Pet Toys Market to Reach $18.4 Billion, Globally, by 2032 at 8.0% CAGR: Allied Market Research

The growing pet population around the world is gradually contributing to the increasing economic value for the pet toy. This increase is linked to several benefits that pets provide, which include companionship, relaxation, and physical and mental health benefits such as mood enhancement as well as alleviation of depression and anxiety. In addition, pets such as dogs and cats are often kept as security and support animals for children and adults. The continued rise in pet adoption is fueling demand for basic services, such as grooming and supplies from beds to toys

WILMINGTON, Del., Feb. 28, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Pet Toys Market by Type (Interactive & Self-play Toys, Stuffed Toys, Chew Toys, Chase & Fetch Toys, and Others), Pet (Dogs, Cats, Birds, and Others), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global pet toys market is valued $8.3 billion in 2022, and is expected to be reached $18.4 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.

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Main determinant of growth

The growing trend of pet humanization is contributing to the growth of the pet toy market. In addition, the increased desire to spend on individual pets has fueled demand for pet food, veterinary care, insurance, and other supplies, including pet toys. For example, according to a survey conducted by the American Pet Product Association (APPA), pet owners spend $56 for dogs and $41 for cats annually in pet toys. This increased spending is largely related to pet owners’ awareness of the important role of pet toys.

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The stuffed toys segment to maintain its leadership status throughout the forecast period

By type, the stuffed toys segment captured the highest market share in 2022, accounting for more than one-third of the global pet toys market revenue and is estimated to maintain its leadership status throughout the period forecast. This is related to the fact that stuffed toys meet the different needs of pets, especially cats and dogs, because these pets are more actively engaged in chewing and enjoy carrying their toy However, the interactive and self-play toys segment is expected to register the highest CAGR of 10.3% from 2023 to 2032, as interactive and self-play toys let pets interact and perform various functions that are not limited to entertainment, such as increasing their puzzle-solving skills that help develop their mental and physical qualities.

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The dog segment to maintain its leadership status throughout the forecast period

On a pet basis, the dog segment was the major contributor to the share in 2022, accounting for more than two-fifths of the global pet toys revenue and is estimated to maintain its leadership status throughout the period. forecast. This is related to the fact that dogs are popular in some countries such as Brazil, China, The Philippinesand US According to a survey conducted by the American Pet Products Association (APPA), 65.1 million households own dogs in the US However, the other segment is expected to register the highest CAGR of 10.0% from 2023 to 2032.

The offline segment to maintain its leadership status throughout the forecast period

Depending on the distribution channel, the offline segment will be the major shareholder in 2022, accounting for more than half of the global pet toys market revenue and is estimated to maintain its leadership status throughout the forecast period. This is related to the fact that offline distribution channels, including stores like Walmart, offer a unique shopping experience, where consumers engage in personal shopping, selection, and can allow their pets to choose a specific pet toy they like. In addition, these stores offer personalized customer services, contributing to the growth of the segment. However, the online segment is estimated to reach the highest CAGR of 8.5% from 2023 to 2032, as online distribution channels grow due to the advantages they offer such as mass and remote consumers reach, reach- able advertising, and convenience shopping experience.

North America to maintain its dominance in 2032

Regional wise, North America hold the highest market share in terms of revenue in 2022, accounting for more than one-third of the pet toys market revenue. The US leads in terms of total pet spending worldwide. According to a 2021 APPA survey, annual pet toy spending will increase to $136.8 billion in the US In addition, annual spending on pet toys stands at $56 for dogs and $41 for cats. however, Asia-Pacific expected to witness the fastest CAGR of 9.8% from 2023 to 2032 due to developing countries such as China and Indiawhich represents potential growth opportunities for the pet toys market due to the ever-increasing household income.

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Leading Market Players

• Spectrum Brands Holdings, Inc.

• Unicharm Corporation

• Group of Petz

• Fressnapf Tierfutter GmbH

• Tractor Supply Company

• Outward Hound

• Doskocil Manufacturing Company, Inc.

• Pets at Home Group Plc.

• KONG Company

• Chewy, Inc.

The report provides a detailed analysis of the key players in the global pet toys market. These players have adopted various strategies such as collaborations, expansions, joint ventures, and agreements to increase their market share and maintain dominant shares in various regions. The report is valuable in highlighting the business performance, operating segments, product portfolio, and strategic moves of the market players to present the competitive scenario.

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Pawan Kumar, the CEO of Allied Market Research, leads the organization toward providing high-quality data and insights. We are in professional corporate relationship with various companies and this helps us in digging the market data which helps us to develop accurate research data tables and proves utmost accuracy in our market forecast. Each and every data presented in the reports published by us is obtained through key interviews with top officials from leading companies in the domain concerned. Our secondary data acquisition method involves in-depth online and offline research and discussion with knowledgeable industry professionals and analysts.

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