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The pet accessories market size is estimated to grow by USD 13,243.92 million at a CAGR of 6.2% between 2023 and 2027. The growth of the market depends on several factors, including the increase in the number of people owning pets and increased spending on pets, the availability of a wide range of fashionable and multifunctional pet additions, and technology innovation and portfolio extension leading to product premiumization.
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This pet accessories market report extensively covers market segmentation by 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 - 2021.
The increase in number of people owning pets and increased spending on pets is a key factor driving the market growth. In 2021, pet ownership and spending showed a substantial increase compared to the past decade. The American Pet Products Association reports that about two-thirds of US households own pets, with increased spending on veterinary care, accessories, and food. In 2020, 67% of US households owned pets, with millennials being the largest pet owner segment, particularly for birds, small exotic companions, and saltwater fish, with over 80% owning dogs and about 50% owning cats.
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The dog segment shows a gradual increase in the market share of USD 13,046.20 million in 2017 and continued to grow until 2021. Dogs demand a lot of space and attention. Working couples in nuclear families often buy pet furniture for their dogs. They also enjoy high preference among people who live in apartments and do not have gardens or porches for their pets to live in. Subsequently, these factors are expected to drive the segment. Although the adoption of other types of pets, such as birds and rabbits, is lower than dogs and cats, their adoption is expected to gain traction during the forecast period. Hence, the share of this segment is expected to increase.
The advent of smart accessories is one of the major pet care market trends. Vendors invest in R&D for affluent customer appeal, creating smart beds that monitor pets' weight, rest, and activity while providing thermostatic climate control. Smart-connected pet collars with cameras offer live updates and voice commands. Automatic feeders ensure pets are fed when owners are busy. Future trends include the launch of more connected smart accessories.
The pet care market faces challenges with infrequent purchases and a low replacement cycle for accessories. Pet owners buy these items when needed, and due to their durability, replacements are infrequent. These high-quality accessories often have a longer lifespan, requiring replacement only for new pets or due to damage. Maintenance costs are minimal, reducing the frequency of purchases, a significant growth impediment. Additionally, product recalls pose a threat, affecting a company's reputation, trust, and finances, and hindering market growth in the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The North American market experiences growth driven by high interest in pet ownership, particularly in the US, Canada, and Mexico. The increasing elderly population seeking companionship contributes to a high pet adoption rate. The pet humanization trend, treating pets as family, leads to substantial spending on premium accessories, especially in North America with its numerous nuclear and dual-income households. In Canada, demand for premium pet products rises as owners prioritize longevity and improved quality of life. Mexico's modern retail channels expand pet food and accessory offerings.
In the US, the pet humanization trend fuels market growth, with dog and cat owners, particularly millennials, spending on premium accessories. Specialty pet stores dominate sales, but e-commerce poses a significant challenge, offering convenience and recurring order programs. Mergers and acquisitions among online retailers may disrupt traditional business models in the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Spectrum Brands Holdings Inc. - The company operates under multiple segments, including home and personal care, and global pet care among others, with a high focus on home and personal care.?
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Pet Accessories Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.2% |
Market growth 2023-2027 |
USD 13243.92 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.7 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ancol Pet Products Ltd., Blueberry Pet, Designer Pet Products, Dobbies Garden Centres Ltd., Ferplast Spa, Hagen Group, Inter IKEA Holding BV, KandH Pet Products, Laroy Group, Petcraft, Pets Choice Ltd., Platinum Pets, Prevue Pet Products, Rosewood Pet Products Ltd., Spectrum Brands Holdings Inc., Tailpetz, Unicharm Corp., Ware Manufacturing Inc., Go Pet Club, and Honest Pet Products LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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