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Pet Clothing Market Research Report 2022, Size, Share, Emerging Trends, Latest Developments and Analysis by 2028 | Pet Clothing Industry to reach at a CAGR of 4.4% by 2021-2028
The global pet clothing market size is expected to showcase considerable growth by reaching USD 7.0 billion by 2028. Fortune Business Insights published this information in its latest report, titled, “Pet Clothing Market Size, Share & COVID-19 Impact Analysis, By Product Type (Coats & Jackets, Sweaters & Hoodies, Shirts & Tops, and Others), Pet Type (Dogs, Cats, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 5.01 billion in 2020 and is projected to exhibit a CAGR of 4.4% between 2021 and 2028. Factors such as the growing preference for sustainable clothing and the increasing focus on the introduction of innovative pet clothing is expected to favor the market growth during the forecast period.COVID-19 Impact: Market to Hit USD 5.17 Billion in 2021
The COVID-19 pandemic has led to the shutdown of several garment stores globally. Moreover, lockdown measures have been announced to contain the spread of the disease globally. However, the market is expected to reach USD 5.17 billion in 2021 due to the increasing sales of pet-based apparels and accessories through online platforms. For instance, in April 2020, Chewy, a U.S. retailer of pet apparel supplies, reported a spike of 46.2% in its online sales that accounted to over USD 1.6 billion in the first quarter of 2020.
Fortune Business Insights™ lists out the names of all the organizations present in the global market. They are as follows:
L. Shareholding Company Ltd. (Oxford, U.K.)
MEDICAL PET SHIRTS INTERNATIONAL B.V. (Bleiswijk, Netherland)
Moshiqa (Los Angeles, U.S.)
PetRageous Designs LLC. (Massachusetts, U.S.)
MILK&PEPPER (Cholet, France)
TRIXIE Heimtierbedarf GmbH & Co. KG (Tarp, Germany)
PETstock (South Melbourne, Australia)
CANADA POOCH (Toronto, Canada)
BedheadPajamas Inc. (California, U.S.)
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What does the Report Provide?
The global market report provides qualitative and quantitative analysis of several factors such as the key drivers and restraints that will affect the growth. Furthermore, the report provides insights into the regional segment that covers different regions, which are contributing to the growth of the market. It also includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth during the forecast period. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive market growth between 2021 and 2028.
DRIVING FACTORS
Growing Preference for Sustainable Clothing to Propel Market Growth
The increasing concern related to the disposal of plastic is propelling the demand for plant-based fabric such as hemp, cotton, and other. Fashionable clothing may often result in growing discomfort for pets such as Labradors and Golden Retrievers due to tight-fitting or skin allergies. Therefore, the manufacturers are focusing on developing sustainable clothing that will protect the pets from harsh climate and other external factors. Therefore, the high demand for sustainable fabric is expected to bode well for the global pet clothing market growth during the forecast period. For instance, in November 2020, K9 Wear, a dog apparel manufacturer, announced the launch of patented, highly comfortable harnesses and garments for pet dogs. The products are available across several stores globally.
REGIONAL INSIGHTS
North America – The region stood at USD 1.70 billion in 2020 and is expected to hold the largest global pet clothing market share in the forthcoming years. This is ascribable to factors such as the increasing spending capacity of the pet owners in the region. For instance, as per the data by the American Pet Products Association, the overall spending on pet supplies and medicinal products stood at USD 19.2 billion in 2019 compared to USD 16.1 billion in 2018.
Asia-Pacific – The market in the region is expected to showcase exponential growth backed by the growing number of middle-class population who own pets in countries such as Australia and India.
Europe – The region is expected to experience considerable growth during the forecast period. This is attributable to the presence of a high number of pets in countries such as the UK, Germany, and Netherland that is likely to boost the adoption of innovative pet clothing in the region.
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MARKET SEGMENTATION:
We have segmented the global market for pet clothing based on product type, pet type, and region.
On the basis of product type, the market is segregated into Coats & Jackets, Sweaters & Hoodies, Shirts & Tops, and Others.
Based on product type, the coats and jackets segment held a market share of about 22.65% in 2020 and is anticipated to experience exponential growth between 2021 and 2028. This is attributable to increasing preference for different colored coats and jackets by consumers across the globe.
On the basis of pet type, the market is categorized into dogs, cats, and others. Lastly, based on region, the market is divided into North America, South America, Asia-Pacific, the Middle East and Africa, and Europe.
KEY COMPETITIVE LANDSCAPE
Product Launch by Prominent Companies to Intensify Industry Competition
The global market is fragmented by the presence of major companies striving to maintain their dominance by developing innovative clothing products to cater to the growing consumer demand globally. In addition to this, other key players are adopting strategies such as collaboration, partnership, and merger and acquisition that will contribute to the growth of the market in the forthcoming years.
Below is the latest industry developments:
September 2020 - Dsquared2, an Italian apparel brand, announced its partnership with Poldo Dog Couture, an apparel retailer. Together, the companies introduced an entire line of fashionable dog clothing across stores in Italy.
Browse Summary of This Research Insights with Detailed TOC:
https://www.fortunebusinessinsights.com/pet-clothing-market-104419
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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