Portland, OR, June 30, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pet furniture industry was estimated at $3.44 billion in 2019 and is expected to reach $5.13 billion by 2027, registering a CAGR of 6.5% from 2021 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growth in demand for customization in pet furniture, availability of a broad range of fashionable and multifunctional pet furniture, and innovations such as smart pet bed drive the growth of the global pet furniture market. On the other hand,, high costs of smart pet furniture hamper the market. Nevertheless, development and innovations in smart pet furniture is anticipated to usher lucrative opportunities in the near future.
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Covid-19 Scenario-
- The outbreak of covid-19 has impacted the market negatively. The manufacturing processes and supply chain demand have been disrupted due to the prolonged lockdown.
- However, the situations in various regions are getting better than before, which in turn is expected to aid the industry to recoup soon.
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The pet furniture market is segmented on the basis of pet type, product type, and distribution channel, and region. Based on pet type, the dogs segment dominated the market with largest share in 2019, accounting for more than two-fifths of the market. However, the cats segment is anticipated to portray the fastest CAGR of 7.1% during the forecast period.
Based on type, the house segment held the largest market share in 2019, with nearly half of the global pet furniture market. The segment is expected to lead the market throughout the forecast period. On the other hand, the bed & sofas segment is projected to register the fastest growing CAGR of 7.4% during in between 2021 to 2027.
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The global pet furniture market is studied across Asia-Pacific, Europe, LAMEA, and North America. The North America region held the largest share in 2019, with nearly two-fifths of the market. The region is further expected to dominate the market throughout the forecast period. Conversely, the Asia-Pacific region is expected to showcase the fastest CAGR of 8.4% throughout the forecast period.
The key market players profiled in the report include FurHaven Pet Products, Go Pet Club, MidWest Homes for Pets, Nest Bedding, North American Pet Products, PetPals Group, Inc, Prevue Pet Products, Taizhou Huamao Handicraft Article Co., Ltd, Ultra Modern Pet, and Ware Pet Products.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.