USD 13.24 billion growth in Pet Accessories Market between 2022 and 2027 , The increase in number of people owning pets and increased spending on pets to boost growth - 17,000+ Technavio Research Reports
NEW YORK, Feb. 1, 2024 /PRNewswire/ -- The global pet accessories market size is estimated to grow by USD 13.24 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.2% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 43%. The growing number of pet owners, coupled with increased spending on pets, is fueling the expansion. With a significant rise in pet ownership and expenditure observed in recent years, particularly among millennials, the industry is experiencing notable growth driven by heightened demand for various pet-related products and services. For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) - Request a sample report
Technavio has segmented the market based on End-user (Dogs, Cats, and Others), Product (Pet toys and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The dogs segment will be significant during the forecast period. Dogs require a lot of room and care and thus, working couples with nuclear families frequently purchase dog furniture. Additionally, pet dog furniture is highly preferred by residents of apartments who do not have gardens or porches for their pets to live in. Such elements are therefore expected to propel the segment during the forecast period.
By geography, the segment includes North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global pet accessories industry.
- North America will contribute 43% to the growth during the forecast period.
Insights on the contribution of various segments including country and region, historical data (2017 to 2021) and forecast size (2023 to 2027) - Download a Sample Report
- The advent of smart accessories is a major trend fueling the growth, however, factors including infrequent purchases and the low replacement cycle may challenge growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
Applications include:
The key industry players offer a wide array of products such as collars, leashes, clothing, beds, carriers, and grooming tools for pets. Other items include toys, training equipment, ID tags, travel accessories, shoes, strollers, and hygiene products, ensuring comfort, safety, and well-being for pets, while also catering to the needs of pet owners.
What are the key data covered in this Pet Accessories Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Pet Accessories Market between 2023 and 2027
- Precise estimation of the Pet Accessories Market size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Pet Accessories industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Pet Accessories vendors
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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