Packaged Facts, a leading market research firm, estimates that US sales of Pet Tech products was $565 million in 2018. This amount is up 11% from 2017 and is expected to reach $1 billion by 2023.
Pet tech products remain a small part of the $4.9 billion pet durables market (toys, beds, collars, etc.) Specifically, it clocks in at about 11.5% of the larger category.
Full disclosure: we haven’t actually seen the Packaged Facts report on this. Priced at $3,995, the report is too expensive for our small company. However, these numbers were referenced in a Forbes article about the pet tech market.
Update: the Packaged Facts summary of the report states that the pet tech market reached $400 million in sales. Not sure why this is so different from amount in the Forbes article, but as noted above, we didn’t actually read the Packaged Facts report as we can’t afford it.