The global pet toys market size was valued at USD 8.50 billion in 2023. The market is projected to grow from USD 9.03 billion in 2024 to USD 15.29 billion by 2032, exhibiting a CAGR of 6.81% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Pet Toys Market, 2024-2032.”
Top Key Companies Covered in the Pet Toys Market:
- Central Garden & Pet Company (U.S.)
- ZippyPaws (S.)
- Radio Systems Corporation (S.)
- Multipet International, Inc. (S)
- Kyjen Company LLC (S)
- Kong Company (S)
- Benebone LLC (U.S.)
- Petmate (S.)
- Ethical Products, Inc. (S)
- Petsport USA, Inc. (U.S.)
Information Source: https://www.fortunebusinessinsights.com/pet-toys-market-106259
Segments:
Balls Segment to Dominate the Market due to its Flexibility and Ease
The market is segmented into plush, rope, balls, and others based on product type. The balls segment is estimated to grow at a significant rate in the coming years.
Dog Segment to Dominate the Market owing to Large Number of Pet Dogs Around the World
Based on pet type, the market is segmented into dogs, cats, and others. The dogs segment is expected to dominate the market owing to a large number of pet dogs around the world, which increases its demand.
Offline Segment to Dominate the Market Due to Growing Number of Pet Stores
Based on distribution channel, the market is segmented into offline and online. The offline segment held a significant market share in 2021, accounting for more than 60% of global sales.
Based on geography, the global pet toys market share is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders.
Drivers and Restraints:
Growing Popularity of Pet Ownership to Expand Product Demand
The idea of owning a pet as a preparation for parenting has gained prominence in recent years. In such cases, all necessities that can be provided to the child are provided for the pet. This pet parenting trend has encouraged pet owners to provide the most luxurious things possible for their pets as they would for their children or any other family member. The strong bond between people and their pets has encouraged pet owners to spend more on their luxuries. The prevalence of such a drift indicates an optimistic growth in market sales in the coming years.
Regional Insights:
North America to Dominate Stoked by Rising Number of Pet Enthusiasts in the U.S.
The North America region to hold a major share of the global market owing to the increasing number of pet adoption in the U.S. that give rise to the demand for soft and flexible pet toys.
The development of the pet dog and cat toy market in the Europe is expected to grow at a faster rate during to the forecast period due to the presence of a large number of pet stores and pet products manufacturing units in several countries.
The Middle East & Africa and South America regions are expected to be supported by the production of premium and high-quality pet animal toys and the inclination of manufacturers toward producing new variety of pet toys in those countries.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
Key Industry Developments:
- November 2023: BARK, a global omnichannel dog brand, partnered with Dunkin’ Joy in Childhood Foundation on a collection of dog toys. Under this partnership, guests visiting Dunkin’ restaurants can take home a Dunkin’ Iced Coffee Combo Dog Toy for a $15 donation or a Dunkin’ Sausage, Egg and Cheese Dog Toy for a $13 donation.
