Global Pet Accessories Market Expected to Reach US$ 4.91 Bn by 2027: Industry Probe
According to anew market report published by Industry Probe (www.industryprobe.com) titled ‘Pet Accessories Market (Type: OutdoorAccessories [Muzzle, Collars, Leashes, and Others], Grooming Accessories [Toothbrush,Scrubbers, Dry Glove & Grooming, Hair Brush, and Others], Food Accessories [Bowls& Dishes, Feeders Ball, and Others], Clothing Accessories [Bow and Tie,Bandana, Jackets, Shirt & t shirt, and Others], and Others; Pet Type: Cat,Dog, Small Pet, and Others; Distribution Channel: Online [Company Owned Websiteand E-commerce Website] and Offline [Hypermarkets/Supermarkets,Pharmacies, Convenience Stores, and Brand Stores]) – Global Industry Dynamics2018-19, Trends and Forecast, 2020–2027,’ the global pet accessories market is expectedto reach US$ 4.915 Bn by 2027 and expand at a CAGR of 8.6% from 2019 to 2027.
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As per the report, the global pet accessories market was valued at US$ 2.34Bn in 2018 and is projected to expand at a CAGR of 8.6 % from 2019 to 2027. Thereport states that North America held a dominant share of the global petaccessories market in 2018, followed by Europe and Asia Pacific. Asia Pacificis expected to be a key market for pet accessories during the forecast period. Increasein consumer spending capacities, disposable income, number of pet owners, andavailability of pet accessories market is anticipated to drive the petaccessories market during the forecast period. Rise in popularity of petaccessories is a major factor impacting the growth of the global petaccessories market.
The report further anticipates that increase in disposable income and purchasingpower, and high spending on pet health and grooming will accelerate the growthof the global pet accessories market during the forecast period. Socio-culturalchanges are also projected to drive the global pet accessories market duringthe forecast period. Strict guidelines and laws for pet safety are expected toincrease the demand for pet accessories across the world during the forecastperiod. Pet and animal owners are anticipated to invest in improving the safetyand security of their companions by a large extent. This factor is likely to propelthe pet accessories market during the forecast period. Growing sensitivitytoward pets is a key factor restraining the global pet accessories market
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The report has segmented the pet accessories market in terms of type,pet type, distribution channel, and region. In terms of type, outdoor accessoriessegment is expected to witness high demand during the forecast period. Outdoor petaccessories are preferred over other types. Based on pet type, the dog segmentheld a major share of the global pet accessories market in 2018. Dogs are preferredas pets across the world. In terms of distribution channel, online is expectedto be the most attractive segment during the forecast period. Social media alsoadds to online sales, as consumers often rely on internet learning and blogsabout new trends and products. Based on region, North America is projected tohold a major share of the global pet accessories market, followed by Europe andAsia Pacific. North America dominated the global pet accessories market, owingto increase in pet adoption in the U.S., Canada, and Mexico.
The pet accessories market is dominated by several players who are focusedon the development of new products to cater to the rising and shifting consumerpreferences
The report includes below mentioned pointers of major players operatingin the pet accessories market:
- Competition Matrix
- Company Overview
- Market Share Analysis (2018)
- Product Innovation
- Business Strategies / Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
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Some of themajor players operating in the pet accessories market are featured in thisreport to give a better competitive analysis of the market and these include AncolPet Products., Masterpet, Petmate Holdings Co, Starmark Pet Products, Inc, DoggyMan H.A.Co.,Ltd., Ferplast SpA, Ethical Products, Inc, Rolf C. Hagen, Inc, HangzhouTianyuan Pet Products Co.,Ltd, Pet Brands Ltd and ComfyPet Products.
Originally published on - https://industryinsights.tech/global-pet-accessories-market-expected-to-reach-us-4-91-bn-by-2027-industry-probe/
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