Press release
Increasing Pet Population Owing To Higher Pet Adoption Rate Is Driving The Pet Accessories Market
According to the latest research by Fact.MR, the pet accessories market is set to witness high growth during 2021-2031. Demand for these accessories will witness steady recovery in the short term, with an optimistic growth outlook in the long run.Increasing pet population owing to higher pet adoption rate and high expenditure on pet wellness are some of the key factors driving the market. Also, Manufacturers involved in introducing new product variety are adding new consumers to the business leading to increased market size.
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Key Segments
By Product Type
Grooming Products
Collars & Harness
Bedding & Feeding
Pet Toys
Pet Housing
Others
By Pet Type
Cats
Dogs
Horses
Others
By Distribution Channel
Online Retailing
Supermarket
Hypermarket
Specialty Stores
Modern Trade
Others
By Region
North America
US & Canada
Latin America
Brazil, Mexico, Argentina & Rest of Latin America
Europe
Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
East Asia
China, Japan, South Korea
South Asia
India, Thailand, Malaysia, Indonesia and Rest of South Asia
Oceania
Australia and New Zealand
Middle East and Africa
GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
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Who are the Key Manufacturers and Suppliers of Pet Accessories?
Some of the leading manufacturers and suppliers of pet accessories include PET PARENT, Simply Fido, Bed Bath & Beyond Inc., Honest Pet Products LLC, Hyper-Pet LLC, Nestlé Purina, PT Labs, Petco Animal Supplies Inc., Cycle Dog, ThinkRace Technology, ShenZhen Hongda Technology Group Co., Ltd. and other prominent players.
To attract newer customers and gain market position manufacturers have been extensively involved in practicing organic and inorganic strategies such as merger, acquisition, partnerships, products launch etc.
Apart from that many of them are focusing on introducing product variety of existing products such as automatic pet feeders, which is a new variety of existing pet feeders to cater pet owners concern of timely feeding their beloved pets. Through all such strategies, the manufacturers are able to convert opportunities into business.
Key Statistics Supporting the Surge in Pet Accessories Sales
Following points below highlight important statistics pertaining to global pet population:
There are about 57% of household owning pets globally
Dogs are the most popular pets and more than 30% of the households have dogs with them
Almost seventy percent of households in the US have at least one pet out of which fifty percent owns a dog and thirty nine percent have cats
In Latin America, collectively Argentina, Mexico and Brazil have more than 50% of pet ownership
In the US the per capita expenditure on pet care is about US$ 162, whereas in Europe it is about US$ 80
Pet accessories are necessary for owners in order to cater their pet’s regular chores.
The above statistics support the increasing pet populations and per capita expenditure on their care. Thus, the business of accessories of pets is about to grow at a higher rate.
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