Pet Tag Market Forecast and CAGR
In a recent study by Fact.MR, insights regarding key factors fueling market growth have been offered for the next ten years. These study tracks trends in 20+ high-growth countries, with the regions of Asia Pacific, Americas and Europe leading the way. The impact of the COVID-19 pandemic has also been detailed in the study, with exhaustive insights into what the years ahead will offer for pet tag manufacturers.
Demand for pet tag market has experienced impressive growth during historical period 2016-2020. Fact.MR projects the trend to continue backed by advancing pet adoption rate in developing and developed economies as well as increasing concern towards pet’s health and fear of losing them.
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Key Factors Driving Demand for Pet Tag Globally
Increasing pet adoption rate globally is facilitating numerous market opportunities for pet tag market in recent past. According to American Pet Product Association (APPA), in last quarter of 2020 pet adoption rate in America increased by 35%. Shelter houses in America and Europe are facing pet shortage amidst covid-19. Residents in these region are opting for pet adoption to support their mental health and have company in this work from home culture.
Furthermore, pet tag customization has resulted in attracting additional customer base, these are the people who are willing to pay high sum of money for security of North America and Europe based countries. With inclusion of more than 75 images and hand-scripted text personalized pet tags remains best choice.
In addition to customization, metal tags with high durability and multi-color designing facility is one of the main driving factor for pet tags market globally. Moreover, Bluetooth enabled tag with water-proof technology is gaining traction supported by the fact that, it alerts owner when dog is more than 300 feet away from him/her. Aforementioned factors coupled with increasing concern towards pet’s safety to facilitate numerous market opportunities for pet tags during the forecast period.
Tattoos, Microchip, Traditional Tags and Digital Tags
Tattoos are permanent and better tool to prevent pet theft, since they are painful and pets are to be given anesthesia it is considered as dangerous option by many pet owners. On the other hand, microchips are among best secondary protection tool for any pet, especially when pet ID falls/lost. However, factor limiting these tool is availability and late update of microchip information which can range from few hours to weeks.
Traditional tags are considered as number one defense of alerting that pet is lost and is not stray. Any person finding pet can easily contact owner with help of phe number on the pet’s tag. Whereas in case of digital ID tags it provides multi-contact information facility, with functionality of updating information as and when needed. Furthermore, GPS monitoring and behavior analysis report is also generated with help of digital tags.
Added advantages like ease of storing contact details and updating them timely and pet movement tracking has resulted in shifting of pet owner’s interest towards digital ID tags. Fact.MR projects double digit growth rate for digital pet tags during the forecast period.
Impact of Covid-19 Pandemic on Pet Tag Market
Covid-19 pandemic has resulted in emergence of stay at home and work from home culture. These culture has resulted in facilitating increase in pet adoption rate especially in country with high individualism index. Shelter houses in many countries are facing shortage of pets. These sudden spike in pet adoption rate is creating numerous market opportunities for pet associated accessories.
However, imposition of regional and national level lockdown has resulted in disrupting supply chain for non-essential products and services. These has also impacted supply side of pet tags globally. With halted production activity pet tag market is experiencing descending in number of tags sold during pandemic. Furthermore, reopening of economy is expected to provide ascending demand form customers.
US and UK Pet Tag Market Outlook
With more than half of households having pets in UK, pet missing rate is these country is high. According to Pet Association more than 300,000 pet are missing or becomes stray every year in UK. Understanding fact associated with emotions of pet owners and pet government has implemented some legislations to protect pets from missing.
Control of Dog Order1992, Environment Protection Act 1990 – Part VIII, Control of Dogs and Micro-chipping of Dogs Regulations 2015, are some of regulation defined for protection of pets across the region. According to these regulations dog or pet in public place must have pet tag containing pet’s name, owner’s address and contact details.
Similarly, taking pet and human relation into consideration US government has also defined certain policies associated with pet protection. According to these regulations all cats and dogs must wear pet collar along with pet tags and should get rabies vaccinated. In addition to these, US regulations also encourages pet owners to microchip their pets which will serve as permanent identification system and track their movement in case pet is lost.
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Who are the Key Manufacturers and Suppliers of Pet Tags?
Some of the leading manufacturers of grader machinery include
- Blue Buffalo
- Royal Canin
- Natural Balance
- Hill’s Science Diet
- Nature’s Recipe
- Purina Pro
- Rachael Ray Nutrish Natural
- My Family
- Taste of the Wild
- Red Dingo.
Prominent manufacturers of pet tags are collaborating with e-commerce giants to ensure their presence in global pet product industry. Furthermore, they are also coming up with innovation of product like integration of Bluetooth module to track live location and customization of product along with photos.
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