New York, May 16, 2023 (GLOBE NEWSWIRE) -- According to Market.us projection, the pet toys market could reach a value of US$ 15 billion. The market is growing, with a projected value of US$ 8 billion in 2022, and is actively leveraging its presence in both commercial and residential sectors, encompassing various settings such as homes, pet hotels, and daycare facilities, to seize growth opportunities.
The pet toys comprise a variety of products, and they are chiefly designed to train the pets and it is one of the sources of fun for the pets. These toys allow pets to increase their energy level, which will improve the mental and physical well-being of pets and also prevent pets from scratching, chewing, and digging on couches, shoes, and furniture.
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Key Takeaway:
- By Product Type, the ball segment generated a revenue share of 46% in 2022.
- By Pet, the dog segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By Distribution Channel, the offline segment dominated the market with the highest revenue share.
- In 2022, North America dominated the market with the highest revenue share of 39%.
- Europe will grow at the largest CAGR from 2023-2032.
The growth of the pet toys market was attributed to the increasing adoption of pet among nuclear families. Customers are looking for toys that are more durable and safer for their pets. Additionally, the growing significance of daycare centers and pet hotels in developing countries, such as China, Brazil, and India, was projected to drive market growth. Also, the shifting significance of consumers among the sustainable pet toy material was estimated to surge the market growth during the forecast period. Furthermore, the growing humanization across the globe is projected to accelerate market growth.
Factors affecting the growth of pet toys market
There are several factors that can affect the growth of the pet toys market. Some of these factors include:
- Increasing Pet Ownership: The number of pet owners is increasing across the world as the majority of people adopt pets. This has led to an increase in the demand for pet toys market as it helps to entertain pets.
- Health and Wellness Concerns: Pet owners are increasingly concerned about the health and well-being of their pets. Thus, owners are buying pet toys to reduce stress, promote exercise, and provide mental stimulation among pets.
- Technological Advancements: Various innovations in the pet toys, such as interactive designs, automatic dispensers, and remote control, were estimated to boost the market growth.
- E-commerce growth: Online shopping made it easier for pet owners to purchase pet toys of their choice without any interruption. This has enhanced the growth of the global pet toys market.
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Top Trends in Global Pet Toys Market
A nuclear family consists of a couple, children, grandparents, and pets. Currently, there is a trend of nuclear families growing worldwide. This trend has influenced pet ownership, and it is projected to continue during the forecast period. The concern for the health of the pet by their owners was also increasing as pet ownership increased. Hence, consumers are willing to spend more money on their pets. This will likely increase the demand for pet care products. Moreover, the market growth was also boosted as the consumers are buying premium quality pet toys.
Market Growth
There was a rise in pet toy subscription services during the period of COVID-19 pandemic, and these subscriptions have gained popularity worldwide. The relationships between the owner and the pet develop by playing with their pet. A few dogs, cats, and other pets were part of an unprecedented upsurge in the figure of pet owners in the US which resulted in a rise in sales of pet products, and this will likely increase the growth of the market during the forecast period.
Regional Analysis
North America held the largest share of 39% of the market because of the increasing adoption of pets in NA. This has surged the demand for convenient pet toy products for pets and will likely boost the market growth during the forecast period. Moreover, the presence of a large number of pet animals in the countries like the US and Canada will increase the demand for the toys and enhance the growth of the market.
During the forecast period, Europe was expected to develop with the highest CAGR due to the existence of many pet products manufacturing units and pet toy stores. Thus, this was estimated to improve the distribution of pet toys globally. APAC will also have significant growth due to the factors such as increasing product innovations, changing habits, and playing patterns of animals, and the rapid construction of mega retail stores will likely improve the demand for the market in this region during the forecast period.
Competitive Landscape
The key players in the market are focusing on new product launches with the numerous technological advancements in pet care products. The growing adoption of pets during the period of the COVID-19 pandemic has surged the demand for pet toys products. Currently, the trend for automated, handy, and smart pet animal toy items has increased; this serves numerous opportunities for players to increase their businesses during the forecast period.
Market Key Players:
- Central Garden & Pet Company
- Petsport USA, Inc.
- Ethical Products, Inc
- Radio Systems Corporation
- ZippyPaws
- Multipet International, Inc.
- Kong Company
- Benebone LLC
- Kyjen Company LLC
- Other Key Players
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | US$ 8 billion |
| Market Size (2032) | US$ 15 billion |
| CAGR (from 2023 to 2032) | 6.7% |
| North America Revenue Share | 39% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Presently, the pet parenting trend is growing considerably. Peoples own a pet as a preparation for parenting. In this scenario, the pet owners fulfill all possible needs of their pets as they would for their children. Moreover, most people across the world are considering their pets as part of their family because of the growing shift towards pet humanization, and this will increase the market growth during the forecast period.
Market Restraints
The skin related problems are growing among pets like cats as well as dogs. Thus, their owner takes them to veterinary doctors. Pets frequently suffer from various diseases, such as skin parasites, skin infections, and allergies. This may be because of the chemical-based plastic toys or material used to make plastic toys. Sometimes pets are allergic to them, and this causes some infections. Therefore, the rising occurrence of skin allergies and rashes among pets due to the often usage of chemical-based toys will likely hamper the market growth.
Market Opportunities
Currently, customized pet toys are achieving popularity because pet owners are becoming more aware of the importance of exercise & mental stimulation for their pets. Moreover, the demand for sustainable and eco-friendly products are rising; this also rises the demand for customized pet toy. Also, the pet owners can also choose customized toys by taking care of behavioral issues and health concerns of their pets.
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Report Segmentation of the Pet Toys Market
Product Type Insight
The ball segment held the largest share of 46% of the market as they are flexible for pets and easy to play. Hence, it grabs the attention of the pets towards itself. So, pet owners mostly prefer to buy balls owing to their flexible usage, and it is also suitable for pets. Moreover, increasing the accessibility of consumers for interactive toys will likely enhance the demand for the market.
Pet Insight
The dog segment held the majority of share of 51% of the market globally. According to the research, owning a dog is good for the mental and physical health of the person as they keep people healthier and happier. The dogs offer constant hugs, unconditional love, and emotional support to the owner; this prevents social isolation and improves the mental health of the person.
Distribution Channel
The distribution channel is divided into online and offline. During the forecast period, the offline channels are projected to collect the majority of the share because of the availability of goods in the offline stores as per the customer requirement. Moreover, to help consumers to choose their products wisely, offline stores such as specialty stores as well as mega stores are making efforts, and this will likely propel the market growth during the forecast period.
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Market Segmentation
By Product Type
-
- Balls
- Rope & Tugs Toys
- Interactive Toys
- Plush Toys
- Chew Toys
- Other Product Types
By Pet
- Dogs
- Cats
- Birds
- Other Pets
By Distribution Channel
- Online
- Offline
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Pet Toys Market
- In November 2022- Nylabone declared the launch of a new range of play toys for fun activities. Nylabone is the famous brand of the Central Garden & Pet Company.
- In May 2020- Radio Systems Corporation declared its merger & acquisition with Clayton, Dubilier & Rice. The Radio Systems Corporation is the prominent innovator in the companion animal health & safety market, while Clayton, Dubilier & Rice was an American private equity company. The merger & acquisition would help the company to rise its investments in terms of research and development & increase its product portfolio for its customer base.
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- Early Educational Toys Market size is expected to be worth around USD 217.2 billion by 2033 from USD 65.1 billion in 2022, growing at a CAGR of 9.7% during the forecast period 2023 to 2033.
- Adult Toys market was valued at USD 21,658 Mn in 2023 and is projected to increase significantly at a CAGR of 9.5% from 2023 to 2033.
- Inertial Toys Market is expected to grow at a CAGR 6.2% over the next ten years, and will reach at US$ 5109 Mn in 2033, from US$ 2800 Mn in 2022.
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