Pet Humanization – A Pivotal Growth Driver for the Global Pet Accessories Market – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Pet Accessories – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The global market for Pet Accessories is projected to reach US$41.1 billion by 2025, driven by the emerging pet loving culture worldwide made hugely popular by media coverage of celebrities and their furry friends. Pet population comprising dogs, cats, birds and other animals is on the rise.
Some factors responsible for the rising pet population include an aging population and empty nesters who adopt pets to fill the void; an increase in households with multiple pets; higher incomes; and growing number of single person households and unmarried or childless households. A growing number of households with children are also adopting pets with research studies revealing pets to have a positive impact on children such as preventing depression and loneliness; develop motor skills by feeding and grooming dogs; encourages outdoor activity such as regular walks with dogs; promotes emotional development by encouraging responsibility involved in caring for pets; and ability to treat behavioral problems in kids. Utilitarian and functional use of pets has decreased over the last couple of years. Pets today are part of the family and therefore households are beginning to spend on pets on par with children. The emergence of pet parents as part of the humanization of pets trend, is a key revenue generating trend in the pet industry. Adroit players in the industry are already differentiating between pet owners and pet parents/pet guardianship. Per capita spending by pet parents on pets is significantly higher as compared to pet owners and they therefore represent a lucrative target customer cluster for pet accessories.
Human love for pets transcends geographic boundaries. In France, French Cafés offer fine dining for pups; in Japan, architects design cat-friendly spaces in homes; companies in the UK offer paid paw-ternity leave for pet parents; in Norway, Norwegians spend the highest on expensive pup food; and in Sweden, regulations are enforced to ensure pets live healthy, happy lives. All of these trends while being intriguing also provide the foundation for the growth of pet accessories such as pet toys, pet grooming products, pet bedding, collars and leashes, feeders & bowls, pet housing, strollers, car seats, electric toothbrushes and fashion ensembles, among numerous other products which were hitherto considered discretionary. With women being the primary care provider, nurturer and shopper for the human members of the family, they are also emerging into top spending on pets. Not surprisingly, manufacturers are increasingly focusing on women shoppers. The United States and Europe represent the largest markets worldwide with a combined share of 60.8%. China ranks as the fastest growing market with a 9.5% CAGR over the analysis period supported by factors such as higher standard of living and increased disposable income to spend on pets; and desire among old and young population for alternative companionship. Historically known as a rabies-endemic country, the gradual relaxation of regulations against pet ownership and dissolution of myths surrounding dogs and public health, have primed the Chinese pet industry for robust growth.
Competitors identified in this market include, among others:
- Ancol Pet Products Limited
- Ferplast S. p.A.
- Rolf C. Hagen Inc.
- Rosewood Pet Products Ltd.
- Spectrum Brands Holdings, Inc.
- Unicharm Corporation
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- Pet Accessories Market Set for a Rapid Growth
- US and Europe Dominate the Regional Landscape
- Global Millennial Population by Select Country in Million: 2019
- Asia-Pacific (including China) Emerge as the Fastest Growing Region
- Population of Pet Owners in China (2018): Percentage Share of People Living with Dogs, Cats, Aquatic Animals, Rodents and Reptiles
- Increase in Pet Ownership to Spur Market Growth
- Global Pet Population: Number of Dogs and Cats in Million for the Years 2017 and 2018
- Pet Dogs Lead the Demand for Pet Accessories
- Global Pet Dog Population (2018): Number of Pet Dogs by Select Countries (in Million)
- Global Pet Cat Population (2018): Number of Pet Cats by Select Countries (in Million)
- Pet Toys – A Key Growth Driver for the Pet Accessories Market
- Interactive Toys Find Favor among Pet Owners
- Popular Dog Toys in Brief
- Popular Cat Toys in Brief
- Global Competitor Market Shares
- Pet Accessories Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 115
For more information about this report visit https://www.researchandmarkets.com/r/b1rldm
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