With digital technology enhancing all aspects of consumers’ lives, it is no surprise that pets and their parents are getting digitally connected too. Pet tech is a rapidly growing market with pet owners in search of smart pet products that provide added safety, convenience and peace of mind.
Pets are now full-fledged family members in 68% of American households, some 85 million of them. “Most pet owners are already using smart devices, so it’s not surprising that they would turn to technology to stay more connected with their pets throughout the day,” said David Sprinkle, research director of Packaged Facts.
The company recently released a study of the $4.9 billion durables dog and cat petcare products market, ranging from toys, collars and leashes, beds, carriers, bowls and feeders, apparel and fashion, litter boxes and smart pet products.
While smart pet products remain a small part of the pet durables market with sales of $565 million in 2018, it is growing rapidly, up 11% from 2017. As more pet parents are turned on to how technology can enhance the bond with their pets, it is a segment poised for even faster growth in the future.
At its current growth rate, the smart pet market should reach $1 billion by 2023. On that projection, David Lummis, senior analyst at Packaged Facts, is conservative, expecting the category to benefit from “fairly significant tailwinds from pet food and vet services.”