PUBLISHER: Allied Market Research | PRODUCT CODE: 1472204
PUBLISHER: Allied Market Research | PRODUCT CODE: 1472204
The global pet toy market was valued at $8,292.2 million in 2022, and is projected to reach $18,372.8 million by 2032, registering a CAGR of 8.0% from 2023 to 2032. Pet toys are developed for pets or companion animals such as dogs, cats, and birds with an intent to enhance their physical and mental aspects. Toys allow pets to engage in various activities that stimulate their natural behavior and further their growth by assisting in the development of their problem-solving skills.
The growing trend of pet humanization is contributing to the growth of the pet toys market. As an increasing number of pet owners are treating their pets as a part of their family, they are increasing the amount spent on individual pets. This has boosted the demand for pet food, veterinary care, insurance, and other supplies, including pet toys. According to a survey conducted by the America Pet Product Association (APPA), pet owners spend over $56 for dogs and $41 for cats annually on pet toys. This increased spending is further attributed to awareness among pet owners about pivotal role pet toys play in the growth of pets, compounded by their perception toward their pets as they want to show gratitude & love.
The rising pet population globally is another key factor for growing pet toy demand. Pet population is largely affected by the level of disposable income. The developed nations in Europe, North America and Asia-Pacific, such as Germany, the U.S., and Australia have high propensity for pet acquisition. Due to high income, people are more able to afford expenses related to their pet, including food and supplies. Moreover, these regions have a high rate of accommodation for growing trends such as humanization of pets and premiumization. As a result of premiumization, people are spending on higher quality food & pet supplies.
However, the pet toy market is vulnerable to the market condition that has huge impact on its growth. Globally rising geopolitical tension between Russia & Ukraine, labor shortage, supply chain hindrances lead to unmet raw material requirements. These economic factors collectively lead to increased prices of goods & services, thus making pet supplies such as toys unaffordable for certain households. Pet owners that look after disabled person or have an overall low household income face difficulty in meeting pet expenditure due to high cost of living. Thus, owners either prioritize their spending on essential products or totally cut down their budget. In addition, pet behavior is another cause of a large number of people surrendering their pet, which, in turn, hampers the growth of the pet toy market. For instance, companion animals such as dogs have a natural tendency to chew and cats often engage in destructive scratching, often leading to high costs including replacement for furniture.
The pet toy market is segmented into type, pet, distribution channel, and region. By type, the market is classified into interactive & self-play toys, stuffed toys, chew toys, chase & fetch toys, and others. On the basis of distribution channel, it is divided into online and offline. Depending on the pet, it is segregated into dogs, cats, birds, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, Italy, France, Russia, and rest of Europe), Asia-Pacific (China, India, Australia, Singapore, South Korea, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, Brazil, UAE, Argentina, South Africa, and rest of LAMEA).
Players operating in the pet toy market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Spectrum Brands Holdings, Inc, Unicharm Corporation, Petz Group, Fressnapf Tierfutter GmbH, Tractor Supply Company, Outward Hound, Doskocil Manufacturing Company, Inc., Pets at Home Group Plc, KONG Company, and Chewy, Inc.
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