Pet Toys Market to Reach $18.4 Billion, Globally, by 2032 at 8.0% CAGR: Allied Market Research
The growing pet population globally is progressively contributing to the increasing economic value for pet toy. This rise is attributed to several advantages that pets provide, which include companionship, relaxation, and physical & mental health benefits such as boosting mood as well as relief in depression & anxiety. In addition, pets such as dogs and cats are often kept as security and support animals for children and older adults. Consistently rising pet adoption fosters the demand for basic services, such as grooming and supplies ranging 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 (Dog, Cat, Bird, 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 was valued at $8.3 billion in 2022, and is projected to reach $18.4 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.
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Prime determinants of growth
The growing trend of pet humanization is contributing to the growth of the pet toy market. In addition, increase in desire to spend on individual pets has boosted the demand for pet food, veterinary care, insurance, and other supplies, including pet toys. For instance, according to a survey conducted by the American Pet Product Association (APPA), pet owners spend over $56 for dogs and $41 for cats annually on pet toys. This increased spending is further attributed to awareness among pet owners about the pivotal role of pet toys.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023?2032 |
Base Year | 2022 |
Market Size in 2022 | $8.3 billion |
Market Size in 2032 | $18.4 billion |
CAGR | 8.0 % |
No. of Pages in Report | 300 |
Segments Covered | Type, Pet, Distribution Channel, and Region |
Drivers | Rise in disposable income Increase in humanization of pets Innovation in pet toys |
Opportunities | Surge in demand for eco-friendly toys |
Restraints | Increase in cost of pet ownership Disruption of global supply chain and economics conditions |
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The stuffed toys segment to maintain its leadership status throughout the forecast period
By type, the stuffed toys segment acquired 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 forecast period. This is attributed to the fact that stuffed toys meet various requirements of pets, especially of cats and dogs, as these pets engage more actively in chewing and enjoy carrying their toys around. However, the interactive & self-play toys segment is projected to register the highest CAGR of 10.3% from 2023 to 2032, as interactive & self-play toys let pets interact with and perform various functions that are not limited to entertainment, such as increasing their puzzle solving skills that assist in developing their mental and physical attributes.
The dog segment to maintain its leadership status throughout the forecast period
On the basis of pet, the dog segment was the major share contributor in 2022, accounting for more than two-fifths of the global pet toys market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that dogs are popular in several countries such as Brazil, China, the Philippines, and the U.S. According to a survey conducted by the American Pet Products Association (APPA), 65.1 million households own dogs in the U.S. However, the others segment is projected 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 distribution channel, the offline segment was 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 attributed to the fact that offline distribution channels, including stores such as Walmart, offer unique shopping experience, where consumers engage in in-person shopping, selecting, and can allow their pets to select a certain pet toy they like. In addition, these stores offer personalized customer services, which contributes toward 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 are growing due to the advantages they offer such as mass & remote consumers reach, affordable advertising, and convenience shopping experience.
North America to maintain its dominance by 2032
Region wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the pet toys market revenue. U.S. is leading in terms total pet expenditure globally. According to a survey of APPA in 2021, annual pet toy expenditure stood at $136.8 billion in the U.S. In addition, annual pet toy expenditure stood at $56 for dogs and $41 for cats. However, Asia-Pacific is expected to witness the fastest CAGR of 9.8% from 2023 to 2032 due to the developing nations such as China and India, which represent potential growth opportunities for the pet toys market owing to consistently increasing household income.
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Leading Market Players
- Spectrum Brands Holdings, Inc.
- Unicharm Corporation
- Petz Group
- 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 these key players in the global pet toys market. These players have adopted different strategies such as collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Consumer Goods Industry:
- Pet Boarding Market is projected to reach $35.8 billion by 2031
- Pet Training Services Market is projected to reach $6.84 billion by 2031
- Pet Clothing Market is projected to reach $7.66 billion by 2031
- Functional Pet Treat Market is projected to reach $722.8 million by 2031
- Pet Treats Market is projected to reach $29.7 billion by 2031
- Cat Litter Market is projected to reach $11,293.30 million by 2030
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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