The majority of pet owners these days are millennials, who often spend more on high quality goods and services for the well-being of their pets, leading to increased pet spending. Today, people consider their pets as important members of their household. This has played a key role in the growth of the pet equipment market and will continue to do so in the future.
These products are used for pet entertainment and can be used in daily pet activities. Toys and accessories can be conventional or high-tech gadgets. With the increase in the adoption rate for pets, an increase in pet owners’ spending on the welfare of their pets has been observed. Thus, the owners’ increased consumption per. inhabitant of pet gadgets to drive the growth of the global pet gadget market in the foreseeable future.
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Global market for pet gadgets: Market dynamics
The humanization of pets has made people worry more about their pets’ health, routine and lifestyle. With their hectic lifestyles, it becomes difficult for pet owners to take care of their pets. This is driving the demand in the market for pet gadgets, and the use of technology has enabled pet owners to interact and take care of their pets when they are not at home.
Improvements in technology have contributed to the expansion of the pet gadget industry and will continue to do so at a significant rate for the foreseeable future. Another example of technological advancement that has revolutionized the way pet owners care for their pets is smart collars with built-in GPS trackers and activity monitors for dogs and other pets.
Private label offers products manufactured by a third party but sold under the brand name of the retailer. Introducing private labels has always been part of a growth strategy for retailers. This trend has also been seen in the market for pet gadgets. Private labels are growing in this sector at a much faster pace.
Existing retailers like Amazon generate significant revenue through their newly introduced private labels. In 2016, online retailer Amazon also expanded its private label portfolio in the pet category. The company markets dog gadgets under its AmazonBasics brand.
Opportunities for the market for pet gadgets
The companies focus on selling modern pet gadgets and toys to attract customers and provide advanced fitness and health monitoring for pets. The automatic iFetch ball thrower, the Petcube Play Wi-Fi pet camera and the self-cleaning cat tray are some examples of high-tech gadgets and accessories.
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Challenges to the market for pet gadgets
In this current situation of outbreak of the COVID-19 pandemic, it has become particularly difficult for small and medium-sized enterprises (SMEs) to maintain business operations. The crisis has already turned into an economic shock and a labor market shock, which has affected not only the production of pet gadgets, but also demand, first in the Asia-Pacific region and then worldwide.
The epidemic has therefore caused the manufacturers of pet gadgets to stop their activities until they are restored. Most governments in many countries have ordered the closure of hypermarkets, supermarkets, malls, etc., which will have a significant effect on the sales of the targeted pet gadget products.
Global market for pet gadgets: key players
Some of the major players operating in the global market for pet gadgets are
- Honest Pet Products LLC
- cycling dog
- Hyper-Pet LLC
- Simply Fido
- pet houses
- Knows innovation
- outdoor dog
- Bed Bath and Beyond Inc.
- pet parent
- ThinkRace technology
- Petco Animal Supplies Inc.
- PT Laboratories LLC
- Ancol pet products
- Custom ABS
- Pet world.
These players are expected to positively impact the growth of the Pet Gadgets market during the forecast period.
Market for pet gadgets: Regional prospects
The market for pet gadgets is categorized into seven key areas:
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
Europe is the market leader, followed by North America in the market for pet gadgets, and increased awareness of animal welfare is expected to drive the market for pet gadgets. The rapid penetration of e-commerce and smartphones in the Asia-Pacific region is driving the growth of the pet gadget market in the region.
In addition, major players in the Pet Gadgets market are entering Latin America, the Middle East and Africa, as these regions provide them with ample opportunities due to increasing disposable income, increasing pet adoptions and other factors.
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