Pet Wearable Market Latest Trends and Comprehensive Research Study Report By 2027

The global pet wearable market size is projected to account for USD 4.6 billion by 2027, according to a report published by Million Insights. Growing pet humanization has resulted in the rise in spending on pet care and safety, which, in turn, has supplemented the growth of the market. Wearable devices help in tracking and identifying various health parameters of pets.

As estimated by APPA, the United States spent USD 72.1 billion on pet care in 2018. This expenditure is anticipated to increase further owing to the rise in the number of pet adoption. Several countries in Asia Pacific such as India and China are also witnessing high spending on the pet.

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Impact of COVID-19

Like many industries, the pet wearables market has also witnessed sluggish growth due to the outbreak of COVID-19. The pandemic has forced companies to either shut down their operations or operate with the minimum workforce. This has adversely affected the production of new wearable devices. Moreover, amid low demand, manufacturers have reduced their spending on research and development.

However, the impact of COVID-19 would be for the short term on the market. Major economies such as the United States, China and Germany are estimated to recover soon, which will increase the people’s spending on pet-care, thereby, driving the market growth.

North America accounted for the highest share in the market in 2019, primarily because of a large number of pets such as cats and dogs. In addition, increasing awareness about pet well-being in the country has further supplemented the growth. Besides, Asia Pacific is likely to witness the highest growth in the market as people have increased their spending on pet care. China and India are the major countries attributing to the growth of the Asia Pacific.

Major market players are witnessing the entry of several new players who are introducing innovative solutions. Several strategic initiatives undertaken by market players are new product developments, merger & acquisition, partnerships and others.

Further key findings from the report suggest:

• In 2019, the RFID segment accounted for the highest share in the pet wearable market with over 39%.
• The identification & tracking division, which dominated in 2019, is projected to account for USD 2.8 billion in 2027.
• APAC is likely to witness the fastest growth of more than 17% CAGR over the forecast duration.

Global Pet Wearable Market: Key Players

Garmin International, Whistle Labs, PetPace LLC and Tractive

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