USD 24.6 Billion
Report ID:
SQMIG55A2043 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|
Tables:
89 |
Figures:
78
Global Pet Accessories Market size was valued at USD 24.6 Billion in 2022 and is poised to grow from USD 26.45 Billion in 2023 to USD 47.16 Billion by 2031, at a CAGR of 7.5% during the forecast period (2024-2031).
The global pet accessories market has seen a huge rise in recent times, especially in countries like UK, USA, France, Switzerland, Germany, Italy, Japan, China and others. The increasing availability of different attractive accessories catering to this large consumer base has led to market growth. Accessories include different kinds of toys, grooming essentials (like shampoo, conditioner, toothpaste), clothes, bedding, and muzzle, collars, harnesses.
Rise in the millennial population as pet owners, humanization of pets, increased knowledge on pet care, emotional aspects of pets, physical and mental wellbeing of pet keeping, increasing disposable income, lifestyle, even social media marketing are the key factors which are driving this market today. According to the American Pet Products Association, about 85 million homes own a pet, with pet ownership increasing from 56 % to 68 % in the last 30 years. Key manufacturers in the pet accessories market have taken to social media marketing at large to connect with their consumer base. Global pet events are conducted to encourage participation from pet owners, which creates a sense of community among customers. However, there is also increased competition, government restrictions, animal right organizations and rising cost of accessories which hinder the growth of this market.
Global Market Size
USD 24.6 Billion
Largest Segment
Pet Grooming Products
Fastest Growth
Pet Grooming Products
Growth Rate
7.5% CAGR
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The global pet accessories market is segmented based on type, pet type, distribution channel, material type and region. By type, the market is segmented into Pet Apparel, Pet Toys, House and Bedding, Carriers, Grooming Products, Collars and Harnesses, and others. By pet type, the market is segmented into Dogs, Cats, Fish, Birds, and others. By distribution channel, the market can be segmented into offline channels and online channels. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Analysis By Type
The largest and fastest-growing market segment in the pet accessories market is held by pet grooming products. Pet grooming is an essential part of pet care. It helps their overall health, hygiene, and well-being. The pet accessory products which belong to this category are shampoo, conditioners, brushes, combs, nail clippers and grinders, ear cleaners, dental care products, wet wipes, etc. The pet grooming industry is continuously evolving, driven by the growing number of pet owners and the emphasis on pet care. Pet owners are increasingly willing to invest in grooming services and quality grooming products to ensure the health and happiness of their pets.
Analysis By Pet Type
The segment, which is dominant, based on the Pet type is that of Dog. Dogs are generally the most popular pets, followed by cats. Dogs are known to be good for mental wellbeing, for relieving anxiety and stress and for promoting good cardiovascular health. In addition to this, service dogs can follow commands, and serve as invaluable companions for any person with disability.
The fastest-growing segment of the Pet accessories market is that of Cats. Increasing number of single or dual person households are adopting a pet. Since cats are smaller, they are rapidly becoming the choice for people living in flats or rented apartments. This is the reason for the growth of the Cat segment in the pet accessories market.
Analysis By Distribution Channel
The online channel of distribution is the dominating segment in the pet accessories market. Online marketing has seen a surge in recent years, being driven by the convenience of e-commerce as well as the willingness of pet owners to buy accessories online. Platforms like Amazon have become major players in the online market. Online marketplaces also allow small sellers to reach a vast number of consumers. Many pet accessory brands also have their own websites with loyalty programs, and tips and tricks to take care of the pets, which keep the customers coming back to them. This online method of distribution of pet accessories has also been the most rapidly growing one in the past few years, for the same reasons.
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The dominating region in the global Pet accessories market is North America & Canada, which holds a significant market share. The dominance of this region is largely due to the high rate of pet ownership, string pet humanization trends, better pet training centers, availability of better vet clinics and a well-established pet care market. Moreover, the existence of multiple key players like PetSmart, Petco Animal Supplies, Chewy, Kong Company also drives the growth in this segment.
Asia-Pacific has been the fastest growing market in pet accessories. Countries like China, Japan and India have seen a rapid growth in the pet industry driven by the rising disposable incomes and changing attitude towards pets. This market is expected to continue its growth due to more families adopting pets as their own family. This obviously drives the pet accessory market.
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Drivers
Increased Pet Ownership
E-commerce and Social Media Influence
Restraints
Competition and Market Saturation
Market Uncertainties
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The pet accessories market is characterized by the mix of established players, many new entities, and specialized brands. Companies are expanding their portfolios in the market by launching innovative and attractive pet care products. Many established players are also trying to widen their customer base by catering to not only the common pet types like dogs and cats but also to guinea pigs, rabbits, birds, fishes, etc. There is also a trend of partnerships and collaborations with luxury fashion brands for launching premium pet care products. Numerous startups focus on offering niche and specialized products, eco-friendly items and smart devices for pets. The key to success in the pet accessories industry involves a combination of product innovation, effective marketing, and an understanding of pet owners' changing needs and preferences.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global pet accessories market analysis, there are several factors like rising income, increasing pet ownership, increased online marketing, etc. which shape the path of pet accessories market. The global market is poised for dynamic growth due to these reasons. All pets need to be taken care of, and hence pet grooming products are the most dominant as well as the most rapidly increasing market segment amongst all types of pet accessory products. Also, pet accessories for Dogs as pets hold the major share in the market, whereas that for cats is rapidly growing now a days. Online and social media marketing have greatly influenced this market, they have turned out to be the dominant as well as fastest growing distribution channel of pet accessories. North America remains the largest market, whereas Asia-Pacific region is the rapidly growing one. The landscape of this market shows very close competition between leading players like Nestle Purina Petcare, Mars Incorporated and Chewy. One significant trend that is shaping the future of the pet accessories market is the use of smart devices for pet tracking and health monitoring. The pet accessory market is diverse, with numerous players catering to the various needs and preferences of pet owners globally. Understanding these drivers is crucial for businesses operating in the pet accessories market. Adapting to the changing consumer requirements, incorporating sustainable practices, and staying innovative are key strategies for success in this industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 24.6 Billion |
Market size value in 2031 | USD 47.16 Billion |
Growth Rate | 7.5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Pet Accessories Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pet Accessories Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pet Accessories Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pet Accessories Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG55A2043