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Our experience with Pet Tech
For a year and a half of the Woofz's (our dog training app) existence, it has more than 2 million downloads. There are 10 thousand+ active users per day.
So, few interesting facts about PetTech 🐶
- 95% of global pet owners consider their pet a member of the family, so they really take care of thier pet well-being;
- according to the 2021-2022 APPA National Pet Owners Survey, 70% of U.S. households own a pet, which equates to 90.5 million homes
- the market is estimated to be worth $20-30 billion a year;
- in the UK alone, 3.2 million households acquired a pet within about a year of the onset of the pandemic;
- North American pet wearable device market surpassed $1 billion in 2020 the compound annual growth rate between 2021 and 2027 will reach over 21%.
📌 What do think, why PetTech is still have so few developers were entering the field?
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Faheem Sarwar
@shakhmetava_natallia I'm planning to launch a blog related to pets I'll explore Woofz thanks for sharing some insights.
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If PetTech is still small, I would expect it's because there has to be a need for tech, via problems to solve, not just a tepid association. It sounds like you've identified a large audience, but it sounds like there are a low number of customers. Until that changes, or there is a tech break through which unlocks additional problem solving, it'll remain hard to make money.
An important book in this context is Lean Customer Development, by Cindy Alvarez: https://www.cindyalvarez.com/lea...
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I would guess that the pet wearable market grew along with a building perception of fear-of-loss, and the increased personification of our pets (as you note, "95% of global pet owners consider their pet a member of the family"), correlating, no doubt, to the increased surveilling of our kids too, and the associated tech advancements that make this possible.
Every "Lost Cat/Dog" sign was converting audience to customers - making them realize they had a problem, awaiting a solution.
Look for cumbersome work arounds or "hacks" that people are doing which would be improved with tech - those are the opportunities to grow customers, and it sounds like there aren't many in PetTech...yet?
According to PetCareRx, The desire for a healthier lifestyle, more emphasis on exercise, resorting to supplements for improved well-being, and technology playing a bigger role in daily life are all consumer trends that we are noticing in the pet care industry.