Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global pet toys market size was valued at USD 7.57 billion in 2021 and is projected to grow from USD 8.01 billion in 2022 to USD 12.63 billion by 2029, exhibiting a CAGR of 6.73% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Pet Toys Market, 2023-2029.”
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List of Key Players Profiled in the Pet Toys Market:
- Kong Company (S)
- Benebone LLC (U.S.)
- Petmate (S.)
- Ethical Products, Inc. (S)
- Petsport USA, Inc. (S.)
- Central Garden & Pet Company (U.S.)
- ZippyPaws (S.)
- Radio Systems Corporation (S.)
- Multipet International, Inc. (S)
- Kyjen Company LLC (S)
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for pet toys in the near future.
Drivers and Restraints:
Rising Demand for Pet Subscription Boxes to Favor Market Expansion
Subscriptions are growing in popularity worldwide, and the pet food industry is no different. Direct-to-consumer pet toy sales were gaining momentum before the COVID-19 outbreak. During the pandemic, pet toy subscription services were on the rise, as people play with their pets, their relationships grow more and more, encouraging the premiumization of toys and items for pets. Some of these dogs, cats, and other pets are part of an unprecedented increase in the number of pet owners in the U.S., resulting in increased sales volume and value of pet products.
COVID-19 Impacts:
Severe Supply Chain Disruptions Caused by COVID-19 Crisis to Impede Growth Momentum
The COVID-19 pandemic had a negative impact on the pet toys market growth. Due to various blockades around the world, manufacturers are forced to close their production facilities due to labor shortages, which reduces the demand for pet care products. In addition, several lockdowns around the world have negatively impacted the sales of pet animal toys due to the closure of specialty stores, supermarkets, and hypermarkets.
Segments:
By Product Type
- Plush
- Rope
- Balls
- Others
By Pet Type
- Dogs
- Cats
- Others
By Distribution Channel
- Offline
- Online
By Geography
- North America
- Europe
- Asia Pacific
- the Middle East & Africa
- South America
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Regional Insights:
North America is projected to dominate the global market, primarily due to the increasing adoption of pets in the U.S., consequently driving the demand for soft and pliable toy products.
In Europe, the pet dog and cat toy market are anticipated to experience rapid growth throughout the forecast period. This growth is attributed to the abundant presence of pet stores and manufacturing units for pet products in various countries within the region.
Meanwhile, the Middle East & Africa, as well as South America, are expected to benefit from the production of premium, high-quality pet animal toys. Manufacturers in these regions are inclined towards introducing new varieties of pet toys, contributing to market development in these areas.
Top Trends in the Global Pet Toys Market:
- Focus on Interactive Toys: Growing demand for interactive pet toys that engage animals mentally and physically, promoting exercise, mental stimulation, and bonding between pets and their owners.
- Rise of Eco-Friendly Toys: Increasing preference for eco-friendly and sustainable pet toys made from natural materials, reflecting the growing environmental consciousness among pet owners.
- Innovation in Smart Toys: Emergence of smart and tech-integrated pet toys, such as automated interactive devices and electronic toys, offering convenience and entertainment for pets even in the owner's absence.
- Customization and Personalization: Demand for customizable pet toys, allowing owners to tailor products to their pets' preferences, sizes, and play styles, enhancing engagement and satisfaction.
- Focus on Durability and Safety: Heightened emphasis on durable and safe toy materials, ensuring longevity and non-toxicity to prevent any harm to pets during playtime.
- Expansion of Specialty Toy Categories: Introduction of specialized toy categories catering to specific pets, such as toys for small breeds, senior pets, or pets with specific needs, targeting niche markets.
- Influence of Human Consumer Trends: Alignment of pet toy trends with human consumer trends, mirroring popular toy designs, colors, and styles, appealing to pet owners' preferences.
- Online Retail and Subscription Services: Increasing adoption of online platforms and subscription-based services for purchasing pet toys, providing convenience and access to a wider range of products.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
Detailed Table of Content:
- Introduction
- Research Scope: Defined parameters of the study.
- Market Segmentation: Categorization of the market.
- Research Methodology: Approach used for gathering data.
- Executive Summary
- Market Dynamics
- Market Drivers: Factors propelling market growth.
- Market Restraints: Factors hindering market growth.
- Market Opportunities: Potential avenues for market expansion.
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis: Evaluation of strengths, weaknesses, opportunities, and threats.
- Supply Chain Analysis
- Recent Industry Developments: Policies, partnerships, new product launches, mergers, and acquisitions.
- Qualitative Analysis Related to COVID-19:
- Impact assessment of COVID-19 on the market.
- Supply chain challenges during the pandemic.
- Potential opportunities arising from the global crisis.
- Global Pet Toys Market Analysis, Insights, and Forecast (2018-2029)
- Key Findings / Summary
- Market Size Estimates and Forecast:
- By Product Type:
- Plush
- Rope
- Balls
- Others
- By Pet Type:
- Dogs
- Cats
- Others
- By Distribution Channel:
- Offline
- Online
- By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type:
TOC Continued...!
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Key Industry Development:
- November 2022: Nylabone, a popular brand of Central Garden & Pet Company, announced the launch of its new range of play toys for creative fun activities.
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