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Pet Tech Market: Global Analysis, Opportunities And Forecast To 2032

Growing disposable incomes across Asia Pacific countries like China and India will contribute to the market expansion. Despite the rising cost of living, pet owners in China as spending heavily on pet care products.

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Pet Tech Market: Global Analysis, Opportunities And Forecast To 2032

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  1. Pet Tech Market 2023-2032; Growth Forecast & Industry Share Report

  2. Industry Insights • Growing disposable incomes across Asia Pacific countries like China and India will contribute to the market expansion. Despite the rising cost of living, pet owners in China as spending heavily on pet care products. In 2020, the Chinese pet industry was valued at US$46 billion, up from US$10 billion in 2015. • While the China Pet Industry Association predicts that the sector will be 50% larger by 2023, at around US$64 billion. Rising per capita disposable income across the region is set to support the sales of pet smart devices over the ensuing years. In 2022, China's households had an average yearly per capita disposable income of about USD 278.24.

  3. The pet tech market share from the pet safety application segment is estimated to surpass USD 10 billion by 2032, due to growing among households that consist of working pet owners who cannot keep an eye on their pets continuously. The development of new pet tech devices and solutions has called for standards and practices to ensure pet safety. For instance, in December 2022, the consumer products committee (F15) of ASTM International created a new group to maintain standards for pet products. The group established best practices for design safety, created new criteria for particular pet goods, and assisted businesses to be more consistent in their messaging.

  4. Regional Analysis Asia Pacific pet tech market will witness over 15% CAGR through 2032. Advancements in pet smart devices and increased disposable income will fuel the market growth. Pet tech devices and animal management systems are largely deployed across zoos in China. Take for instance, in May 2022, China introduced a digital panda system that makes use of smart cameras for facial recognition and accurate panda identification. Using this method, each animal can be reliably tracked and differentiated. • Competitive Analysis • Garmin International, Inc, Mars Incorporated, Afimilk, Nedap N.V., Pawbo (Acer), Petcube Inc, Wagz, Inc, Fitbark Inc., and Xiaomi.

  5. Pet Tech Market @ https://www.gminsights.com/industry-analysis/pet-tech-market Request for sample of this research report @ https://www.gminsights.com/request-sample/detail/4187 Request for customization: https://www.gminsights.com/roc/4187

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