PUBLISHER: Grand View Research | PRODUCT CODE: 1771601
PUBLISHER: Grand View Research | PRODUCT CODE: 1771601
The global pet hard goods market size is estimated to reach USD 104.04 billion by 2030 and expand at a CAGR of 5.7% in the forecast period from 2025 to 2030. Some of the key factors driving the market growth are the growing trend of pet humanization, advancements in technology, and enhanced product accessibility and personalization. Furthermore, increasing urbanization and evolving lifestyles are creating a demand for compact, multifunctional products, along with a heightened emphasis on pet health.
Millennials and Gen Z are driving a shift in the pet industry by treating pets as family, leading to higher spending on premium products. A 2024 survey shows that 52% of Gen Z dog owners buy birthday gifts for their pets, 62% choose premium food, and many invest in luxury items such as clothing and grooming. Average annual spending has reached $612, with 1 in 7 spending over \$1,000. Luxury brands like Dolce & Gabbana are responding with high-end offerings. Many Gen Z owners even make major life decisions based on their pets, reflecting a deep emotional bond and fueling the industry's premiumization.
Social media platforms such as Instagram and TikTok play a major role in shaping pet product trends. Influential pet accounts, or "petfluencers," feature everything from trendy accessories to smart pet gadgets, swaying the buying choices of their followers. Brands frequently partner with these petfluencers to market products, benefiting from their strong audience trust and engagement. For example, leading pet retailer PetSmart collaborates with influencers to authentically and organically promote its offerings, effectively reaching a highly targeted audience of pet owners.