In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
November 2019: Benebone LLC have announced the launch of “Zaggler”, a chewable toy for dogs.
August 2019: PetSafe® (brand of Radio Systems Corporation) have announced a new toy for cats named “Peek-a-Bird™ Electronic Cat Toy” that turns on for play when cats approach.
Pet toys & training products are referred to all those products, which are designed for pets with the intention for playing or providing training. Serving a variety of purposes for pets, these products aim to encourage the pet’s overall health and discourage problem behavior resulting from boredom and excess energy. Toys offer mental and physical stimulation and enrichment, whereas pet trainers or dog owners use these toys to train their pets.
The global pet toys & training market is thriving on the back of growing pet industry and increase in spends by pet owners for the overall betterment of the pets. In addition, 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. According to American Pet Products Association (APPA), total pet industry expenditures in the U.S. grew from USD 48.35 billion in the year 2010 to USD 72.56 billion in the year 2018 and is further estimated to reach USD 75.38 billion by the year 2019.
The market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2019-2027. The global pet toys & training market is segmented by animal type into dogs, cats, birds and others. Dogs segment is anticipated to hold the largest market share on the back of dog being the preferably accepted pet amongst pet owners. Dogs are often referred to as “man’s best friend” owing to their loyal behavior and like being around humans. Riding on the back of such factors, dogs are the most widely accepted pets and pet owners are known to spend heavily on them. Another statistics by the APPA National Pet Owners Survey stated that the number of U.S. households that owned a dog during the year 2018 was 63.4 million. Apparently, the report also stated that total of some of the basic annual expenses for dogs constituted to around USD 1381.00 per annum. CLICK TO DOWNLOAD SAMPLE REPORT
According to 2017-2018 AVMA Pet Ownership & Demographics Sourcebook of the American Veterinary Medical Association (AVMA), highest rates of pet ownership were found among households living in mobile homes (73.8%), followed by houses (65.8%). Pet owners living in mobile homes often have the need for a trained pet. Owing to such a factor, pet owners tend to prefer toys for their pets that are environmentally friendly and also which train them. Moreover, staying most of the time out of home, also raises the need amongst the pet owners to associate their pet with a kennel boarder. Kennel boarders often provide training and work on stress reducing behavior of pets. Also, the 2019-2020 APPA National Pet Owners Survey stated that pet owners of dogs and cats spent almost 15% for kennel boarding and 3% for toys out of total of some of the basic annual expenses. Increasing expenditure for toys and increasing preference for kennel boarding amongst pet owners, all of these factors are anticipated to act as key growth drivers for the global pet toys & training market.
According to APPA National Pet Owners Survey, expenses for pet toys for dogs and cats in the U.S. itself increased from a total of USD 64.00 spent annually in 2013-14 to USD 79.00 spent annually in 2019-2020.
Pet owners are increasingly spending on pet toys and pet accessories to ensure a certain level of activity for pets. Rising concerns towards pet care along with the need amongst pet owners to keep the pets active is inducing the owners to prefer for pet toys. Additionally, social-cognitive changes observed in animals upon training is raising the demand for toys which also provide training to the pets. All of these factors are considered to contribute significantly towards the growth of the global pet toys & training market.
There are certain pet products which needs an in-depth understanding for greater product effectiveness. Unavailability of proper knowledge for such products amongst pet owners is anticipated to hinder the growth of the global pet toys & training market.
Our in-depth analysis of the global pet toys and training market includes the following segments:
On the basis of regional analysis, the global pet toys and training market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the largest market share on account of presence of nations, such as Canada and the U.S., where there is a rising inclination amongst pet owners towards the adoption of pets. According to the 2019-2020 APPA National Pet Owners Survey, around 67% of U.S. households owned a pet during the survey period which equated to around 84.9 million homes. Additionally, in the year 1988, around 56% of U.S. households owned a pet according to the survey report.
The global pet toys and training market is further classified on the basis of region as follows: