The past, present, and future state of the global market for pet accessories are provided in a recent research report by Fact.MR. This analysis includes key findings that illustrate the market’s overall position in terms of revenue generated on a global scale across a variety of Pet Accessories application areas. The business and product strategies of some of the top industry participants are also profiled in the report.
The market vendors have benefited from rules governing the sale of goods on the international Pet Accessories market. Leading vendors have increased their research on the forces of supply and demand in the market.
Pet Accessories Market Forecast and CAGR
According to the latest research by Fact.MR, the pet accessories market is set to witness high growth during 2021-2031. Demand for these accessories will witness steady recovery in the short term, with an optimistic growth outlook in the long run.
Increasing pet population owing to higher pet adoption rate and high expenditure on pet wellness are some of the key factors driving the market. Also, Manufacturers involved in introducing new product variety are adding new consumers to the business leading to increased market size.
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Besides, the presence of a skewed landscape of competitors has shaped the growth dynamics of the global Pet Accessories market. It is worthwhile to assert that the vendors who have taken a holistic approach to market analysis have reaped favorable results.
The need to immerse into the regional dynamics is felt by the market vendors, driving them to understand national policies related to the sale of Pet Accessories products.
Key Statistics Supporting the Surge in Pet Accessories Sales
Following points below highlight important statistics pertaining to global pet population:
- There are about 57% of household owning pets globally
- Dogs are the most popular pets and more than 30% of the households have dogs with them
- Almost seventy percent of households in the US have at least one pet out of which fifty percent owns a dog and thirty nine percent have cats
- In Latin America, collectively Argentina, Mexico and Brazil have more than 50% of pet ownership
- In the US the per capita expenditure on pet care is about US$ 162, whereas in Europe it is about US$ 80
Pet accessories are necessary for owners in order to cater their pet’s regular chores.
The above statistics support the increasing pet populations and per capita expenditure on their care. Thus, the business of accessories of pets is about to grow at a higher rate
How Fact.MR Assists in Making Strategic Moves?
The data provided in the Pet Accessories market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.
By Product Type
- Grooming Products
- Collars & Harness
- Bedding & Feeding
- Pet Toys
- Pet Housing
By Pet Type
By Distribution Channel
- Online Retailing
- Specialty Stores
- Modern Trade
After reading the Pet Accessories Market Report, readers can:
- Understand the drivers, restraints, opportunities and trends affecting the growth of the global market.
- Analyze key regions holding significant share of the total market revenue.
- Study the growth outlook of the global market scenario, including production, consumption, history and forecast.
- Learn consumption pattern and impact of each end use on the market growth.
- Investigate the recent R&D projects performed by each market player
US and Canada Pet Accessories Market Outlook
According to pet organizations APPA (American Pet Product Association) and CAHI (Canadian Animal Health Institute) in North America there are about 85 million household owning pets in the US and about 59% of Canadian home have pets with them. Dogs and cats are the most common pets in both of these countries.
This is due to the fact that these countries are developed and thus, lie in the high-income category. The disposable income of these countries is quite high which has led to an increased pet adoption rate.
East Asia Demand Outlook for Pet Accessories Market
East Asia has a major part in pet accessories demand and supply globally. China is one of the major contributors in this region. About 73.5 million households in China have pets out of which 46.1% holds dogs and 30.7% cats.
Owing to changing lifestyle led pet humanization in the country has been one of the major factors for such as high pet population here.
Who are the Key Manufacturers and Suppliers of Pet Accessories?
Some of the leading manufacturers and suppliers of pet accessories include PET PARENT, Simply Fido, Bed Bath & Beyond Inc., Honest Pet Products LLC, Hyper-Pet LLC, Nestlé Purina, PT Labs, Petco Animal Supplies Inc., Cycle Dog, ThinkRace Technology, ShenZhen Hongda Technology Group Co., Ltd. and other prominent players.
To attract newer customers and gain market position manufacturers have been extensively involved in practicing organic and inorganic strategies such as merger, acquisition, partnerships, products launch etc.
Apart from that many of them are focusing on introducing product variety of existing products such as automatic pet feeders, which is a new variety of existing pet feeders to cater pet owners concern of timely feeding their beloved pets. Through all such strategies, the manufacturers are able to convert opportunities into business.
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