A glance at the market of Pet Tech (2020-2025)

pet tech
Market Research
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The link between human beings and animals dates back to thousands of years ago, but the ancients mostly cared for animals for the benefits gained from them. The relationship between human beings and animals has changed in recent years due to the change in the utilitarian view of humans towards animals. The concept of a pet also stems from this change in human perspective and the reluctance of the younger generation to raise children. If all these factors combined with technological improvements are considered, a potential market called Pet Tech will be formed.

Market / Industry segment of pet tech

Download market map of  veterinary & Pet health

Download market map of pet wearable technology

Base YearMarket size(B$)Duration(YEAR)CAGR(%)Source Name
20184.5724.00GMInsight
20184.5725.00PR news wire
20184.5725.00Menafn

Influencing factors that changes market size of Pet tech

The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of pet tech

Direct drivers:

  1. Pet custody
  2. Awareness about pet health
  3. Urbanization and pet population

Reverse drivers:

  1. High costs of required services and equipment
  2. Lack of awareness of pet owners
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The market of Pet tech may also be threatened by following risks:

In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of pet tech may also be threatened by following risks:

  1. Manufacturing risk
  2. Funding risk
  3. Legislation risk
  4. Stage of business

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