The increasing number of pet owners and the growing fondness and prevalence of natural and eco-friendly pet accessories are expected to drive the market in forecast period. Demand for pet accessories and rising disposable incomes of the population, and increasing spending on pet accessories and pet care are likely to propel the market in the foreseeable future.
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Market Dynamics
Pet ownership has proven benefits to people's physical and mental health and is a key driving factor for many people adopting pets. It is serving as a critical factor boosting the global pet accessories market in the forecast period.However, the global Pet Accessories market's growth is impacted by factors such as increased sensitivity of humans to pets and rising pet allergies.
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Segment Analysis
The market is segmented as dogs, cats, birds, reptiles, and others based on the pet type. Pet accessories for dogs are expected to grow positively in the forecast period owing to their widespread adoption across the world. Moreover, according to the FEDIAF (European Pet Food Industry Federation) report in 2020 there are 90 million dogs in Europe. According to statista, in 2020, in the of the households have a dog, with an estimated population pet dogs. Increasing concerns over the dog’s health and rising spending’s on their comfort is a major factor expected to augment the growth of the market in the forecast period.
Competitive Landscape
The major players that influence the market are Hyper Pet LLC, Cycle Dog, Beaphar, Mid-West Home for Pets, Simply Fido, Outward Hound, Bob Martin UK, Bestpets, Hagen and Creature Comfort Co.
New product launches, expansion of facilities, mergers, acquisitions, and strategic partnerships are vital strategies adopted by most companies to contribute to their growth and improve their market growth rate.For instance, in Sep 2020, Beaphar launched “Beaphar BIO Shampoo Range”. The new shampoos contain natural ingredients and are packaged in recyclable tubes; thus, dog owners can make a more sustainable choice, providing care for both their dog and the environment.’
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