Pet accessories market demand worth USD 22 Billion by 2023 globally

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Pet accessories market demand worth USD 22 Billion by 2023 globally

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Global pet accessories market is majorly pushed by rising awareness towards health and well-being of pets and increasing number of pet ownership according to our research report “Global Pet Accessories Market Outlook 2023”.

Regionally, the pet accessories market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North America is anticipated to witness a significant growth and occupy the largest share of the pet accessories market by 2023.   

Pet accessories include a broad range of products such as feeding, bedding products, toys and leashes. These products are available in pet speciality stores and retail outlets such as supermarkets, hypermarkets, discounters globally. Increasing concerns towards safety & security of pets is propelling the demand of pet accessories products all across the globe. Housing and bedding products are most popular products.

Global pet accessories market is expected to touch USD 22 billion by the end of 2023 expanding at a CAGR of 7% over the forecast period i.e. 2016-2023. 

Rising Awareness towards Health and Well-being of Pets: Major Uplift

Strong growth in animal healthcare spending has been witnessed in past 2-3 years. U.S pet industry annual expenditure has reached to USD 61 billion in 2015. Increasing personal disposable income has led to rapid expansion in the sales of pet accessories. Rising awareness towards health and well-being of pets and strict regulation by the government authorities towards better care of animals will further uplift the market growth in upcoming 5-6 years.

Increasing Number of Pet Ownership: Momentum

In United States, 70-80 million dogs and 74-96 million cats are owned by peoples. Upsurge in number of pet ownership and increasing concern towards health and well-being of animals among the owners is mainly driving the pet accessories market all across the globe.

The report titled “Global Pet Accessories Market Outlook 2023” delivers detailed overview of the pet accessories market in terms of market segmentation by regions, by product, by pet.

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.

This report also provides the existing competitive scenario of some of the key players of pet accessories industry which includes company profiling of Ancol Pet Products, Armitages Pet Products, Countrywide Farmers, Creature Comforts and Hagen. 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 on the global pet accessories 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.

To know more about this research, kindly visit http://www.researchnester.com/reports/pet-accessories-market-global-demand-growth-analysis-opportunity-outlook-2023/225

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