Wearable Pet Market to Grow to $2.4 Billion in 5 Years with Help from RFID Tech Adoption
The international wearable pet market is expected to hit $2.360 billion (USD) by the year 2022, according to Grand View Research highlighted in a new analysis report. Growing pet ownership coupled with increasing per capita expenditure on pets is expected to drive product demand over the forecast period. Over the next seven years, linkage of pet wearable with IoT & other mobile devices along with increasing dominance of certain vendors would challenge industry penetration of new entrants.
Increasing awareness towards pet health & fitness is expected to offer significant opportunities for the development of advanced wearable products. The industry is characterized by extensive R&D investment in order to obtain competitive advantage which is also expected to result in frequent acquisitions and strategic alliances.
Smartphones, combined with new applications and products, are allowing owners to remotely monitor, water, feed and release treats for their pets. Some technologies unlock home doors and relock them remotely, thus allowing pet sitters and dog walkers access to pets when the owners are away. The nature of the industry, where many owners have multiple pets is expected to accentuate growth across the globe. It is estimated that by 2017, pet owners will spend more on wearable devices than on food and by 2020, rising the spending on pets by an additional 50%.
However, high power consumption and procurement costs in developing countries may hinder growth over the forecast period. High cost per line for both fixed and wireless technologies would make it difficult to provide services at an affordable price across major emerging regions. Lack of infrastructure and high cost of network installation and maintenance in developing countries are expected to further result in ineffective framework.
Further key findings from the report suggest:
- In 2014, GPS captured a sizeable market share accounting for over 30% of the overall revenue. This segment is being viewed as a lucrative technology. Need for Real Time Location System (RTLS) has led to increased demand
- RFID tagging is projected to be subsumed by diagnostic devices such as the available stomach boluses, implants and collars. Tagging of varied forms of livestock in certain jurisdiction is expected to offer lucrative opportunities for industry growth. It is projected that by 2016, over 420 million tags will be used for tagging the animals across the world
- Behavior monitoring & control systems anticipated to witness high growth over the forecast period. It involves video monitoring solutions along with non-invasive sensors attached to a collar to measure behavior, and transmitting alerts the owner. Safety & security devices use GPS technology which provides real-time locations and allows the user to create the virtual boundary for roaming for their pets
- North America pet wearable market is estimated to grow at a CAGR of over 12.0% from 2015 to 2022. This can be primarily attributed to increasing adoption of GPS collars with activity and fitness monitoring devices along with availability of advanced infrastructure.
- Europe pet wearable market is anticipated to witness substantial growth owing to increasing adoption and awareness of these technologies and large number of cattle breeding and heat detection devices. Further existence of key players from this region is estimated to proliferate growth across the European region
- Notable companies operating in the pet wearable market, include Whistle LLC, FitBark, i4C Innovations, DeLaval, PetPace. Emerging trend of these devices is being adopted by a large number of start-ups and small players. Animal trackers and activity monitors are anticipated to be the focus of these players.
Grand View Research has segmented the pet wearable market on the basis of technology (RFID, GPS and Sensors) , application and region.