NEW YORK, Feb. 1, 2024 /PRNewswire/ — The global pet accessories market the size is estimated to grow by USD 13.24 billion from 2022 to 2027, according to Technavio. The market is estimated to grow to a CAGR of 6.2% during the forecast period. North America will hold the largest share of the global market by 2022, and the regional market is estimated to witness an increased growth of 43%. The increasing number of pet owners, along with increased spending on pets, stimulates expansion. With a significant increase in pet ownership and spending observed in recent years, especially among millennials, the industry is experiencing remarkable growth driven by increased demand for various products and pet related services. For more insights on historical data (2017 to 2021) and forecast size (2023 to 2027) – Request a sample report
Technavio has released its latest market research report titled Global Pet Accessories Market 2023-2027
Technavio segments the market based on End-user (Dogs, Cats, and Others), Product (Pet toys and Others), Distribution Channel (Offline and Online), and Geography (North America, EuropeAPAC, South Americaand Middle East and Africa).
- The segment of dogs will be significant during the forecast period. Dogs require a lot of room and care and thus, working couples with nuclear families tend to buy dog furniture. Additionally, pet dog furniture is highly preferred by apartment dwellers who do not have gardens or porches for their pets to live in. Therefore, such elements are expected to drive the segment during the forecast period.
Geographically, the segment includes North America, EuropeAPAC, South Americaand 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% in growth during the forecast period.
Contribution insights of various segments including country and region, historical data (2017 to 2021) and forecast size (2023 to 2027) – Download Sample Report
- The advent of smart accessories is a key trend fueling growth, however, factors including infrequent purchases and low replacement cycles may hamper growth.
Insights into Drivers, trends, and Challenges, historical period(2017 to 2021), and forecast period (2023 to 2027)- Request a sample report!
Applications include:
Major players in the industry offer a wide range 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 meeting 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 the factors that will drive the growth of the Pet Accessories Market between 2023 and 2027
- Accurate estimation of the size of the Pet Accessories Market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Pet Accessories industry as a whole North America, EuropeAPAC, South Americaand 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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SOURCE Technavio
