Published On : 12 Oct 2018
The global market for pet chips, the microchips the size of a grain of rice implanted under the skin of pets so they can be easily reunited with their owners, is on a promising growth spree. The market has witnessed the entry of a new companies in the past few years and the resultant decline in products costs is working well for the mainstream appeal of these microchips that help communicate essential information regarding the owner of a pet to a device that can interpret the chip.
The market is thriving and how! From rescue centres establishing special cells, processes, and respondents for lost pets to be able to be reunited with their owners to airlines introducing special discounted flights for flying back pets to their owners, the global pet chips market has turned into a full-fledged business and is inviting attention of a number of new companies. In the next few years, the market is likely to exhibit a promising growth pace as well.
Rising Numbers of Pet-owners Globally Drive Growth
There has been a massive rise in the number of pet-owners across the globe and the numbers continue to see a promising rise still. From the traditional trend of high pet-ownership in developed countries across regions such as North America and Europe, pet ownership has also been rising in regions such as Asia Pacific in the past few years. This opens up a whole new set of growth opportunities for companies working in the field of pet chips and strategies made in accordance with the factors that may compel this new set of consumers could help companies gain good growth promise.
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Rising Disposable Incomes and Technological Know-how of Pet-owners Bode Well for Market
Developing economies are not only untapped markets but could be highly lucrative if targeted with effective and tailor-made strategies. The consumers across emerging economies such as India, China, and countries across Southeast Asia and Latin America are earning increasingly high disposable incomes, making it possible for them to afford proper pet-care practices. With efforts aimed at improving the awareness regarding the benefits of pet chips for the safety of their pets, companies could establish their control in these new markets. The good technological know-how of this consumer group could also be exploited by allowing them a sneak peek into how pet chips are sophisticated technological interventions especially made for pets and raising their anticipation regarding the technology.
Developed Regions Continue to be Leading Revenue Generators
Despite plausible growth prospects in emerging markets, it is still the developed economies across regions such as Europe and North America that lead to the most notable revenue contribution to the global pet chip market. The high disposable incomes of people in these countries, the well-established pet-care industry, rising numbers of social media platforms working in the field of pet-owner reunion, and high awareness among people all contribute to the excellent growth prospects of these regional markets and continue to drive them.
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