Neel Patel November 23, 2022
Custom Pet Accessories – The Growing Market Trends 2022!
Pet Accessories Market & CAGR
Pet accessories are products designed to cater to pet animals’ requirements. The market was $207.5 billion in 2020. It is projected at $325.74 billion in 2028 at a CAGR of 5.6% during 2021-2028They are available in myriads of choices with various price tags. They differ by life stage, breed type, size, and shape. The products include bedding, toys, leases, collars, grooming, kennels, and several others. Custom Pet Accessories are sold both offline and online.
It is revealed from the latest research made by Fact, MT, that the pet accessories market is poised to make a high growth during the forecast period 2021-2031. There will be a steady demand recovery in the short term and optimistic growth in the long term. Pets are getting more humanized, and pet owners spend on them as accessories. With an annualized growth of 3.2% over 22-23, the revenue will reach $2.9 billion. The following five reasons are attributable to the growth.
Why Pet Accessories?
1: Owner’s Concern
Pet owners are most concerned about their products’ happiness, health, and well-being. They want their pets to get the “best” of anything given to them, such as accessories of the highest quality and premium facilities. They give their pets a family member status.
2: Wellness Factor
The population of pampered pets in Australia is increasing, with increased concern about their wellness. This tends to grow a market for stylish and practical gear.
3: Urbanization
People of Australia live in smaller units with high-rising apartments. Therefore, the population of low-maintenance pets such as fish, cats, and birds will increase in the next five years.
4: Lifestyle Factors
Growing numbers prefer to have pets from animal shelters or pounds. So they want their pets to have everything they want, like comfort tables, toys, and treats.
5: Safety & Security
When dog owners are likely to stay out of the home for an extended period, they like to provide everything that will protect the pet. Internet-connected CCTV allows being in closer touch and watching the physical movement of the pet.
Driving Factors
Petting a cat is considered a status symbol in high-class societies. With the increase in income and attachment towards pets, the demand for pet accessories witnesses a higher growth. Other factor responsible for the increase is the increase in infrastructure facilities in many countries. More number of pet care stores is opened in many countries.
The demand for more luxury and comfort has increased the daily attention of the owners. More numbers veterinary care clinics are opened in many countries. An increase in Consumer awareness regarding the availability of animal accessories is another reason for the growth in demand for pet accessories.
Companies are taking the initiative for the development of animal products that are technologically enabled. As a result, the future market will grow with innovative pet care accessories such as cat toys with a laser devices, tracker devices for finding locations, and feeder devices made of cardboard.
Statistics Supporting Surge of Pet Accessories
The spending on pet care is not limited to food and grooming but also encompasses specialized and innovative products like furniture. As per APPA, 67% of households in the USA owned at least one pet in 2018. 80% of the millennials own dogs, while about 50% own cats. They include small exotic mammals, birds of different species, and saltwater fish.
Statistics for 2021-2027 show that the global market of $232.3 billion during 2020, with a CAGR of 6.1%, is likely to surpass $350.2 billion during 2027. The Cat segment may get a share of 37% during the forecast period.
Future ingredient
The majority of pet owners prefer traditional proteins like chicken and beef. It is expected that exotic proteins such as rabbit, wild bear, and duck may gain popularity and add to the revenue of pet care accessories.
The ecommerce distribution channels have a share of 17% during 2020. Internet platforms such as Amazon, Flipchart, Petals and Big Basket, etc., are sure to support the surge in pet accessories. They are adopting strategies like subscription delivery programs and fresh pet food to entice more customers.
Pet Accessories in Canada
According to the food Association of Canada, during 2020, 63% of Canadians owned at least a dog, or a sat. This resulted in 7.7 million dogs and 8.1 million cats per year. They sell a variety of pets such as cats, and dogs, several pet supplies, and food items such as leashes, collars, beauty and health aids, medications, shampoos, dog kennels, pet containers, and cat furniture. Besides, some stores offer services like training and grooming.
Dog food is the largest pet food category having a market share of 64.5%. It is predicted to have 28.1 million pets in 2021 and it is likely to grow to 28.5 million in 2025. Cat food has a share of 32.7%.
The Pet Accessories Market in the US
According to APPA, most Americans time with pets and hence invest more in pet care accessories. Statistics reveal that approximately 53% of own American dogs, and 35.7% own cats, totaling 84.9 million American households. In 2020, there was a record sale of $100 billion for the first time 2020. It is estimated to be $109.6 in 2021.
Favorable Trend for Growth
Rise in Online and subscription for repeat purchase. Even after the pandemic, people prefer to buy online. It is expected that the non-food supply will grow to 35% by 2024.
The continued growth of the Humanization of animals
Pets are considered part of the family by 95% of American pet owners, and 70% of pet owners afford their time for the pets.
Brand Loyalty
More and more members of the younger generation are pursuing more sustainability and accountability practices and prefer to buy their favorite brands.
Conclusion!
Pets are our best companions at the time of our isolation. They also help in reducing our blood pressure and mental depression. Hence, we must treat them as a member of our family.
