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The pet industry is a massive sector for business opportunities. Pet owners spent over $100 billion in 2021. Caring for pets is increasingly being humanized. “Furry consumers” now take supplements, wear smart devices, track sleep, and travel.
New waves of startups are capitalizing on this market need by developing new product strategies. We’re seeing the Uber for dog walking like Wag!; Warby Parker for dogs; Fitbit but for dogs like Fi dog collar; and HelloFresh for pets like Ollie.
In this analysis, we’ll focus on top startups that are disrupting the pet tech market–how they are differentiated, what unique problems they solve, how they create multiple revenue streams and untapped opportunities.
Top 11 Pet Tech Market Trends:
(1) Connected devices and wearables for pets are becoming popular:
- Companies are investing in hardware and developing biometrics devices to help pet owners understand pets’ health and ensure safety.
- Fi Smart Dog Collar tracks your dog’s location, activity level, and sleep quality.
- Japan’s Catlog is a smart collar for cats that captures weight, excretion, water, activity, sleep, and grooming.
- Inovoxia’s dog collar tracks heart rate, respiratory score, and sleep.
- Inupathy tracks heart rate and analyzes the psychological and mental conditions of dogs.
(2) Pet foods are reaching human standards:
- Startups are going after the concept of “HelloFresh for pets”, veterinarian-designed formula, nutrient-dense, allergy-friendly, and plant-based foods to satisfy consumers’ demand for higher quality pet foods.
- The Farmer’s Dog’s recipes are made with real meat & veggies, freshly cooked and conveniently delivered.
- Shark Tank-featured Wild Earth is creating plant-based protein dog foods.
- Smalls offers human-grade, high-protein, and healthy cat foods.
(3) Millennials love fur kids:
- Consumers are adopting pets during the pandemic due to isolation and the need for companionship. A survey showed pet ownership grew by 13% (Gen X), 24% (Millennials), 26% (Gen Z), and 5% (Baby Boomers) in the U.S.
- YPulse’s study showed that 76% of millennials are pet parents.