On the other hand, rising adoption of cats in Asia Pacific region is anticipated to positively impact the growth of the cat pet accessories market.
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“Pet Accessories Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The global pet accessories market is segmented into pets such as dog, cat, birds, reptiles and others. Among these segments, cat pet accessories segment is expected to occupy the top position in pet accessories market during the forecast period.
High number of adoption of cat across the globe is anticipated to foster the demand for pet accessories in corporate sector.
Global pet accessories market is expected to flourish at a CAGR of 7% over the forecast period.
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Moreover, the global pet accessories market is anticipated to garner USD 22 Billion by the end of 2023. Significant rise in the number of pet and increasing spending on pet welfare are believed to the dynamic factor behind the growth of pet accessories market during the forecast period.
North America accounted for the highest percentage of market share in overall pet accessories market in 2016. Further, North America is expected to continue its dominance over the forecast period owing to the heavy number of pet ownership in the region.
U.S. is the major country contributing to the growth of the pet accessories market. Currently, U.S. has the world largest pet population with 69,929,000 pet dogs and 74,059,000 pet cats.
Asia Pacific is expected to witness significant growth over the forecast period. Rising adoption of companion animals coupled with increasing disposable income of the population is anticipated to garner the growth of the pet accessories market.
Rise in Number of Pet Ownership
Expansion of pet ownership is fuelling the growth of pet accessories market. Further, increasing concern about the health and welfare of the pet coupled with rising spending on pets has triggered the demand for pet accessories.
Moreover, spending on pet healthcare and welfare increased by 20% in the previous decade. This factor is envisioned to bolster the growth of the pet accessories market.
Increasing Awareness Regarding Pet Care
Rising awareness about pet healthcare and well-being is anticipated to propel the demand for pet accessories during the forecast period. Moreover, increasing incidences of infections and diseases in pets are expected to be the major factors behind the growth of pet accessories market.
Although, slow adoption rate of pet accessories in developing and undeveloped nations is likely to inhibit the growth of the global pet accessories market in the near future.
The report titled “Pet Accessories Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global pet accessories market in terms of market segmentation by products, by pets and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global pet accessories market which includes company profiling of Ancol Pet Products, Armitages Pet Products, Argos Ltd., Company of Animals, Garden & Leisure Group, Danish Design Pet Products, Countrywide Farmers, Happy Pet Products, Advance Pet Products and Coastal Pet Products Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global pet accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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