Cat Accessories Market Forecast and CAGR
According to the latest research by Fact.MR, the cat accessories market is set to witness high growth during 2021-2031. Demand will witness a steady recovery in the short term, with an optimistic growth outlook over the long run.
Some of the main factors driving the demand are the growing cat population as a result of higher pet adoption rates and the high spending on pet wellness. In addition, manufacturers that introduce new product varieties attract new customers, resulting in increased sales.
What is Driving Demand in Cat Accessories Market?
In the same way that all humans need accessories to complete everyday tasks, all pets do need the same. Food and water bowls, as well as litter boxes, are some of the examples of cat accessories. These accessories make it easier for owners to maintain their homes while still providing comfort to their pets.
Cat owners are always on the lookout for versatile and exclusive items for their pets that are both attractive and long-lasting, so new products introduced or upgrading from current to advanced products are readily accepted. As a result, there is a substantial increase in demand for such items, increasing in the cat accessory market.
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Key Statistics Supporting the Surge in Cat Accessories Sales
The data analyzed about the global pet and cat population are highlighted in the following points:
- There are about 57% of household owning pets globally
- It is estimated that there are nearly 370 million pet cats in world
- Cats are among the most popular pets and more than 25% of the households have dogs with them
- In Latin America, collectively Argentina, Mexico and Brazil have more than 50% of pet ownership
- In the US the per capita expenditure on pet care is about US$ 162, whereas in Europe it is about US$ 80
Cat accessories are needed by owners to meet their kitten's daily needs.
The figures above support the growing pet population and per capita pet care spending. This indicates that the demand for pet accessories is increasing among consumers, implying that the companies’ business within industry is about to expand at a faster pace.
US and Canada Cat Accessories Market Outlook
According to pet organizations APPA (American Pet Product Association) and CAHI (Canadian Animal Health Institute), there are approximately 85 million pet-owning households in the United States and approximately 59% of Canadian households with the same. In both countries, dogs and cats are the most common pets.
This is due to the fact that these countries are industrialized and therefore belong to the high-income group. These countries' disposable income is indeed very high, which results in a larger scale of pet ownership.
In comparison to other countries around the world, per capita spending on pet health and accessories is very high. As a result of these factors, the cat accessory industry in the United States and Canada is booming.
To increase sales and product penetration, manufacturers in these countries are integrating both organic and inorganic strategies. As a result, new potential opportunities in the cat accessory industry have emerged.
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East Asia Demand Outlook for Cat Accessories Market
East Asia plays a significant role in global cat accessory demand and supply. China is one of the region's biggest contributors. In China, nearly 73.5 million households have pets, with 30.7% having cats.
One of the major factors contributing to the country's high pet population is transforming lifestyles, which has contributed to pet humanization.
China, Japan, and South Korea have high per capita pet cat expenditures as a result of rising disposable incomes, which has prompted them to readily trade for cat accessories to meet their day-to-day needs. As a result, there is a significantly high demand for cat accessories in this region.
Besides, due to the abundance of raw materials, lower production costs, and modern process manufacturing units, the area has a large number of manufacturers producing cat accessories.
Both of the preceding points demonstrate that East Asia is a major contributor to sales and development, providing a plethora of opportunities for manufacturers and suppliers in the area.
As the number of COVID cases decreased, manufacturing plants resumed, providing a new route for companies to re-establish themselves. Meanwhile, China, which was the first to rebound from COVID-19, has noticed its GDP reach new peaks. This had a net positive impact on the cat accessories industry.
Who are the Key Manufacturers and Suppliers of Cat Accessories?
Some of the leading manufacturers and suppliers of cat accessories include PET PARENT, Simply Fido, Bed Bath & Beyond Inc., Honest Pet Products LLC, Hyper-Pet LLC, Nestlé Purina, PT Labs, Petco Animal Supplies Inc., Cycle Dog, ThinkRace Technology, ShenZhen Hongda Technology Group Co., Ltd. and other prominent players.
Manufacturers have used organic and inorganic tactics such as mergers, acquisitions, alliances, product launches, and more to draw new potential consumers and gain market share.
Besides, many of them are concentrating on launching new variations of existing items, such as automatic pet feeders, which are a new variety of existing pet feeders designed to address pet owners' concerns about feeding their beloved pets on time. Manufacturers can turn opportunities into business using both of these techniques.
An Adaptive Approach to Modern-day Research Needs
Cat accessories Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Grooming Products
- Collars & Harness
By Distribution Channel
- Direct to Consumer
- Third-Party Online
- Specialty Stores
- Pet Care Stores
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Oceania
- New Zealand
- Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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