The pet beds market is anticipated to expand to a valuation of USD 4.32 billion in 2023 and is projected to exhibit a CAGR of 6.6% from 2023 to 2033 and reach USD 8.19 billion in 2033.
Pet owners are increasing their expenditures on pet toys, furniture, and beds, which is driving up the global supply of pet accessories. A pet is perceived as a part of the family, which leads to an emotional attachment, which motivates the pet accessory and bed market. The younger generation's enthusiasm for owning pets healthy and happy can be attributed as a significant driver behind the pet beds industry.
Furthermore, the growing popularity of multifunctional beds has prompted manufacturers to spend on these beds, which are intended to track the animal's weight and regulate the temperature based on the pet's relaxation. Numerous multifunctional pet beds also encompass the owner's decors, such as side tables, seats, and coffee tables. As a result, animal owners with space constraints are likely to drive the requirement for such multifunctional pet beds, bolstering the entire market.
Because of its huge number of pet dogs, North America has the biggest market share. It also records the multiple pet-friendly park, hotels, and resorts. There is a tradition of pet adoption, which intuitively fosters a close relationship between humans and animals. These aspects combine to make this area a production center for pet beds and apparel.
After North America, Europe is the second largest contributor to the pet bed market. Pet spending has risen dramatically in this market segment. The European Pet Food Industry Federation (FEDIAF) estimates that the pet apparel market is worth more than USD 7 billion.
Asia Pacific is the fastest-growing market, with India accounting for a sizable sales volume for pet accessories. Across most developing economies, such as India and China, where pets are regarded as a badge of honor, owners lavishly spend money on pet beds and accessories.
According to Pet, the dog segment is expected to grow at the highest CAGR in the global pet beds market over the coming years due to a variety of variables like increasing dog adoption, an increasing percentage of nuclear families, growing urbanization, and shifting pet perspectives.
According to the American Pet Product Organization, there were approximately 63.4 million pet dogs in the United States in 2019. Furthermore, dogs aid in avoiding robberies, relieve stress and make people feel less alone, among other things. As a result, these aspects are propelling the growth of this segment.
Pets are considered full-fledged family members in the majority of USA households. Manufacturers must provide inventive, comfortable products that are adaptable enough to implement emerging technologies such as temperature regulation and location tracking.
The market is oversaturated with new participants, which makes the market effective. Strategically, the top players are strong, with a strong focus on efficient implementation and modernization. K&H heated beds, for instance, facilitate comfort to relax muscles and soothe bones in elderly and arthritic pets. With lifelong and durable materials with the finest raw substance utilized.
Furthermore, automakers in this field are focusing on the innovation of multifunctional and attractive products that meet the needs of pet owners. K9 Dog Beds, for instance, offers pet beds with exclusive structures like Star Light, Tapestry, and others. Furthermore, the use of environmental components including jute and banana leaf in the production of pet beds will contribute to the worldwide pet beds market size.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 4.32 billion |
| Anticipated Forecast Value (2033) | USD 8.19 billion |
| Projected Growth Rate (2023 to 2033) | 6.6% CAGR |
The pet beds market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving pet beds market.
A stressful life and workaholic life schedule can be well balanced if one has affinity toward pets, especially dogs and cats. A pet is considered a most trustworthy human companion.
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Global demand for pet accessories is surging as owners are spending more on pet toys, furniture and beds. A pet is considered as a family member and there is always an emotion attachment which drives the pet accessories and bed market. There is a passion and trend of keeping dogs healthy and happy in millennial age group can be factored as key driving force behind pet beds market
These innovative beds can accommodate pet owners with great comfort. These advanced beds are loaded with features like climate control and weight tracking modules which encourages pet owners to invest in such quality products.
Over past few years several offices have allowed the bringing and keeping of pets. The pet-friendly environment offered by offices are expected to raise demand of pet beds The market for pet beds are facing tough time due to recent COVID19 pandemic which might infect animals in some cases. However, with due course of time the market will recover and will continue to follow same trajectory.
North America is holding the largest market share owing to huge population of pet dogs. It also accounts for the numerous pet-friendly park, hotels, and resorts. There is a culture of adopting pets which naturally creates a strong bond between the people and animals. These factors ultimately make this region a manufacturing hub for pet beds and accessories.
Europe holds as a second larger contributor to pet beds market after North America. The expenditure in this segment has been increasing significantly on pets. According to European Pet Food Industry Federation (FEDIAF), the pet accessories market is valued more than USD 7 billion.
Asia Pacific is fastest emerging market where India is holding a significant market share for pet accessories. In most developing countries like India and China where pets are considered as a status symbol, owners are extravagantly spending on pet accessories.
Key players in pet beds market are -
Most of USA household owns pets and considered as a full-fledged family member. This is Imperative for manufacturer to provide innovative comfortable products which should be flexible enough to be integrated with new technologies like temperature control and location tracking.
For instance, K&H heated beds provide warmth to relax muscles which sooth joints for aged and arthritic pets. With long lasting and durable products with finest raw material used
The pet beds market can be segmented based on the following:
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Pet Beds Market
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