Pet cameras are used to virtually care for and monitor pets while their owners are away. These pet-care products on the market include a speaker that allows both the pet and the owner to forget about their absence. They are primarily used by business people who travel frequently and don’t have time to visit their homes, as well as those who are unable to transport their pets to their workplaces.
Market Forecast and CAGR for Pet Cameras
Demand has increased at a nominal rate between 2016 and 2019. Growth in household income has been observed in developed regions, resulting in increased sales of pet care products. Over the same time period, this has had a cascading effect on the demand for pet cameras.
COVID-19 has both favorable and unfavorable effects on product sales.
COVID-19 has a positive impact: In mid-Q2 of FY2020, the majority of people were stranded in foreign lands due to the strict lockdowns and safe bubble zones imposed by the majority of regional bodies. This compelled pet owners to provide virtual care for their pets by installing pet cameras with voice assistance in their homes.
COVID-19’s negative effects include:
Due to the inability to trade products across regions, strict lockdowns resulted in a drop in product sales. Furthermore, people have shifted their market basket allocation to essential items and reduced spending on non-essential items. This has had a significant domino effect on product demand.
Overall, sales of pet cameras increased in Q4 of FY2020, according to pet camera providers. By the third quarter of FY2021, demand should have returned to pre-COVID levels.
Why do pet owners account for the lion’s share of demand?
The majority of the cameras on the market are aimed at pet owners. Pet owners account for more than half of the market for pet cameras. When looking at the market from the supply side, it’s easy to see how pet owners are major consumers.
To gain absolute $ opportunity over the long-run forecast period, new entrants in the pet camera market should primarily focus on consumer-centric products rather than institution-centric products.
Canada and the United States of America Market Forecast for Pet Cameras
According to Fact.com, the United States spends the most per capita on pet care.
In FY2019, MR per capita spending on pet care reached a whopping US$ 122. The demand for pet cameras is highly concentrated in the United States, as evidenced by this spending data.
The United States is expected to be a major market for pet cameras. On the back of per capita spending on products, the country is expected to strengthen at a higher single digit CAGR in the long run.
In FY2020, Canada is the second largest demand catering country in the Americas, and it ranks under 15 in the world in terms of per capita pet care spending.
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