Press release
Global Pet Toys Market Projected to Surpass $4.78 Billion by 2029 with 7.8% Annual Growth
Pet Toys Market Trends
The growth of the pet toy market is being fuelled by a rise in pet ownership, which is becoming increasingly popular. Pet ownership, which entails caring for a domesticated animal for companionship or emotional support, is growing due to various factors like changing social norms, a deeper understanding of the benefits of owning pets, and the influence of social media. Pet toys play a crucial role in keeping pets fit and maintaining their optimal weight by encouraging active play. They also foster a stronger relationship between pets and their owners. For example, in October 2023, the American Pet Products Association, a US-based non-profit association, reported that 86.9 million American households, representing 66% of households in 2022, had pets. Similarly, in November 2022, Animal Medicines Australia, an Australian association for animal health, stated that pet ownership was prevalent in 69% of Australian homes in 2022. Consequently, the rising trend of owning pets is significantly propelling the pet toy market's growth.
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How will the growth rate of the pet toys market shape industry trends by 2034?
In recent times, the pet toys market has seen significant growth. Predictions indicate that it will rise from $3.28 billion in 2024 to $3.54 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The historic growth can be attributed to factors such as the increasing demand for private labels, the popularity of pet subscription boxes, and an uptick in pet ownership rates and adoptions. There's also a growing trend toward eco-friendly and sustainable pet toys.
The market for pet toys is predicted to experience significant expansion in the near future, potentially reaching $4.78 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%. Factors contributing to this projected growth during the forecast period include an increased demand from millennials and young children, a rise in pet ownership leading to heightened product demand, a surge in popularity for pet subscription boxes, a growing emphasis on pet humanization, and the debut of innovative, environmentally-friendly pet accessories and toys. The rise in pet owners globally is also a driving factor. Some major trends predicted for the forecast period include the growth of e-commerce, the trend of nuclear families spurring pet ownership, interactive intelligent toys, customizable playthings, and the emergence of fetch technology.
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What trends are poised to drive the future success of the pet toys market?
In a bid to boost their product portfolios and extend their market foothold, leading firms in the pet toys industry are increasingly resorting to strategic partnerships. This approach allows companies to mutually benefit from each other's strengths and resources for joint success. For example, in April 2023, a novel pet toys range inspired by gaming gear was unveiled as a result of a partnership between HyperX, a gaming products developer, and P.L.A.Y., a premium and eco-friendly pet beds and toys producer, both based in the US. The inventive collection of pet items is designed to entertain pets for hours with toys modeled after the gaming headset, keyboard, and microphone from HyperX, with even a chill pad included. Products such as the Cloud Arfa headsets and Alloy Keybark keyboard are crafted from environmentally friendly components, with their fillers derived from repurposed plastic bottles. These toys are not only effortless to maintain and safe for pets, but they also appeal to pet owners with a focus on sustainability.
Which primary segments of the pet toys market are driving growth and industry transformations?
The pet toys market covered in this report is segmented -
1) By Product Type: Plush Toys, Rope And Tug Toys, Balls, Chew Toys, Squeaky Toys, Interactive Toys
2) By Material Type: Rubber, Cotton, Nylon, Plastic, Other Material Types
3) By Distribution Channel: Online, Offline
4) By Application: Bird, Cat, Dog, Horse, Other Applications
Subsegments:
1) By Plush Toys: Stuffed Animals, Comfort Toys, Plush Toys With Squeakers
2) By Rope And Tug Toys: Knotted Ropes, Tug-Of-War Toys, Rope Toys With Handles
3) By Balls: Tennis Balls, Rubber Balls, Fetch Balls With Squeakers
4) By Chew Toys: Dental Chews, Edible Chews, Non-Edible Rubber Or Nylon Chews
5) By Squeaky Toys: Squeaky Plush Toys, Squeaky Rubber Toys, Interactive Squeaky Toys
6) By Interactive Toys: Puzzle Toys, Treat-Dispensing Toys, Electronic Toys
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Which geographical regions are pioneering growth in the pet toys market?
North America was the largest region in the pet toys market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet toys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the pet toys market landscape?
Major companies operating in the pet toys market are Petmate, Radio Systems Corporation, Multipet International Inc., Coastal Pet Products Inc., ChuckIt, The OurPet's Co., Worldwise Inc., Company of Animals Ltd., Pet Qwerks Inc., Ethical Products Inc., ZippyPaws, Outward Hound, KONG Company, The Hartz Mountain Corporation, Jolly Pets, Benebone LLC, Honest Pet Products LLC, Mammoth Pet Products, West Paw, Petsport USA Inc., Fluff and Tuff Inc., Kyjen Company LLC, Starmark Academy
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What Is Covered In The Pet Toys Global Market Report?
•Market Size Forecast: Examine the pet toys market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the pet toys market for a structured understanding.
•Key Players Overview: Analyze major players in the pet toys market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pet toys market.
•Segment Contributions: Evaluate how different segments drive overall growth in the pet toys market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pet toys market.
•Industry Challenges: Identify potential risks and obstacles affecting the pet toys market.
•Competitive Landscape: Review strategic developments in the pet toys market, including expansions, agreements, and new product launches.
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