The new family model is expanding.
The PetTech sector offers product, service, and subscription solutions for owners and pets through technology and connectivity.
With the lowest birth rates in history, pets are taking the place of children, and companies are focusing on meeting a growing unmet demand. The global business volume by the end of this decade is expected to be close to $190 billion.
The race to serve the kings of the house is taking place in a changing context, where digital is gaining importance over offline, experiencing sustained annual growth of 20% until 2027.
A sector with few competitors.
The sudden change in family model leaves room for new competitors to enter.
Pets: a prioritized family expense.
Pet spending is increasing, allowing for innovation in products and services.
Sustained annual growth of 20%.
One of the verticals with the best sustained projection worldwide, ideal for growth.
Latent opportunities in PetTech today.
PetTech can work very well with two levels of risk: more conservative, meeting existing needs or riskier, addressing other uncovered aspects extrapolated from human consumption.
In the already validated services we have opportunities such as pet insurance digitalization (Insurtech), customized feeding or accommodation and care, where there is still much room for the evolution of the current offering.
Other innovative services, with little or no market penetration for now, are online training, interaction through VR (virtual reality) with other animals or niche cosmetics and perfumery.
