Dublin, April 24, 2024 (GLOBE NEWSWIRE) — The “Pet Toys Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The global pet toys market has grown exponentially in recent years. It will grow from $3.04 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion witnessed during history can be attributed to several factors. These include the increasing demand for private labels in the pet industry, the increasing popularity of pet subscription boxes, the growing interest in pet ownership among consumers, the increasing rate of -pet adoption, and the increasing preference for eco-friendly and sustainable pet toys among environmentally conscious consumers.
The pet toys market is expected to see strong growth in the next few years. It will grow to $4.42 billion by 2028 at a compound annual growth rate (CAGR) of 7.7%. The expected growth during the forecast period is driven by several factors. These include increasing demand among millennials and young children for pet-related products, the growing popularity of pet ownership leading to expanded product demand, rising interest in subscription boxes in pets, a growing focus on pet humanization, and the introduction of new and creative. eco-friendly pet accessories and toys. In addition, increasing number of pet owners worldwide is contributing to the growth of the market.
The emerging trend of pet ownership is expected to drive significant growth within the pet toy market in the coming years. Pet ownership is on the rise due to shifting social norms, increased awareness of the benefits of pet companionship, and the influence of social media. Data from the American Pet Products Association in 2023 showed a significant increase in US households with pets, indicating a growing demand for pet-related products. Similarly, findings from a national survey by Animal Medicines Australia in November 2022 highlighted the prevalence of pet ownership in Australian households, particularly among dog owners, given the stress the importance of expanding the pet toy market.
Major players in the pet toy market are committed to developing innovative products, such as interactive smart pet toys, to meet the evolving needs of pet owners and enhance profits in the market. For example, Shenzhen Skymee Technology Co., Ltd. introduced the SKYMEE Owl Robot in March 2021, equipped with a camera, treat dispenser, and communication capabilities to enable remote interaction between pet owners and their pets. This innovative pet toy enhances the pet ownership experience by allowing owners to monitor and interact with their pets remotely, even when they are not at home.
In September 2021, Platinum Equity LLC acquired Cosmic Pet, strengthening its position in the pet industry and creating a platform with a comprehensive range of pet products. This strategic acquisition facilitates the integration of Cosmic Pet’s diverse product portfolio, including toys, beds, collars, treats, and accessories, into a leading platform that addresses the needs of pet owners. By leveraging Cosmic Pet’s expertise and scale, Platinum Equity LLC aims to accelerate growth and further enhance its offerings to meet the demands of pet lovers.
North America is the largest region in the pet toys market in 2023. Asia-Pacific is expected to be the fastest growing region during the forecast period. Regions covered in the pet toys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet toys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Product Type: Plush Toys; Rope and Tug Toys; Balls; Chew Toys; Spreading Toys; Interactive Toys
2) By Material Type: Rubber; Flowers; Nylon; plastic; Other Types of Material
3) Through Distribution channel: Online; Offline
4) In Application: Birds; cat; dog; horse; Other Applications
Key Companies Mentioned: Petmates; Radio Systems Corporation; Multipet International Inc.; Coastal Pet Products Inc.; ChuckIt
Time Series: Five-year historical and ten-year forecast
Data: Market size and growth ratios in related markets, GDP proportions, per capita spending
Data Segmentation: Country and region historical data and forecast, competitors’ market share, market segments
Key Features
| Report Properties | Details |
| Number of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $3.28 Billion |
| Estimated Market Value (USD) by 2028 | $4.42 Billion |
| Compound Annual Growth Rate | 7.7% |
A selection of companies mentioned in this report include, but are not limited to:
- Petmate
- Radio Systems Corporation
- Multipet International Inc.
- Coastal Pet Products Inc.
- ChuckIt
- OurPet’s Co.
- Worldwise Inc.
- Company of Animals Ltd.
- Pet Qwerks Inc.
- Ethical Products Inc.
- ZippyPaws
- Outward Hound
- KONG Company
- The Hartz Mountain Corporation
- Jolly Pets
- Benebone LLC
- Honest Pet Products LLC
- Mammoth Pet Products
- West Paw
- Petsport USA Inc.
- Fluff and Tuff Inc.
- Kyjen Company LLC
- Starmark Academy
For more information about this report visit https://www.researchandmarkets.com/r/1a9pmy
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