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A new report has found the global pet wearables market is set to exceed its $3.4m (£2.5m) valuation as the consumer trend of increased spending on pet welfare continues.
Fact MR’s latest report has found that the market expected to exceed the valuation by 2022, however it warned that malfunctioning products and the slow adoption of pet wearables in developing countries is impeding the market.
The most desirable pet wearables are currently GPS trackers, commanding 33% of market share with 1.1 million GPS trackers sold worldwide. North America is the continent with the fastest growing pet wearables market, with the market expected to surge at a CAGR of 4.3% between 2017 and 2022.
E-commerce is expected to remain the most popular distribution channel for pet wearables in 2022 with the segment currently representing just under a third of all pet wearables sales worldwide.
