Pet Accessories Market Analysis 2020-2024: North America to Dominate Market Growth
The pet accessories market share is expected to grow by USD 11.64 billion, accelerating at a CAGR of 6.87% during the forecast period. Factors such as technology innovation and portfolio extension leading to product premiumization are the major pet accessories market trends that will positively impact the market growth. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. Unlock Free Sample Analysis Report
Pet Accessories Market: Market Segments and Growth Forecasts
The pet accessories market report will provide insights into the current market share of each segment along with growth projections for the next five years.
- The pet accessories market is segmented by Product (Pet toys and Others), End-user (Dogs, Cats, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and MEA). Each market segment is analyzed for past performance leading to future growth projections based on the current market scenario.
- Based on the market segmentation by product, pet accessories market size in the toys segment will be significant during the forecast period.
- The growth of the market in the North American region is influenced by the large interest in pet ownership in countries such as the US, Canada, and Mexico.
- 37% of the market growth will originate from North America during the forecast period. The report provides an accurate prediction of the contribution of all the geographic segments to the growth of the pet accessories market size.
Pet Accessories Market: Trends, Drivers, Challenges to impact growth
- A significant factor in driving the growth of the pet accessories market will be the increase in the number of people owning pets.
- The availability of a wide range of fashionable and multifunctional pet accessories will be instrumental in driving the market growth during the forecast period.
- Growing awareness of pet allergies among human beings is a hurdle that needs to be crossed on the path to success.
Pet Accessories Market: Vendor Analysis
- The market is fragmented due to the presence of several players.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- Ancol Pet Products Ltd., Bob Martin Co., Ferplast Spa, Inter IKEA Systems BV, Laroy Group, Rolf C. Hagen Inc., Rosewood Pet Products Ltd., Spectrum Brands Inc., The Our Pet's Co., and Unicharm Corp. are some of the major pet accessories market vendors.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerating at a CAGR of 6.87%.
- What is the incremental growth of the market?
The market is expected to grow by USD 11.64 billion.
- What is a key factor driving this market?
An increase in the number of people owning pets will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market?
37% growth will originate from North America.
- Who are the leading market vendors?
The leading vendors in this market are Ancol Pet Products Ltd., Ferplast Spa, Inter IKEA Holding BV, Laroy Group, Pets Choice Ltd., Rolf C. Hagen Inc., Rosewood Pet Products Ltd., Spectrum Brands Holdings Inc., and Unicharm Corp.
- What are the market segments covered in this report?
The market is segmented by Product (Pet toys and Others), End-user (Dogs, Cats, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and MEA).