GlobalData predicts that pet care spending will reach $188bn by 2027, growing from $150bn in 2022 at a compound annual growth rate of 4.6%. Pets have long been a staple of family life, with consumers increasingly willing to invest in their welfare.
The majority of these consumers are millennials, 73% of whom own a pet (according to a 2018 GlobalData survey). This demographic is expected to lead the digitalisation of pet ownership, as it becomes increasingly mainstream.
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Regionally, the US is the biggest market, responsible for 45% of global pet product spending in 2018. However the industry looks set to grow globally: 82% of Latin American consumers owned pets in 2018, whilst the Asia-Pacific region has seen significant growth in recent years, increasing from 57% of consumers owning pets in 2017 to 63% the following year.
The global adoration of pets is unlikely to wane and considering the rapid development of AI technology and smart tech more widely, the market for Pet Tech will continue to expand.
According to a GlobalData report, 26% of pet owners were already using digital tools to monitor and manage their pets’ health in 2019.
A growing trend in pet tech includes wearable tech, cameras and automatic feeders, and has recently expanded into artificial intelligence (AI), as the technology becomes dominant across industries.
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By GlobalDataWith the recent introduction of chat-GPT4 and Google Bard, the two trends have already collided, and new, pet-friendly uses of the technology are rapidly becoming globally available.
Leading products on the market include technologies that track, entertain, feed, exercise or monitor pet wellbeing. For example, smart dog collar company, Wagz, creates virtual fences to prevent dogs straying, whilst interactive dog bone company, Wickedbone, offers interactive entertainment, adjustable through an app.
Another pet tech start-up making waves is Petnow’s AI biometrics app which is an example of recognition technology. The app is already used globally and launching in France at the Viva Technology 2023 in Paris on Wednesday (June 14). The app is a non-invasive alternative to microchips, identifying dogs through their unique nose-prints, and cats through scanning technology. Pets can be reported missing, and registered pets can be scanned and matched with their owners.
Petnow’s Johnny Shin told Verdict: “AI is revolutionising the world of pet technology, and Petnow’s advanced biometric identification solution exemplifies how it addresses the limitations of traditional pet registration methods.”
Petnow is part of the increasing popularity of technological solutions to pet care. According to Shin, Petnow’s “vision is to create a world where lost, abandoned, and stolen pets are a thing of the past.”
This is an objective the start-up is seeking to achieve as “our expertise lies in AI-driven biometric pet identification technology, which enables accurate and simple pet identification, ultimately leading to improved pet care and lower pet insurance costs.”
