Pet brands are going to sea en masse.
It is an indisputable fact that the competition in the pet market is becoming increasingly fierce, but there is a rapidly rising segment under the pet economy, that is, smart pet products. According to Skyquest, the global pet tech market is expected to reach 175 by 2028$700 million, with a CAGR of 19%.
The domestic market is constantly involuted, but the international market has wireless business opportunities, and batches of pet brands choose to go to sea collectively. According to incomplete statistics, in the past three years, dozens of brands of smart pet products have been launched overseas, and they have occupied a considerable market share.
From automatic cat litter boxes, to automatic water dispensers, to automatic feeders, these pet brands have successfully entered the overseas market, and the sales are good, but due to the serious homogenization of products, there is no absolute head yet, and there are still opportunities for sellers who want to enter the market.
The sale was sold out immediately after the launch, and many sellers successfully entered overseas with this single product
The smart cat litter box is such an inconspicuous small item, which has allowed many brands to break the highest sales record when they go overseas, and at the same time, they have also harvested a wave of overseas loyal users.
In 2021, petkit, a leading pet brand in China, launched Indiegogo for the first time with a "smart cat litter box", and created the highest sales record of Indiegogo smart cat litter box with a good result of more than one million US dollars.
You may think that this is just an isolated case, but it is not.
During the epidemic, the big sales focusing on the pet track ushered in a big explosion, and several brands, including Ganbao, Petty, and Yuanfei Pet, made a lot of money overseas. After the epidemic, a number of companies focusing on smart pet products have also risen rapidly.
2022 seems to be the first year of the rise of smart pet brands, and players including Furbulous, Hholove, and Traini were all established in this year.
Furbulous alone, a brand that focuses on smart cat litter boxes, has set a new record for the highest crowdfunding in the pet category of the North American crowdfunding platform Indiegogo. With more than 2,100 orders and sales of more than $800,000, Furbulous successfully fired the first shot in the overseas "cute pet circle". pidan, founded in 2016, also quickly opened the pet supplies segment track with its first explosive product "Snow Room Cat Litter Box".
The field of traditional pet products is becoming increasingly crowded, and the growth rate may be slowing down or even declining, but the growth rate of the field of smart pet products is extremely obvious, and it is also favored by more people.
In the United States, nearly 6 percent of pet owners will regard pets as their children, in the absence of sufficient time to accompany them, more pet owners will choose to buy intelligent products to protect the life needs of pets, it is understood that in the United States alone, more than 5 percent of American adults have bought smart devices for their pets, and the proportion of this group in Europe is close to 7 percent.
Among them, the most popular is the cat litter box, or the smart cat toilet. Ordinary cat litter boxes on the market mostly have problems such as peculiar smell and the need to replace cat litter in time, but smart cat litter boxes can not only liberate pet hands, but also reduce peculiar smells, which can be described as the best of both worlds for pet owners.
Searching for the term "smart cat litter box" on Amazon, most of the categories are Chinese brands, including petkit, catlink, petsafe, pidan and other brands, and the sales volume in the past month is more than 1,000. Take this smart cat litter box from PETKIT as an example, it has the function of automatic garbage removal and air purification, with a score of 39, has 3118 ratings, is priced at $599, and has sold 2k in the past month.
Searching for the term "litter box" on Google Trends, the popularity of the United States has been hovering between 50-100 in the past three months, and it once reached the top 100 on October 23, and related words such as "litter box" and "cat litter" have been soaring, and even the search volume of the term "petivity smart litter box" has soared by 750%.
It is observed that among many pet brands that go overseas, they basically have the product of cat litter box. Such as the petkit and furbulous we mentioned earlier, among which furbulous not only relied on the cat litter box to fire the first shot overseas, but also won strategic financing in February.
"It economy" detonated overseas, and these smart pet products are more favored
In fact, not only Furbulous, but Hörmann Technology, which focuses on smart pet products, will also win nearly 100 million yuan in Series C financing in 2023. In the case of a slowdown in capital investment and a decline in financing enthusiasm, the two major smart pet products companies can win financing, which is enough to see the future investment direction of capital.
Compared with domestic products and brands that are not so volatile and do not particularly meet the needs of consumers, it is clear that many brands are more willing to focus on overseas markets.
According to GlobalPETS, North America ranks first in the pet industry, with 67% of U.S. households owning pets. Pet adoptions in Asia and Europe are also growing steadily, driving the growth of the global pet economy market, which is expected to reach $350 billion by 2027.
In the production of pet products, compared with a number of overseas brands, Chinese brands are obviously better by virtue of their first-class chain advantages.
With a very high product iteration rate, relatively cheap ** and a good user experience, Chinese brands beat a number of overseas brands as soon as they go overseas, such as Furbulous's smart cat litter box, Hörmann Technology's smart feeder, and smart water dispenser sold out as soon as they were launched overseas.
In the pet category, not only smart cat litter boxes, but also many smart pet products have become popular overseas.
The smart feeder launched by PETNET can feed pets regularly and quantitativelyThe PAWBO series of remote monitoring cameras allows owners to interact with their pets through **Hholove, a cross-border smart pet products brand created by the original team of DingTalk, and O Sitter, a cat intelligent companion robot, have created the No. 1 crowdfunding results in the pet category on the platform in 2023. Not only can it be fed automatically at regular intervals, but it is also equipped with a high-definition pet camera, so pet owners can remotely view, interact and feed at any time.
The dustbin has an automatic cleaning function, and the collar has a GPS tracking function, so to speak, in the modern society, there are only what you can't think of, and there is no product that Chinese sellers can't make.
A lot of innovation in the research and development of pet products has also developed more subdivided categories. For example, pet wipes, which are essentially wipes used by pets after going to the toilet, are currently sold on Amazon with hundreds of brands, and the sales of some hot products can reach 10k;Pet toothpaste, pet oral hygiene is obviously nothing new, in the past 5 years, the search volume for "cattoothpaste" has increased by 147%, however, compared to pet wipes, pet toothpaste is slightly less popular and sales.
The global pet economy continues to heat up, and the demand for related products will inevitably grow, and relevant sellers can also take pet demand as a starting point, learn from the experience of successful sellers, and occupy their own place in overseas markets.