Pet Economy Continues Growth, with Smart Products Leading Industry Innovation

More than 70% of U.Ss. households now own pets and treat them as part of the family. Driven byconsumer demand for premium, innovative, and health-focused products, the market is expectedto maintain a compound annual growth rate (CAGR) of 6% through 2029

Three Major Market Segments

1. Pet Food: As the largest segment, it contributes over 50% of industry revenue. Natural, grain-free, and specialized custom diets are gaining increasing consumer preference.
2. Pet Services: Demand for grooming, boarding, and veterinary services continues to rise as pet owners increasingly focus on their pets' quality of life and health.
3. Pet Supplies and Accessories: Products featuring advanced technological functions are becoming a new growth area, receiving particular attention among tech-savvy consumers.

Smart Pet Products: A Core Driver of Industry Innovation

Smart pet products have become one of the fastest-growing sectors in the industry, with the global market size projected to reach $5 billion by 2027. These products precisely meet the diverse needs of modern pet owners for convenience, technological experience, and enhanced human-pet bonds.

Popular Smart Products Include:

Al Interactive Toys: Stimulate pets' mental development while providing companionship.
Automatic Feeders: Help busy pet owners achieve scheduled, portion-controlled, and scientific feeding.
Health Trackers: Utilize loT technology to monitor pet activity, diet, and physical condition in real time.
GPS Tracking Collars: Provide real-time location information to keep pets safe.
Pet Deodorizers and Air Purifiers: Create a healthier and fresher living environment for households with pets.