Given the growing popularity of smart devices, the digitisation of the pet industry is not surprising, with this year’s CES tech show packed full of pet tech from smart feeders, cameras to allow owners to keep an eye on their pets when they leave the house, and even automated ball launchers to keep dogs occupied.
Although technology is currently a small part of the pet products market, it is growing fast, increasing year-on-year by 11% in 2018 according to Forbes, with the market expected to reach $1bn by 2023.
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According to BabelBark, millennials are the driving force behind this growth. Many are now choosing to wait longer before getting married or having children, with a growing number opting instead to adopt a pet.
Pet tech and the rise of millennial pet owners
A recent survey by Michelson Found Animals Foundation found that 56% of pet owners have bought some form of technology just for their pets, with pet health and nutrition apps being particularly popular. According to Marktechpost, 76% millennial pet owners are willing to spend more on their pets than on themselves.
With millennials now being the largest consumer group in the world, this signifies a major shift in consumer demand, with this generation wanting different things from their pet products than previous generations and being much more technologically inclined.
This has seen the emergence of new pet tech startups keen to capitalise on this developing market. One such company is BabelBark, which created the first horizontal digital platform for the pet industry back in 2015. This includes an app that connects pet owners with their pets digitally, allowing them to monitor things like their pet’s health, nutrition, and location.
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By GlobalDataRoy Stein, CEO of BabelBark said:
“As a proud owner of a beautiful Goldendoodle, I initially conceived of BabelBark for my own personal use. Since then, it has grown into something much greater. BabelBark has already raised $8.6m in funding with an additional 6.5 still open.”
Read more: Dog tech: Tech products for your pampered pooch.
