. Owners of smart GPS collars and smart tags for cats and dogs are buying pet owners for fear of losing their pets. In India, smart shoes can be used to ensure safety and proper handling of products with products that are witnessing increasing demand.

According to the Free Press Journal, pet adoption during coronavirus-induced lockdowns has increased so much that by 2020, pet food sales have increased by 20%. Mars Petcare India reports that there has been a significant increase in the adoption of companion animals as Indians spend more time at home, mostly alone. As a result, most of the country’s young generation is choosing to adopt pets. In fact, in 2020, the adoption rate for puppies has increased in the range of 50% – 100%, while the cat market has grown to more than 40%.

The Future of India’s Pet Technology Industry:

India has been a relatively conservative market when it comes to spending on products that consumers consider ‘fancy’, especially when it comes to pets. However, given the tendency of young pet owners to shop for a quality life for their pets, the gravity of this business growth challenge may diminish in the years to come.

Another factor that is expected to reduce the risk of the aforementioned challenges is the growing tendency to take on the streak. According to National Geographic, there are more than 35 million stray dogs in India, and despite the common perception, many Indians are inclined to bring stray dogs home, largely free pet adoption. This leaves more beagle-room for Indian pet owners when it comes to pet costs, the costs of which can lead to helpful pet technology products.

It is safe to say that with the expansion of the pet industry and pet technology market, it has become difficult to find significant growth globally. However, it turns out that the Kovid-19 epidemic was not as severe as the challenge for the market like other industries.

In fact, the epidemic has apparently helped the industry grow. The question now is whether the industry will be able to sustain this growth wave in the coming years and how consumers will react and people will respond to their pre-epidemic lifestyle.



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