LONDON--(BUSINESS WIRE)--The pet accessories market size is expected to grow by USD 11.64 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The demand for improved pet accessories, including pet toys and pet furniture, has increased. Designs of pet accessories have evolved tremendously over the last couple of years. Vendors are exploring innovative ways of combining multiple functions and styles to cater to the demands of pet lovers. They are designing and developing accessories, including furniture that fit seamlessly in homes without compromising on the aesthetic value. Vendors are also focusing on the development of multifunctional products. For instance, many vendors have introduced crates that can be used as modern tables and pet containment spaces. Pet feeders are handcrafted with durable wood and two large stainless-steel bowls. Their ergonomic design enables pets to maintain ideal postures during meals for better digestion. Thus, the availability of fashionable and multifunctional pet accessories is expected to drive the pet accessories market growth during the forecast period.
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As per Technavio, the advent of smart pet accessories will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Pet Accessories Market: Advent of Smart Pet Accessories
The advent of smart pet accessories is one of the major trends being witnessed in the global pet accessories market. Vendors have introduced various smart pet accessories, such as smart bed, smart pet feeder, and connected pet collars. The players are also investing in R&D to design smart pet furniture to attract consumers. For instance, Petrics Smart Pet Bed & Activity Tracker, a pet health technology company, launched a Smart Pet Bed, Activity Tracker, and Pet Health and Nutrition Application at Consumer Electronics Show (CES) in January 2018.
“Factors such as the growing popularity of customization in pet accessories, and technological innovation and portfolio extension will have a significant impact on the growth of the pet accessories market value during the forecast period,” says a senior analyst at Technavio.
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Pet Accessories Market: Segmentation Analysis
This market research report segments the pet accessories market by distribution channel (online and offline), product (pet toys and others), end-user (dogs, cats, and others), and geographic landscape (North America, Europe, APAC, South America, and MEA).
The North American region led the pet accessories market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing population of elderly people that like companionship and the adoption rate of pets is high.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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