Pet Accessories Market Forecast and CAGR
According to the latest research by Fact.MR, the pet accessories market is set to witness high growth during 2021-2031. Demand for these accessories will witness steady recovery in the short term, with an optimistic growth outlook in the long run.
Increasing pet population owing to higher pet adoption rate and high expenditure on pet wellness are some of the key factors driving the market. Also, Manufacturers involved in introducing new product variety are adding new consumers to the business leading to increased market size.
What is Driving Demand for Pet Accessories Market?
As we humans require accessories in order to follow up with daily chores similarly pets do require them for the same. Pet accessories consist of things from food and water bowls to litter boxes. These accessories ease up maintenance tasks for the owners parallely provide comfort to the pets.
Pet owners are frequently searching for durable and unique accessories for their pets which should be quite appealing and should last long, they are readily accepting new products entering the market or switching from existing to novel products. Thus, significantly creating a demand for such products cascading towards increasing pet accessories business.
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Key Statistics Supporting the Surge in Pet Accessories Sales
Following points below highlight important statistics pertaining to global pet population:
- There are about 57% of household owning pets globally
- Dogs are the most popular pets and more than 30% of the households have dogs with them
- Almost seventy percent of households in the US have at least one pet out of which fifty percent owns a dog and thirty nine percent have cats
- 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
Pet accessories are necessary for owners in order to cater their pet’s regular chores.
The above statistics support the increasing pet populations and per capita expenditure on their care. Thus, the business of accessories of pets is about to grow at a higher rate.
US and Canada Pet Accessories Market Outlook
According to pet organizations APPA (American Pet Product Association) and CAHI (Canadian Animal Health Institute) in North America there are about 85 million household owning pets in the US and about 59% of Canadian home have pets with them. Dogs and cats are the most common pets in both of these countries.
This is due to the fact that these countries are developed and thus, lie in the high-income category. The disposable income of these countries is quite high which has led to an increased pet adoption rate.
Per capita expenditure on pet wellness and accessories is quite high compared to other countries globally. Owing to such factors pet accessories business is booming in the US and Canada.
Manufacturers in these countries are blending various organic and inorganic strategies to increase their sales and product penetration. Thus, creating newer business opportunities in the pet accessories business.
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East Asia Demand Outlook for Pet Accessories Market
East Asia has a major part in pet accessories demand and supply globally. China is one of the major contributors in this region. About 73.5 million households in China have pets out of which 46.1% holds dogs and 30.7% cats. Demand for dog accessories is high in China compared to cat accessories.
Owing to changing lifestyle led pet humanization in the country has been one of the major factors for such as high pet population here.
Collectively China, Japan and South Korea have high per capita pet expenditure owing to increasing disposable incomes, which have made them readily trade for accessories for the pet to cater their day to day chores. Thus, creating demand for pet accessories in this region.
Apart from that, the region has a lot many manufacturers involved in manufacturing accessories for pets due to the high availability of raw materials, lower production cost, and advanced high volume manufacturing units.
Both the points above prove that East Asia is a prominent region for pet accessories sales and production and thus, provides ample opportunities for the manufacturers and the suppliers in this region.
COVID-19 had a significant impact in East Asia owing to imposed lockdown disrupting businesses in the second and third quarter of 2020. The pet accessories sales were also dropped during this period.
As the cases got reduced manufacturing plants were open again giving a new path for the businesses to get back on track. Meanwhile, China being the first to be recovered from COVID-19 has experienced its all-time high GDP. Therefore significantly affecting the pet accessories business in a more positive way.
Who are the Key Manufacturers and Suppliers of Pet Accessories?
Some of the leading manufacturers and suppliers of pet 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.
To attract newer customers and gain market position manufacturers have been extensively involved in practicing organic and inorganic strategies such as merger, acquisition, partnerships, products launch etc.
Apart from that many of them are focusing on introducing product variety of existing products such as automatic pet feeders, which is a new variety of existing pet feeders to cater pet owners concern of timely feeding their beloved pets. Through all such strategies, the manufacturers are able to convert opportunities into business.
An Adaptive Approach to Modern-day Research Needs
Pet Accessories 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
By Product Type
- Grooming Products
- Collars & Harness
- Bedding & Feeding
- Pet Toys
- Pet Housing
By Pet Type
By Distribution Channel
- Online Retailing
- Specialty Stores
- Modern Trade
- 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.
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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