According to FMI projection, the pet toys market could reach a value of USD 5.90 billion. The market is growing, with a projected value of USD 2.89 billion in 2023, and is now working to capitalize on its presence in both the commercial and residential sectors, which include homes, pet hotels, and daycare facilities.
A CAGR of 7.4% is anticipated by 2033 as a response to the growing amount of money pet owners is spending on their animals.
| Attributes | Details |
|---|---|
| Pet Toys Market CAGR (2023 to 2033) | 7.4% |
| Pet Toys Market Size (2023) | USD 2.89 billion |
| Pet Toys Market Size (2033) | USD 5.90 billion |
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With the rapidly booming pet care industry, the participants have realized the need to provide personalized and customized items that cater to the specific end-use requirements of pet users. In light of the growing demand for personalized pet toys, the market participants are providing an opportunity to pet owners to personalize their pet requirements through their online platforms.
Customization is currently provided in terms of style, size, design, color, etc. that can best match the pet’s requirements. Shutterfly, Inc. is one such company that provides an opportunity to pet owners to customize their purchases. Such aspects are expected to play a key role in driving the sales growth of pet toys in the coming years.
With rapid technological advancement, smart pet toys are slowly gaining traction. The tech-savvy nature of millennial pet owners has encouraged the players operating in the market to develop hi-tech and smart pet entertainment solutions like AI-powered interactive robots, etc.
For instance, Felik is one such smart pet toy that comes with a camera and AI (Machine Learning) with the capability of tracking the pet’s movements automatically.
This is how the introduction of smart pet toys has changed entertainment for pets. The adoption of such smart toys is likely to increase, as these toys also eliminate the need for manual control of toys by pet owners. Also, interactive toys are making their mark in the market.
The interactive toys market is expanding due to the rising usage of digital platforms like websites, smartphone apps, and social media. Also, around 10-15% of the pet toy industry is made up of interactive toys.
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The sales of pet toys have ballooned in the past few years. Pets are today considered a part of their family by pet parents. This pet parenting trend has encouraged pet parents to provide the best possible luxury to their pets as they want for their own children or any other family member.
| Market Value (2018) | USD 2.21 billion |
|---|---|
| Market Value (2022) | USD 2.71 billion |
| CAGR (2018 to 2022) | 5.2% |
| Y-o-Y Growth (2022 to 2023) | 6.6% |
The strengthening bond between humans and their pets has been encouraging pet owners to spend more on their pet luxuries. The idea of pet ownership as preparation for child parenting has gained significance.
In such instances, all of the necessities likely to be provided to the child are being offered to pets. The prevalence of such trends points toward optimistic sales growth in the coming years.
Pet hotels and daycare centers play a key role in driving the sales of animal luxuries and necessities. With the rapidly growing pet love, pet daycare and hotels have now engaged in providing an extensive range of luxury services for family members.
Shift from Indirect to DTC Channels Reshaping Operations
Rise of Private Pet Toys Labels
Impact of Low-cost DIY Products on Pet Toys Sales
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The United States dominated the pet toys market with a share of 88.2% in 2022. Pet ownership is rapidly growing in the United States. The American Pet Products Association states that approximately 70% of households in the United States own a pet. As per the association’s analysis, dog pets are more prominent than cat pets.
Pet owners in the United States are very serious about their responsibility towards their furry family members, which is why they do not hesitate to spend on luxuries and necessities for their pets.
Pet spending in the country recorded a surge of 10% in 2017 compared to the previous year. This is one of the factors that has encouraged or facilitated regional growth in the United States.
The growing pet culture in the nation is expected to drive pet toy adoption in the coming years. Besides dogs, cat ownership is also prominent in the United Kingdom. In 2019, 20%-25% of the population of the United Kingdom owned over 10 million to 12 million pet cats. This reflects that the love for feline friends in the United Kingdom is also prominent as canine friends.
Such pet culture is further expected to play a key role in driving the growth of dog as well as cat toys in the United Kingdom.
Pet adoption in India is swiftly increasing and held a market share of 36.9% in 2022. Indian millennials are best known for influencing change in a greater way, right from business to taking care of their pets.
Indian millennials are considered a class in themselves that easily attracts and adapts to the new modern way of lifestyle. Just like the westerners, the bond between Indian millennials and pets has significantly increased.
Indian millennials now prefer going the extra mile to gift and treat their pets. Such changing culture among millennials is likely to positively impact the sales of pet toys in the coming years in India.
The market in China is expanding as a result of several key factors, including the rising number of pet owners, rising disposable income, and the increasing acceptance of online purchasing. China had a stake of 45.1% in 2022 and was expanding considerably.
Also, the rise of pet-friendly goods and services, including pet-friendly accommodations, pet cafes, and pet-friendly travel alternatives, is fostering market expansion.
With a 25% holding in the pet toys sector in 2022, Germany is Europe's dominant region. The industry is being driven by the rising demand for pet toys as pet owners become more prevalent. The growing demand for eco-friendly and pet-safe pet toys is the key factor driving the German market. Also, the market is expanding as a result of the growing demand for interactive and instructional pet toys.
Chew toys continue to be the top-selling category in terms of revenue by product type, with a share of 29.1%, to be followed by plush toys in 2022. Chewable rubber toys are essential toys for pets, as they help relieve separation anxiety and also help keep up oral care. Besides this, plush toys’ ability to withstand rough play has played a significant role in facilitating increased product adoption. Plush toys are further expected to register a CAGR of 9.7% during the forecast period.
In terms of material type, rubber and plastic are prominent toy materials, as rubber is considered safe for a pet’s teeth. Plastic accounts for a notable share of approximately 27%. However, rubber is further likely to register a CAGR of 7.3% during the forecast period.
In the highly unorganized market, store-based retailing through supermarkets/hypermarkets, convenience stores, pet speciality stores, and multi-brand stores are still prominent. Nonetheless, the market expects a CAGR of 11.4% from 2023 to 2033 due to increasing levels of digital penetration in online sales.
In terms of type, the non-edible segment led the market with a share of 83.4% in 2022. In the case of pet type, dogs account for a notable share. The demand for pet toys by dog owners is further likely to register high growth during the forecast period.
Apart from this, the surging desire to give premium category products to pets is expected to fuel the growth of premium pet toys in the coming years. In terms of size, small pet toys account for a noteworthy share. However, large toys are expected to register high growth in the coming years.
How Do Business Entities Survive in the Extremely Competitive Pet Toys Sector?
With many competitors active in the market and a highly fragmented structure, the global pet toy market is still finding its way. Furthermore, it is anticipated that the fast-developing pet culture in low- and middle-income nations is likely to create new opportunities for key players.
The players have turned to natural goods manufactured from sustainable resources in light of growing sustainability. The pet toys sector is categorized as being extremely competitive, with significant regional and local player penetration. Increasing the business reach is one of the primary ways to outsell competitors in terms of sales.
The market's reach has a greater impact on how quickly sales increase. Also, in order to expand the audience for their toy selections, the makers are strengthening their market penetration by working with online pet care shops like Amazon, Walmart, Chewy, and Petco. Such growth techniques are also anticipated to have a significant impact on increasing product uptake.
For instance:
The pet toys market is set to reach USD 2.89 billion in 2023.
The market is poised to achieve a revenue milestone of USD 5.90 billion by 2033.
A CAGR of 7.4% is predicted for the pet toys market through 2033.
The United States stands as a hub of substantial profit opportunities for pet toys.
Integration of smart and interactive features is the key trend.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Plush Toys 5.2. Rope and Tug Toys 5.3. Chew Toys 5.4. Squeaky Toys 5.5. Other Toys 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Pet Type 6.1. Dogs 6.2. Cats 6.3. Birds 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 7.1. Rubber 7.2. Cotton 7.3. Nylon 7.4. Plastic 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. Wholesalers/Distributors 8.2. Supermarkets/Hypermarkets 8.3. Convenience Stores 8.4. Pet Specialty Stores 8.5. Online Retailers 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Central Garden & Pet Company 17.2. Cosmic Pet 17.3. Coastal Pet Products, Inc. 17.4. Benebone LLC 17.5. West Paw 17.6. Fluff and Tuff, Inc. 17.7. Jolly Pets 17.8. Mammoth Pet Products 17.9. Petsport USA, Inc. 17.10. Company of Animals, Ltd 17.11. Honest Pet Products 18. Assumptions & Acronyms Used 19. Research Methodology
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Pet Toys Market
