With FMI’s forecast suggesting a potential value of US$ 5.90 billion, the pet toys market is on a steady growth trajectory, expected to reach US$ 2.89 billion in 2023. Its expansion aims to leverage opportunities across various sectors, spanning from residential homes to pet hotels and daycare facilities. Anticipating a Compound Annual Growth Rate (CAGR) of 7.4% by 2033, this growth mirrors the increasing expenditure of pet owners on their beloved companions. As the market responds to this growing trend, businesses are poised to capitalize on the rising demand for innovative and engaging pet toys, catering to the evolving needs of pet owners worldwide.
The industry is anticipated to develop due to the rise in pet shops and e-commerce sites. Due to the growing habit of giving pet toys and rising consumer interest in and expenditure on pets, the market has seen tremendous expansion.
The industry is expanding due to the growing popularity of pet toys on social media channels. Social media has been a major factor in this rise, with websites like Instagram and Facebook giving pet owners a place to post pictures of their animals and learn about new items.
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Influencers and celebrities have promoted pet products on social media, further raising awareness of pet toys. Moreover, e-commerce platforms have made it simple for pet owners to buy pet toys online, which has aided in the market’s expansion.
The development of smart toys is projected to be one of the key growth factors impacting the demand for pet toys. As they provide a variety of interactive and entertaining options to keep pets amused, smart toys are becoming popular among pet owners.
Key Takeaways
- In 2022, China grew significantly in the pet toys market, with a share of 45.1%.
- The pet toys market was significantly expanding, with a size of US$ 2.71 billion in 2022.
- Between 2022 and 2023, there is a Y-o-Y growth of 6.6%, which is fueled by the demand for customized products.
- With an 88.2% share in 2022, the market in the United States showed signs of growth.
- In 2022, India grew significantly in the pet toys market, with a share of 36.9%.
- In 2022, Japan grew steadily in the pet toys sector, with a share of 15.3%.
- With a 25.0% market share in 2022, Germany had strong growth in the pet toys sector.
- With a share of 29.1% in 2022, the chew toys category is predicted to dominate the market in terms of product type.
- Based on type, the non-edible segment continues to dominate the sector during the forecast period, with a share of 83.4%.
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Key Players:
- Central Garden & Pet Company
- Cosmic Pet
- ZippyPaws
- Radio Systems Corporation
- Multipet
- Kyjen Company LLC
- KONG Company
- Benebone LLC
- Petmate
- Coastal Pet Products, Inc.
- Ethical Products, Inc.
- West Paw
- Fluff and Tuff, Inc.
- Jolly Pets
- Mammoth Pet Products
- Petsport USA, Inc.
- Company of Animals, Ltd.
- Honest Pet Products
For instance,
- The Kong Corporation just unveiled the KONG Bounz-n-Fetch, a new interactive pet toy. For canines, felines, and other small animals, the product offers an entertaining and stimulating activity.
- Hartz Mountain Corporation introduced a new line of interactive pet toys called Tail Teasers that are intended to excite the senses of cats and dogs.
Players in the pet toy sector are also spending money on advertising initiatives to raise their brand awareness and draw in new clients. Also, it is now simpler for pet owners to buy pet toys due to the availability of pet toys on online shopping platforms like Amazon.
Pet Toys Market by Category
By Product Type:
- Plush Toys
- Rope and Tug Toys
- Balls
- Chew Toys
- Squeaky Toys
- Interactive Toys
- Others
By Pet Type:
- Dogs
- Cats
- Birds
- Others
By Material Type:
- Rubber
- Cotton
- Nylon
- Plastic
- Others
By Type:
- Non-Edible
- Edible
By Size:
- Small
- Medium
- Large
By Price Range:
- Economy (Below US$10)
- Mid-Range (US$10 – US$25)
- Premium (Above US$25)
By Sales Channel:
- Wholesalers/Distributors
- Supermarkets/Hypermarkets
- Convenience Stores
- Multi-Brand Stores
- Online Retailers
- Pet Specialty Stores
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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