The pet toys industry is expected to grow to a value of US$ 5.90 billion, according to FMI projections. With a predicted value of US$ 2.89 billion in 2023, the market is expected to continue expanding and is now being leveraged in the residential and commercial domains, encompassing residences, pet hotels, and childcare centres.
It is expected to grow due to the increase in pet shops and e-commerce sites. As the habit of giving pets toys spreads and owners become more willing to spend money on their pet, this has created tremendous room for growth in the market.
Thanks to the increasing craze for pet toys on social network sites, the industry is expanding. This growth has been fueled in a big way by social media, with sites such as Instagram and Facebook allowing pet owners to post pictures of their animals and find out about new products.
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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 Strategies in the Industry
Key players in the pet toys sector include Central Garden & Pet Company, Cosmic Pet, ZippyPaws, Radio Systems Corporation, Multipet, Kyjen Company LLC, KONG Company, and others.
In order to get an advantage over other companies in the market, these players are concentrating on product innovation and strategic alliances.
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
More on the Report
FMI provides in-depth insights on the pet toys market. The market is segmented in terms of product type (plush toys, rope and tug toys, balls, chew toys, squeaky toys, interactive toys, and others), pet type (dogs, cats, birds, and others), material type (rubber, cotton, nylon, plastic, and others), type (non-edible and edible), size (small, medium, and large), price range (economy, mid-range, and premium), and sales channel (wholesalers/distributors, hypermarkets/supermarkets, convenience stores, multi-brand stores, online retailers, and pet specialty stores), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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