New York, United States, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Manufacturing furniture meant for animal use became widespread in the early 21st century. Many commonplace items are available, including pet beds, doghouses, hammocks, dog coolers, cat trees, parrot tents, and expensive play equipment. Also, manufacturers in this industry focus on creating chic, functional products that cater to pet owners' needs. The design-driven approach they have been using can also complement the pet owner's home decor.
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Availability of a Wide Range of Fashionable and Multifunctional Pet Furniture Drives the Global Market
According to Straits Research, “The Total Addressable Market (TAM) for Pet Furniture was valued at USD 3.60 billion in 2021. It is projected to reach USD 6.13 billion by 2030, growing at a CAGR of 6.1% during the forecast period (2022-2030).” The availability of a wide range of fashionable and multifunctional pet furniture drives the market for pet furniture. Market players are searching for innovative ways to combine multiple functions and styles to satisfy pet owners' expectations. They are producing furniture that is functional and attractive simultaneously. The market's growth is accelerated as a result of the variety of pet furniture that is made available. Since personalization allows customers more creative freedom, they get more value from it. Many prefer pet furniture made of recycled materials or more environmentally friendly woods like acacia, bamboo, or reclaimed wood because they want a negligible environmental impact. Products that give customers the freedom to choose help the market grow.
Development and Innovations in Smart Pet Furniture Creates Tremendous Opportunities
To produce cutting-edge pet furniture for their customers, market participants in the global pet furniture market make significant R&D investments. These intelligent pet beds with climate control monitor your pet's activity, rest, and weight. Given the popularity of smart pet furniture and extensive research in this area, there is space for further advancements. By working with modern technologies, the owners' needs are satisfied while allowing the potential for progress in pet furniture. This expands the pet furniture industry's options significantly.
Regional Analysis
North America's pet furniture market share is expected to grow at a CAGR of 5.6% during the forecast period. North America has the most significant market share for pet furniture. Pet furniture innovation is driving the market for goods in North America. Due to increased healthcare expenses and established medical facilities, North America is predicted to hold a significant share of the global pet furniture industry. The demand for temperature-controlled, orthopedic, and electrically heated beds has surged due to the comfort and related health benefits these beds offer. PetPals Group, Inc., Go Pet Club, MidWest Homes for Pets, North American Pet Products, and Ware Pet Products are the top businesses involved in the pet furniture market.
Europe is expected to grow at a CAGR of 6.4%, generating USD 2087.14 million during the forecast period. All ages and demographic groups in Europe place a high priority on having dogs in their social lives. As a result, pet furniture is growing in popularity. End-users are lured to pricey materials, eye-catching finishes, limited-edition positioning, and branding in this market. Additionally, as disposable income rises, pet expenses also rise to provide for their comfort, fitness, and health. Some well-known companies in the region include Ferranti, Suzy's Creations, Dog Sofa, Berkeley Dog Beds Limited, Petcraft, Lulu's Pet Couture, and others.
Key Highlights
- Based on pet type, the global pet furniture market is bifurcated into dogs, cats, and others. The dog segment is the highest contributor to the market and is expected to grow at a CAGR of 6.6% during the forecast period.
- Based on product type, the global pet furniture market is bifurcated into houses, beds and sofas, and trees and condos. The houses segment owns the highest market share and is expected to grow at a CAGR of 6.1% during the forecast period.
- Based on distribution channels, the global pet furniture market is bifurcated into specialty stores, supermarkets/hypermarkets, e-commerce, and others. The specialty stores segment is the highest contributor to the market and is expected to grow at a CAGR of 6.1% during the forecast period.
- North America is the most significant shareholder in the global pet furniture market and is expected to grow at a CAGR of 5.6% during the forecast period.
Competitive Players
The global pet furniture market’s major key players are Furhaven Pet Products, Go Pet Club, Midwest Homes for Pets, Nest Bedding, North American Pet Products, Petpals Group, Inc, Prevue Pet Products, Taizhou Huamao Handicraft Article Co., Ltd, Ultra Modern Pet, and Ware Pet Products.
Market News
- In October 2022,Nest Bedding recently launched natural pet beds to increase its customer base and expand its market penetration.
- In November 2022,the newest division of the Parisian house under Demna's creative direction, Balenciaga Objects, promised a wide range of home accessories, including pet wear, fragrance, limited-edition collectibles, and custom furniture.
Global Pet Furniture Market: Segmentation
By Pet Type
- Dogs
- Cats
- Others
By Product Type
- Houses
- Beds and Sofas
- Trees and Condos
By Distribution Channel
- Specialty Stores
- Supermarkets/Hypermarkets
- E-Commerce
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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