Ferret Toys Market Forecast and CAGR
According to latest research study by FactMR, Ferret Toys market is projected to showcase substantial CAGR of close to 7% during 2021-2031. Ferret Toys demand will witness a surge with optimistic growth outlook as rapidly increasing ferret pet ownership is projected to have a positive influence on ferret toy sales. Another expectant factor that will likely drive growth is the mounting spending on pets by pet owners, increasing disposable income, rising urbanization along with strengthening relationship between humans and their pets
What is Driving Demand for Ferret Toys?
Domesticated ferrets are very friendly and they adapt their sleeping patterns to those of their owners building an intact bond. Also, ferrets, cats and dogs usually coexist comfortably and even amicably. However, since they prey on smaller companions like birds and rodents in nature, they are kept from free access to birds.
Also, ferret racing is a traditional London sport in which competitor race ferrets through drain pipes. A small portion of the pipe is removed and covered with chicken wire so that audiences can see how far the pets have progressed. The animals seem to enjoy the games as well as the company of their fellow ferrets.
Although, ferret is not being adopted as pet on much large scale, still there lies huge population who have been compassionate about petting fetter. As the customers are finding leisure time to spend with their pets, there has been promising rise in ferret toys
During the forecast period 2021-2031, the global pet toys market is projected to witness CAGR of more than 7%, with a market value of about US$ 2,550 million in 2021.The ferret toy is expected to rise steadily in sales over the forecast period, owing to an increase in the number of ferret and the rising popularity of their toys and accessories.
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Factors Driving Ferret Toys Sales
The do-it-yourself (DIY) trend is exploding right now, and the pet toys industry is no exception. Consumers are more likely to make toys for their pets rather than purchase them as a result of this action. Consumers who want quality materials and long-lasting product without the inconvenience of additional costs are increasingly turning to DIY.
Smart pet toys are steadily gaining popularity, owing to rapid technological development. The tech-savvy essence of millennial pet owners has prompted industry leaders to create high-tech and intelligent pet entertainment solutions.
Felik, for example, is a smart pet toy that includes a camera and AI (Artificial Intelligence) that can monitor the pet's movements automatically.
Some owners are astounded by their ferrets' ability to solve problems. Ferrets are determined little creatures that will work tirelessly to solve a problem. It is recommended to provide them with puzzle-based toys or games because they enjoy challenging puzzles and games.
Owing to aforementioned factors, production for the ferret toys and accessories likely to improve the market over the course of the assessment period.
US Ferret Toys Market Outlook
The United States is one of the world's largest markets for ferret toys. The US ferret toys market is projected to increase during the forecast period of 2021-2031. Sales for ferret toys is expected to rise in the coming years with the increasing number of ferret adoption along with owners opting for more innovative and attractive toys for their ferret.
In the United States, pet ownership is increasing and according to the American Pet Products Association, about 70% of American households own a pet. Pet owners in the United States take their duty of pet caring on another level, which is why they are willing to spend money on luxuries and essentials for their pets.
According to the American Ferret Association, some states have restrictions on ferret importation and ownership. Ferrets are prohibited as pets in California, Hawaii, and the District of Columbia. Some states have stringent laws governing the ownership, importation, sale, neutering, and vaccination of ferrets.
There are an estimated 326 ferret per 1,000 households and 501 ferrets per 1,000 population in the United States. Pet owners in the country are able to spend money on accessories such as toys for their ferret, as well as essentials such as dietary supplements and nutrition. As a result of these factors, the United States has the largest share of ferret toys market space.
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How Online Sales Channel will Uphold Ferret Toys Market
With the mounting pet care industry, players have recognized the need to include personalized and tailored products that conform to pet owner’s unique end-use requirements. In response to the increasing demand for customised pet toys, prominent players are allowing pet owners to personalize their pet's needs through their online platforms.
Using cutting-edge online distribution platforms, key players have been able to establish a distinct brand value and provide consumers with a unique experience. The ability to compare prices and product attributes, as well as the availability of a wide range of products offered by different brands, are expected to drive segment development.
Who are the Key Manufacturers and Suppliers of Ferret Toys?
Some of the leading manufacturers and suppliers of ferret toys include Ferret Nation, Kong Company, Marshall Pet, SPOT, Superpet, Niteangel, Marshall Pet Products, MidWest Homes for Pets, WARE and Kaytee.
The ferret toy market is highly competitive, with regional and local players having a significant presence. Enhancing market reach is one of the key practice for gaining a revenue edge over competitors. In addition, manufacturers are increasing their market penetration by collaborating with digital pet care retailers such as Amazon, Walmart, Chewy, Petco, and others, with the aim of expanding their toy products to a wider audience. Such growth strategies introduced by players are also expected to play a significant role in increasing product acceptance.
An Adaptive Approach to Modern-day Research Needs
Ferret Toys Market Report Highlights:
- Detailed overview of 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
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
- Plush Toys
- Rope and Tug Toys
- Chew Toys
- Squeaky Toys
- Interactive Toys
By Sales Channel
- Modern Trade Channels
- Online Channel
- Third Party Website
- Direct to Customer
- Animal Pharmacy
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & 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 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.
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