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I AgreeAnalysis of Pet Companion Robot Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global pet companion robot market is set to surpass a valuation of US$ 874.5 million in 2023 and further expand at a CAGR of 12.3% to reach US$ 2,865.1 million by the end of 2033.
Sales of pet companion robot accounted for around 2.3% of the overall robot market in 2022.
Report Attributes |
Details |
Market Size (2022A) |
US$ 766.7 Million |
Estimated Market Value (2023E) |
US$ 874.5 Million |
Forecasted Market Value (2033F) |
US$ 2,865.1 Million |
Global Market Growth Rate (2023-2033) |
12.3% CAGR |
North America Market Share (2023) |
~ 32.2% |
North America Market Value (US$ Mn), 2023 |
US$ 281.7 Million |
Europe Market Share (%), 2023 |
~28.1% |
Europe Market Value (US$ Mn), 2023 |
US$ 245.8 Million |
China Market Share (%), 2023 |
~12.9% |
China Market Value (US$ Mn) |
US$ 113.1 Million |
Top 3 country Market Share (%) |
~45.2% |
Key Companies Profiled |
|
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According to the recent analysis by Fact.MR, a market research and competitive intelligence provider, use of pet companion robot witnessed a growth rate of 8.4% over the past half-decade. This was due to the rise in pet ownership and increasing spending on pets.
Even amid the pandemic caused economic challenges, pet owners are spending significantly more on supplies and pet products for their beloved furry friends. With the emergence of robotic pet companion, high-tech gadgets and designer products like automatic food dispensers and wearable GPS collars are not too farfetched anymore.
Pet companion robots enables pet parents to stay connected with pets while at work or away for the day. Pet sitter robots are equipped with cameras and microphones to capture the moments when pet parents are away and also reward dogs with treats. It can be predicted that pet companion robot market may have a market value of US$ 874.5 Mn in 2023.
Pet industry sales exceeded USD 100 billion for the first time, according to American Pet Product Association (APPA) in 2020. This trend in pet spending is expected to continue for the near future. As per American Kennel Club, over 35% of pet owner spent more on their pets including food and wellness related products in 2021.
The global market is expected to witness prominent growth accounting to an absolute dollar opportunity of 2,098.5 Mn. Fact.MR estimates that the growth of the global pet companion robot market will be 3.3 times by 2033.
Over the 2018-2022 historical period, the global market for pet companion robot registered a CAGR of 8.4%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is anticipated to exhibit growth at 12.3% CAGR between 2023 and 2033.
Market share analysis of pet companion robot based on application and region is illustrated briefly in the above image. Under the application segment, the pet feeding sub-segment will dominate with 41.5% market share in 2023.
“Increasing Pet Ownerships to Drive the Market Growth”
Pandemic pet boom has caused a significant rise in pet owners and is expected to grow even after the pandemic. People are focusing more than ever on pets as a result of stress and health conditions. More than half of the global population is estimated to have a pet at home as per ‘HealthforAnimals’. Pandemic, demographic changes and increasing income levels have driven more people in owning pets. In the US, 70% of households owned a pet as of 2021 compared to 68% in 2016.
As per American Kennel Club, 50% of new dog owners decided to add new pets influenced by the pandemic. According to APPA data, Americans spending on pets is increasing every year and grew to USD 103.6 billion in 2020, nearly 13.1 billion increase than in 2018. With more households having pets and increasing spending on pets, pet companion robot market is expected to witness a significant growth in the coming years.
“Company’s’ Back-to-Office Strategy to Fuel the Market Growth”
As offices are reopening and employees are being called back for the first time in two years, very few companies are allowing workers to bring pets to office. As per a recent study by pet products company Bark, over 70% of dog owners who continue working from home expect to miss their pet when they return to offices. For small businesses, allowing people to bring dogs to office can be complicated and companies that allow, often have strict policies causing stress to pets.
Due to these concerns, increasing number of pet owners are opting for pet robot sitters to take care of pets when they are away. Smart pet wellness robots plays with pets, reward the interaction by treating and engage them on physical activities by solving the problem of pet owners not being physically present.
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“High Initial Investment May Hinder the Market Growth”
Even though robotic pet sitters provide furry friends companionship when owners are away, it retails at a higher price making them a significant investment. This might lead pet owners to for pet sitting services instead of buying companion robots due to added advantages. Pet spending statistics show that pet owners of all incomes roughly spend only 1% of their annual income on pets.
Majority of pets do not engage with companion robots apart from following for treats, which will leave the owners to spend on an automatic treat dispenser in place of companion robots. Moreover, some pets also tend to panic when their owners are away and becomes skeptical to interact with companion robots. These concerns may affect the growth of pet companion robot market in the forecast period.
The United States market is estimated at US$ 242.5 million in 2023 and is expected to grow at a CAGR of 10.7% during forecast period.
As per statistics, around 70% of US households, that is 90.5 million homes owned a pet as of 2022. Post pandemic, there has been an increase in people acquiring new pets. Pet companion robots have a very promising future in the United States due to substantial rise of spending on pet care over the past few years. US accounts to 27.7% share at the global level of market in 2023.
The pet industry in China has exploded during the past ten years. China will hold 12.9% market share in global pet companion robots market in 2023 and is projected to rise at the rate of 9.7% during the forecast years of 2023-2033. As per National Bureau Statistics China, the compound growth rate of China pet industry from 2010 to 2016 was 49.1% and an impressive rate of 32.8% from 2015 to 2020.
China’s pet economy, in the past ten years, comprising food, supplies and toys in addition to pets has increased by an astounding 1,500%, which is expected to drive the demand for pet companion robots. China holds a strong position at the country-level accounting for around 71.8% of East Asia`s market in 2023.
The revenue generated from autonomous segment is expected to reach 571.6 Mn in 2023. Due to its benefit of automatic feeding, it is expected to hold a major market share during the forecast period. Also autonomous segment have features of pet entertaining activities and mobile camera, which is expected to drive the demand in the coming years.
In 2023, autonomous segment are predicted to have the highest market share of 65.4% and hence is expected to have a huge demand in the future as well.
Pet feeding companion robots allows setting portion controlled meal schedules from the app and can also disperse treats on demand. As providing food in right quantities on time are crucial for pets, the demand for feeding pet companion robots are expected to rise during the forecast period with the busy schedules of pet parents.
Feeding pet companion robots, by application is predicted to have a market value of US$ 363.3 Mn by 2033 and is expected to capture nearly 41.5% of the demand in the pet companion robot market.
Prominent manufacturers of the pet companion robot industry globally are Anthouse Technology Ltd., DTK Computer FZE, ENABOT, GURUIoT, Pebby, Pumpkii Inc, Rocki, Samsung, Skymee and VARRAM. Robotic manufacturers are entering the pet companion robot market by expanding their portfolio.
For instance, in March 2021, Guru IoT, an IoT product developer form Korea launched a pet care robot named PEDDY. PEDDY is capable of relieving the loneliness of pets left alone at home and monitors them to avoid any accidents, along with providing food.
In September 2020, a group of engineers and pet lovers launched a robotic companion for pets, Pumpkii with modular design and multifunctional options. The pet companion robot ensures entertainment, food, cleanliness and companionship to pet regardless of owner’s presence.
Fact.MR has provided detailed information about the price points of key manufacturers of pet companion robot positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global pet companion robot market will be valued at US$ 874.5 million in 2023.
Worldwide demand for pet companion robot is anticipated to reach US$ 2,865.1 Million by 2033-end.
Wi-Fi connected pet companion robot under conenctivity segment is expected to hold the market share of around 43.6% in 2023.
The U.S. will have the highest market value of US$ 242.5 Mn in 2023.
China holds a 12.9% share of global pet companion robot market in 2023.
Autonomous pet companion robot is predicted to account for 65.4% share of global sales in 2023.
During 2018-2022, sales of pet companion robot increased at 8.4% CAGR.