Pet Travel Accessories Market Forecast and CAGR
According to the latest research by Fact.MR, the pet travel accessories business is set to witness a CAGR of over 6% during 2021-2031. The growth is attributed to the fact that increasing pet population and per capita expenditure on the pet accessories. The demand will be muted in the regions which are still recovering from the COVID-19 during the initials years of forecast and will gain its momentum by the end of 2022 Q2.
What is Driving Demand in Pet Travel Accessories Market?
The need for pet owners to safely carry their beloved pets during travelling has been a major concern. Travelling with a pet is pretty difficult as they get uncomfortable in new places and starts acting abnormally. Also, they defecate wherever they want during a long journey in train creating disturbance for the fellow passengers.
During security checkups in airports and train stations their anxiety level increases and it’s difficult to control them. To overcome such problems pet travel accessory such as anxiety jacket always comes in handy, owing to which the demand for it is always high.
Pet owners are frequently looking for durable and one-of-a-kind travel accessories for their pets that are both comfortable and long-lasting, due to which they are readily accepting new products or switching from existing to upgraded products. As a result, there is a significant increase in demand for such products, resulting in an increase in the pet travel accessories business.
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Key Statistics Supporting the Surge in Pet Travel Accessories Sales
Below mentioned points below highlights statistics pertaining to global pet population:
- Globally more than 40% household owns a pet
- The most popular pets are dogs and over 30% of households have them
- In United States near about 70% households have pets, out of which 50% owns a dog and 35% have cats
- In Latin America, pet ownership rate is more than 50%
- In China, 73 Mn households owns a pet, of which 46% are dogs and 31% cats
Pet travel accessories are necessary for owners in order to cater their pet’s regular needs during travel time. The above statistics support the increasing pet populations and per capita expenditure on them. Which, projects that the need of these accessories is uplifting the demand from the pet owners and thus, its business is set to grow at a higher CAGR in the coming years.
US Pet Travel Accessories Market Outlook
The United States continue to lead the demand for pet travel accessories. Owing to the high pet dog population and increasing per capita expenditure on them. In 2020, the sales of pet care accessories was muted owing to COVID-19 led travel ban.
The country has recovered from the COVID-19 and has all lifted all the restrictions on travel. This has led most of the people to get out and travel different places, which they were unable to do in the former year. The pet care accessories purchases from the pet owners travelling is estimated to increase significantly in the year 2021 and so it’s demand curve in the country will touch its peak point.
Owing to these factors the US pet care accessories business is expected to grow over a CAGR of 5% between 2021-31 creating lucrative business opportunities for the regional players.
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Europe Demand Outlook for Pet Travel Accessories Market
In Europe, 88 Mn households i.e. 38% of total households own a pet. The regional average spending on pet per household is near about US$ 327.7, which is quiet higher than other regions.
The pet market (accessories, food, veterinary services etc.) generates more than US$ 30 Bn annually, out of which over US$10 Bn comes from pet accessories and food. The stats above prove that the people in the region are pet loving and trade regularly on pet care and wellness products.
In 2020, the regional business has experienced a decline in sales of pet travel accessories owing to the on-going pandemic and travel restrictions imposed by the authorities. In Q1 of 2021, the reduction of COVID-19 infections led to lifting of travel ban reviving the pet accessories demand. The pet travel accessories business is now in recovery phase and will be full back on track by the end of Q1 2022.
To drive the demand in the market, players in the region are introducing new products such as anxiety jacket, which can calm the pet i.e. cat or dog in claustrophobic surroundings such as during air travel. Also, some of them have started bundled product offering at discounted rates, so as to attract the customers and cover the loss faced by them during the pandemic.
Who are the Key Manufacturers and Suppliers of Pet Travel Accessories?
Some of the leading manufacturers and suppliers of pet travel accessories include
- Bed Bath & Beyond Inc.
- Cycle Dog
- Honest Pet Products LLC
- Hyper-Pet LLC
- KOZI PET
- Nestlé Purina
- PET PARENT
- Petco Animal Supplies Inc.
- PETS EMPIRE
- Pets lover
- PT Labs
The market is fragmented and highly competitive in nature, players in the business are strengthening their online presence, in order to cater to the growing online customers demand. In addition, they are collaborating with social media influencers and bloggers to spread awareness and the importance of pet travel accessories.
Through such a strategy the players are able to build brand popularity and advertise their products. Since the pet travel accessories business has a lot of many players presence, this shows that there are limited barriers for the new entrants and still room is there for them.
Thus, entering this business, by launching an efficient and pocket-friendly product variety, will help them to easily gain customers during the initial stage of entry.
An Adaptive Approach to Modern-day Research Needs
Pet Travel 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 Pet Type
By Product Type
- Insert Pads
- Booster Seat
- Portable Litter Box
By Distribution Channel
- Veterinary Clinics
- 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
- North America
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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