Research Nester has released a report titled “Pet Toys & Training Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the pet toys & training market in terms of market segmentation by product, by material, by animal type, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global pet toys & training market is segmented by animal type into dogs, cats, birds and others, out of which, dogs segment is anticipated to hold the largest market share on account of its wide acceptance amongst pet owners along with their loyal behavior and like being around humans. In the statistics by American Pet Products Association (APPA) National Pet Owners Survey, around 63.4 million U.S. households owned a dog during the year 2018, and the total of some of the basic annual expenses for dogs constituted to around USD 1381.00 per annum.
The global pet toys & training market is anticipated to record a robust CAGR during the forecast period, i.e. 2019-2027. Growing pet industry and increase in spends by pet owners for the overall betterment of the pets, coupled with rising concern for health diseases of pets amongst pet owners and the behavioral issues observed in pets from boredom, all of these factors together are anticipated to contribute significantly towards the growth of the global pet toys & training market throughout the forecast period. In another statistics by the APPA, total pet industry expenditures in the U.S. reached USD 72.56 billion from USD 48.35 billion in-between 2010-18 and is further slated to reach USD 75.38 billion by the year 2019.
Regionally, the global pet toys & training market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold the largest market share on account of growing inclination amongst pet owners in nations, such as, Canada and the U.S., towards the adoption of pets. In the statistical report of 2019-2020 APPA National Pet Owners Survey, around 84.9 million homes, i.e. around 67% of households owned a pet in the said period, which is an increase by 11 percentage points from around 56% in the year 1988.
Increasing Expenditure for Pet Toys by Pet Owners
In the statistics by APPA National Pet Owners Survey, expenses for pet toys for dogs and cats in the U.S. itself reached to USD 79.00 spent annually from USD 64.00 spent annually in-between the period 2013-14 to 2019-20.
There is a rising concern for behavioral issues observed in pets. Often caused by boredom and unavailability of free time of pet owners to spend time with their pets, pet owners are increasingly preferring to spend on pet toys that not just only reduces stress and boredom in pets, but also can provide self-training to the pets. For instance, dogs often like to play tug of war with ropes and chew the chewers which helps them to keep their teeth strong. The wagging of the tail that the dog does in that period proves to be a good exercise for the pet. Moreover, scientific research and advancements in terms of social-cognitive changes observed in pets while the pet plays with a pet toy is also anticipated to act as key growth drivers to the global pet toys & training market.
However, concerns regarding lack of knowledge and awareness of many products for pets amongst the pet owners is anticipated to hamper the growth of the global pet toys & training market.
This report also provides the existing competitive scenario of some of the key players of the global pet toys & training market, which includes company profiling of KONG Company, Chuckit! Toys, Radio Systems Corporation, Benebone LLC, Doskocil Manufacturing Company, Inc. dba Petmate, Coastal Pet Products, MammothPet, Petsport USA, Inc., McCann Pet Group, and Shanghai Xinjian Pet Product Co., Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pet toys & training market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.