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Research Nester released a report titled “Animal Safety Devices Market : Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global animal safety devices market in terms of market segmentation by technology, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Animal Safety Devices Market is projected to grow with a significant CAGR during the forecast period, i.e., 2022-2030 on account of the increasing need for safety and security of pets, growing pet expenditure and rising pet adoption globally. According to a survey by American Pet Products Association's National Pet Owners, pet expenditure in the United States in 2018 was $72.56 billion, which grew up to $75.38 billion 2019.
The market is segmented based on technology into RFID, GPS, sensors, and others, out of which, the RFID segment is anticipated to grab the largest share during the forecast period on account of higher reliability, productivity, accuracy, and transparency of RFID devices for pet identification and tracking. Moreover, Wi-Fi-enabled RFID devices tracking a user's location at all times are also gaining wide adoption, which in turn is estimated to boost the product's demand.
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Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period on the back of growing consciousness about pet health and safety. Moreover, the market in North America is evaluated to hold the largest share owing to the high penetration of activity and fitness monitoring devices for pets and increasing pet expenditure in the region.
Growth in Demand for Pet Security and Monitoring Requirements to Expand Market
The awareness for pet health and safety is growing as owners have now began considering pets as their family members and are investing heavily in advanced health monitoring devices. The demand for GPS integrated pet wearable devices has witnessed a considerable rise in the past few years as a result of increase in market penetration of smartphones & mapping applications. These are the major factors anticipated to drive market growth in the near future.
However, expensive procurement and production of animal safety devices is expected to pose a threat to the growth of the animal safety devices market.
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This report also provides the existing competitive scenario of some of the key players of the global animal safety devices market which includes company profiling of Allflex USA Inc., Avid Identification Systems Inc., Datamars Inc., Fitbark, Garmin Ltd., Intervet Inc., Radio Systems Corporation, Link AKC, Konnectra Inc., PetPace LLC, Trovan Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global animal safety devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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