The Strength of Pet Tech 🐾

We released a detailed report today exploring the growth of digital pet care. Here’s a quick summary of some key findings but be sure to download the full report if you are interested in learning more about the booming pet tech industry. 

• According to the American Pet Products Association, the pet care business is growing at a phenomenal rate and is at a $99BN market this year according to previous market predictions before the pandemic. 
• The shift is due to the younger millennials and Gen Xers owning pets and with quarantine and many work-from-home families, pet adoption has increased dramatically. 
• More pet owners mean new business ideas targeting these new pet owners have flourished The categories of business have also expanded ranging from gourmet foods, toybox subscriptions, walking gear, veterinary, and even a gig economy tailored to dog sitting and walking. 

• Moreover, brick and mortar giants like Petco and Petsmart are also thriving from shifting to more health and nutrition-focused products to better online delivery services. 
• We’ve got our eyes on some interesting services around fresh dog food. For example, even despite the competition with existing big-name kibbles brands, emerging fresh food brands like DTC brand The Farmer’s Dog has continually made headlines as one of the top recommended fresh food brands for dogs.
• Meanwhile, if you’re an active dog owner, gadgets are now not just for you but available for dogs as well. Fi Dog Collars and Whistle Labs both market wearable technology attached to a dog collar to track activity as well as act as a fail-proof for finding a lost dog. The latter company has already secured an acquisition by global manufacturer Mars.