Insights into key factors fueling market growth for the next ten years were provided in a recent study by Fact.MR. These findings are based on trends in more than 20 high-growth countries, with Asia Pacific, the Americas, and Europe leading the way. The study also goes into great detail about the impact of the COVID-19 pandemic, as well as what the future holds for pet tag manufacturers.
During the historical period 2016-2020, the demand for pet tags grew at a rapid pace. The trend is expected to continue, owing to rising pet adoption rates in both developing and developed economies, as well as growing concern for pet health and the fear of losing them, according to Fact.MR
Key Drivers of Pet Tag Demand Around the World
In the recent past, an increase in pet adoption rates around the world has created numerous market opportunities for the pet tag market. According to the American Pet Product Association (APPA), pet adoption rates in the United States increased by 35% in the fourth quarter of 2020. In the midst of Covid-19, animal shelters in the United States and Europe are experiencing a pet shortage. Pet adoption is becoming popular in these areas as a way to support residents’ mental health and provide company in this work-from-home culture.
Furthermore, pet tag customization has attracted a new customer base, which consists of people who are willing to pay a high price for the security of countries in North America and Europe.
Tattoos, microchips, traditional tags, and digital tags are all examples of different types of tags.
Tattoos are a more permanent and effective way to prevent pet theft, but because they are painful and require anaesthesia, many pet owners view them as a risky option. Microchips, on the other hand, are one of the best secondary protection tools for any pet, especially when the pet ID is lost or misplaced. The availability and late update of microchip information, which can range from a few hours to weeks, is a factor that limits these tools.
Traditional tags are the first line of defence for alerting that a pet has gone missing and is not a stray. With the help of the phone number on the pet’s tag, anyone who finds the pet can easily contact the owner.
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