The pet wearable industry has proved to be a very popular and fast-growing industry at present. Over the past couple of years, the industry has seen rapid growth and profit, unlike many others. Many startups have tapped into the opportunity of diving into the profitable idea of pet wearable businesses.
The annual growth rate of the pet wearable industry is expected to be at 14.33% by 2027, and a survey says that it will be a 4.6 billion USD market by 2027. In the past couple of years, North America has seen to be one of the largest markets for pet wearable.
Factors leading to the growth of the pet wearable industry
Multiple factors have led to the growth of the pet wearable industry. They are:
- The disposable income of people in countries such as India and China are increasing, making individuals invest more in their pets.
- People are being more aware of adopting animals as their companions leading to an increased requirement for pet wearable.
- Countries like North America are spreading awareness about the health and wellness of pets, and it again leads to the requirements of pet wearables such as fitness trackers, health trackers, monitoring devices and more.
- Humans are finding the need to stay connected to their pet companions in a better way.
All this along with other factors are leading to a need for pet wearable causing more and more businesses to grow in the industry. With technology and innovation, more and more people are looking forward to the different pet wearable available in the market that is made to meet different requirements.
The basic purpose of the pet wearable
There are some basic purposes to which the pet wearable are directed to. They are explained as below:
- Tracking and identifying: Wearables such as pet trackers, and smart collars make use of GPS technology to track your pet in case they are out of your sight. Many companies have dug into the scope of bringing out top-notch pet tracking wearable, and each one of them has made a different impact on the industry. More and more pet owners, concerned about their pets, invest in pet tracking and identifying devices these days.
- Safety: Pet safety devices such as GPS trackers can also be used as safety devices. You can locate if your pet is in some trouble and fetch them immediately. Collars and whistles are the most common forms of safety devices available for pets.
- Diagnosis of medical health: As medical science has improved for humans, it has seen advancement for your pet friends too. There are various medical devices and fitness trackers available for pets these days. These trackers can be easily used to understand the fitness levels or any kinds of medical conditions of your pets at ease. These devices generally work by monitoring the vitals of your pet.
- Treatment of a medical condition: Medical conditions of pets can also be treated with the help of some pet wearable. However, there is still scope for improvement in the wearable industry for the treatment of medical conditions of pets. It is a business opportunity that can be tapped into further.
- Behaviour monitoring: Some pet fitness trackers also come along with behaviour monitors. These are very important devices as the behaviour of pets can help you understand if there are some issues faced by them. As much as the behaviour tracking for humans is insightful, so is it for pets.
The technology used for the pet wearable industry
There is 3 basic technology used in the pet wearable industry, they are:
Each one of these has its purpose in the case of pet wearable suited for individual activity. Each one of these techniques has a wide range of opening for businesses to tap into.
The best thing about this industry is that there are already products available in the market for you to refer to. If you can just enhance the action of each product or cater to a particular niche, the chances of making money are very high.
As more and more people are concerned about their pets, and as more individuals are taking up pet adoptions, the scope of the business for pet wearable is increasing.
There are companies such as Datamars, Garmin, Invisible Fence, Nuzzle, Fitbark and more that are the industry leaders at present generating billions of revenue from each SKU. This industry is expected to see huge growth in the next 5 years, across the world. There are quite a few untapped sides of the market that you can venture into as a startup business.
The market has high and quick returns, but it is quite capital intensive at the start. If you are looking for something in the industry make sure you have enough funds to back you till the profits start showing up. You can also discuss your business ideas with probable investors and see if they would be interested to be a part of your venture with the capital.
The Pet wearable industry is seeing exponential growth in the current times, and it makes it a great idea for startup owners and venture capitalists to tap into the market when there is time. As the fondness for pet adoption is increasing, the need for these wearables is also increasing, making it a very fast-growing industry.
As a business owner, understand the problem statement that these pet owners are facing and try to provide them with possible solutions at reasonable charges with your product. Soon you will see traction in your business as more and more pet owners will seek your product for their pet companion.
Market your product to the right audience and see your business grow in no time. It is time to show the pets some love with the technologically advanced wearable available for them. Like North America, countries such as India, China, UK, France, Spain and others are also following suite in terms of pet wearables.