Insightful Projections: Pet Toys Market on Track for 7.4% CAGR by...

Insightful Projections: Pet Toys Market on Track for 7.4% CAGR by 2033

Posted 2024-03-26 11:37:33

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With FMI’s forecast suggesting a potential value of US$ 5.90 billion, the pet toys market is on a steady growth trajectory, expected to reach US$ 2.89 billion in 2023. Its expansion aims to leverage opportunities across various sectors, spanning from residential homes to pet hotels and daycare facilities. Anticipating a Compound Annual Growth Rate (CAGR) of 7.4% by 2033, this growth mirrors the increasing expenditure of pet owners on their beloved companions. As the market responds to this growing trend, businesses are poised to capitalize on the rising demand for innovative and engaging pet toys, catering to the evolving needs of pet owners worldwide.

The industry is anticipated to develop due to the rise in pet shops and e-commerce sites. Due to the growing habit of giving pet toys and rising consumer interest in and expenditure on pets, the market has seen tremendous expansion.

The industry is expanding due to the growing popularity of pet toys on social media channels. Social media has been a major factor in this rise, with websites like Instagram and Facebook giving pet owners a place to post pictures of their animals and learn about new items.

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Influencers and celebrities have promoted pet products on social media, further raising awareness of pet toys. Moreover, e-commerce platforms have made it simple for pet owners to buy pet toys online, which has aided in the market’s expansion.

The development of smart toys is projected to be one of the key growth factors impacting the demand for pet toys. As they provide a variety of interactive and entertaining options to keep pets amused, smart toys are becoming popular among pet owners.

Key Takeaways

In 2022, China grew significantly in the pet toys market, with a share of 45.1%.
The pet toys market was significantly expanding, with a size of US$ 2.71 billion in 2022.
Between 2022 and 2023, there is a Y-o-Y growth of 6.6%, which is fueled by the demand for customized products.
With an 88.2% share in 2022, the market in the United States showed signs of growth.
In 2022, India grew significantly in the pet toys market, with a share of 36.9%.
In 2022, Japan grew steadily in the pet toys sector, with a share of 15.3%.
With a 25.0% market share in 2022, Germany had strong growth in the pet toys sector.
With a share of 29.1% in 2022, the chew toys category is predicted to dominate the market in terms of product type.
Based on type, the non-edible segment continues to dominate the sector during the forecast period, with a share of 83.4%.

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Key Players:

Central Garden & Pet Company
Cosmic Pet
ZippyPaws
Radio Systems Corporation
Multipet
Kyjen Company LLC
KONG Company
Benebone LLC
Petmate
Coastal Pet Products, Inc.
Ethical Products, Inc.
West Paw
Fluff and Tuff, Inc.
Jolly Pets
Mammoth Pet Products
Petsport USA, Inc.
Company of Animals, Ltd.
Honest Pet Products

For instance,

The Kong Corporation just unveiled the KONG Bounz-n-Fetch, a new interactive pet toy. For canines, felines, and other small animals, the product offers an entertaining and stimulating activity.
Hartz Mountain Corporation introduced a new line of interactive pet toys called Tail Teasers that are intended to excite the senses of cats and dogs.

Players in the pet toy sector are also spending money on advertising initiatives to raise their brand awareness and draw in new clients. Also, it is now simpler for pet owners to buy pet toys due to the availability of pet toys on online shopping platforms like Amazon.

Pet Toys Market by Category

By Product Type: