MRFR (Market Research Future) projects the pet supplies market to touch a whopping USD 38.45 Billion by 2027. The market size is also presumed to grow at a rate of 6.9% between 2020 and 2027.
Top Boosters and Deterrents
Pet supplies have gained a major status in the worldwide market over the years. These are speciality products that are created as per the needs of the pets like dog, reptiles, cat and more and are witnessing demand owing to the surging pet ownership worldwide. The most popular items available are feeding, bedding, toys, and leashes, and sold primarily in speciality stores as well as retail outlets like hypermarkets, supermarkets, and discounters.
Bedding and housing products for pets form an established market in developed regions such as Europe and Americas, wherein manufacturers are largely focused on product innovations to foster the appeal among consumers. Cats and dogs are some of the major segments in the global market for pet supplies market, while reptiles and fish are other segments rapidly gaining share in the industry.
Advances in pet supplies, availability of vast lines of pet toys, rising focus on pet care among consumers and the surge in purchasing capacity of pet owners also add to the market value. The sales are further boosted by the mounting concerns among pet owners about the fitness as well as fitness of the pets, especially in emerging countries like India and Japan. The fast-paced expansion of the e-commerce sector worldwide is creating lucrative opportunities for the leading brands who are striving to bolster their consumer bases.
Type and distribution channels are the key market segments specified in the MRFR report.
The types of pet supplies considered in the market study include Clothing & Shoes, Cleaning Supplies, Bowls & Feeders, Beds & Furniture, and others. Cleaning supplies form the biggest segment in the global industry, since these products are used regularly by owners to maintain their pet’s hygiene and health.
Distribution channels studied in the report include store based and non-store based. Store based channels sell majority of the products and can be split into specialty stores, hypermarkets and supermarkets, and others. The leading position belongs to the specialty store segment. However, non-store-based channels are gaining fast traction in the market as most of the manufacturers are now focusing on offering their supplies online, given the surging popularity of e-commerce among consumers.
The pet supplies and distribution can be regionally categorized as Europe, MEA or Middle East & Africa, Asia Pacific/APAC, and the Americas.
North America is the most profitable market for pet supplies, considering the high pet ownership rate in line with the mounting sales of a variety of pet supplies. The biggest markets in the region are Canada and US, where the demand for pet toys is significantly high. Pet toys are emerging quite popular among pet owners for numerous reasons including ensuring constant activity among their pets. Introduction of innovative and cost-effective pet supplies, soaring concerns regarding pet care along with escalating spending on pet’s health and comfort should further bolster market development rate in the region.
Europe is one of the strongest markets, in view of the fact that Italy houses world’s biggest pet population. The region is witnessing a rapid increase in the number of pets and significant spending on their supplies by the owners. Evolving demographic status, expanding elderly population and the escalating number of individuals living alone also uplift the market position in Europe.
Asia Pacific should chart the fastest growth trajectory in the coming years, with the reason being the drastic increase in the number of pet owners combined with the surging disposable incomes of the people. Striking growth of the e-commerce sector is identified as a major reason for the fast progress of the region, with local players focusing on fostering their distribution networks on online platforms to reach out to a higher number of consumers.
Ancol Pet Products (UK), KONG Company (US), Akrobon (India), Pet-i-tude (US), Pets Empire (India), Radio Systems Corporation (US), K&H Pet Products (US), Petland (US), Church & Dwight Co., Inc. (US), ZippyPaws (US), Central Garden & Pet Company (US), Pets Love Scruffs (UK), Rosewood Pet Products (UK), RAC Group Limited (UK), Sharples Pet (UK), are some of the top vendors in the pet supplies industry.
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