Global Pet Accessories Market Expected to Reach US$ 4.9 Bn by 2027: Industry Probe

October 08, 2019, Domain: Consumer Goods & Retail

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Pet Accessories Market (Type: Outdoor Accessories [Muzzle, Collars, Leashes, and Others], Grooming Accessories [Toothbrush, Scrubbers, Dry Glove & Grooming, Hair Brush, and Others], Food Accessories [Bowls & Dishes, Feeders Ball, and Others], Clothing Accessories [Bow and Tie, Bandana, Jackets, Shirt & t-shirt, and Others], and Others; Pet Type: Cat, Dog, Small Pet, and Others; Distribution Channel: Online [Company Owned Website and E-commerce  Website] and Offline [Hypermarkets/Supermarkets, Pharmacies, Convenience Stores, and Brand Stores]) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,’ the global pet accessories market is expected to reach US$ 4,915.7 Mn by 2027 and expand at a CAGR of 8.6% from 2019 to 2027.

Overview

  • The global pet accessories market was valued at US$ 2,349.1 Mn in 2018 and is projected to expand at a CAGR of 6 % from 2019 to 2027

  • North America held a dominant share of the global pet accessories market in 2018, followed by Europe and the Asia Pacific. The Asia Pacific is expected to be a key market for pet accessories during the forecast period. An increase in consumer spending capacities, disposable income, number of pet owners, and availability of the pet accessories market is anticipated to drive the pet accessories market during the forecast period.

Driving Factors

  • The rise in the popularity of pet accessories is a major factor impacting the growth of the global pet accessories market

  • Other factors, such as an increase in disposable income and purchasing power, and high spending on pet health and grooming are expected to accelerate the growth of the global pet accessories market during the forecast period. Socio-cultural changes are also projected to drive the global pet accessories market during the forecast period.

  • Strict guidelines and laws for pet safety are expected to increase the demand for pet accessories across the world during the forecast period

  • Pet and animal owners are anticipated to invest in improving the safety and security of their companions to a large extent. This factor is likely to propel the pet accessories market during the forecast period.

Key Challenges

  • Growing sensitivity toward pets is a key factor restraining the global pet accessories market

Market Preference

  • In terms of type, the outdoor accessories segment is expected to witness high demand during the forecast period. Outdoor pet accessories are preferred over other types.

  • Based on pet type, the dog segment held a major share of the global pet accessories market in 2018. Dogs are preferred as pets across the world.

  • In terms of distribution channels, online is expected to be the most attractive segment during the forecast period. Social media also adds to online sales, as consumers often rely on internet learning and blogs about new trends and products.

  • Based on the region, North America is projected to hold a major share of the global pet accessories market, followed by Europe and the Asia Pacific. North America dominated the global pet accessories market, owing to an increase in pet adoption in the U.S., Canada, and Mexico.

Competition Landscape

  • The pet accessories market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences

  • The report includes below mentioned pointers of major players operating in the pet accessories market:

    • Competition Matrix

    • Company Overview

    • Market Share Analysis (2018)

    • Product Innovation

    • Product Comparison

    • Business Strategies/Recent Developments

      • Technological advancements

      • Key Mergers & acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered Under the Scope:

  • Ancol Pet Products.

  • Petmate Holdings Co

  • Doggy Man H.A.Co.,Ltd.

  • Ethical Products, Inc

  • Hangzhou Tianyuan Pet Products Co.,Ltd

  • ComfyPet Products

  • Masterpet

  • Starmark Pet Products, Inc

  • Ferplast SpA

  • Rolf C. Hagen, Inc

  • Pet Brands Ltd

Research Scope/ Market Taxonomy

Pet Accessories Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

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