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According to IMARC Group’s new report, titled “
Pet Wearable Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global pet wearable market grew at a CAGR of around 15% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth by 2025.
The pet wearable market is primarily driven by the rising trend of pet humanization across the globe. This, coupled with the inflating disposable income levels of individuals, has led numerous pet owners to adopt these wearables to monitor the well-being of their pets. There has also been an increasing need to track their real-time location due to the rising cases of lost and stolen pets, thereby creating an escalating demand for advanced pet wearables that are equipped with GPS and Wi-Fi-enabled RFID technology. These variants are widely being integrated with cloud-based and data analytics solutions to offer innovative feature to the users. This, in turn, is creating a positive outlook for the market further.