Mar 18, 2020, 08:52 EST
New York, United States, Mar 18, 2020, 08:52 /Comserve / -- Global pet accessories market is expected to flourish at a CAGR of 7.0% over the forecast period. Moreover, the global pet accessories market is anticipated to garner USD 22 Billion by the end of 2023.
The global pet accessories market is segmented into pets such as dog, cat, birds, reptiles and others. Among these segments, cat pet accessories segment is expected to occupy the largest market share in pet accessories market during the forecast period. Large adoption of cats across the globe is expected to impel the demand for pet accessories in the upcoming years. On the other hand, increasing spending on care of cats by pet owners in North America region is anticipated to positively impact the growth of the cat pet accessories market.
Global pet accessories market is expected to flourish at a CAGR of 7.0% over the forecast period. Moreover, the global pet accessories market is anticipated to garner USD 22 Billion by the end of 2023. Spurring growth in the number of pets, rising spending on pet welfare and growing trend of pet humanization are expected to spearhead current and future market growth of pet accessories during the forecast period.
North America captured highest percentage of market share in overall pet accessories market in 2016. Further, North America is expected to continue its dominance over the forecast period on the account of high number of pet ownership in the region. U.S. is the major contributor to the growth of the pet accessories market. High number of responsible pet ownership is the major factor behind the growth of U.S pet accessories market. Asia Pacific is anticipated to showcase lucrative growth over the forecast period. Factors such as increase in pet population, growing awareness about pet products and increasing disposable income are some of the factor which is expected to impel the growth of the pet accessories market.
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Increasing Trend toward Pet Humanization
With rise in the number of pet owners treating their pet like humans, the market is expected to witness exponential growth in the upcoming years. Further, growing awareness about pet healthcare is expected to positively impact the growth of pet accessories during the forecast period.
Increasing Number of Pet Ownership
Rise in pet ownership is expected to fuel the growth of pet accessories market. Further, growing spending on pets driven by increasing bonding between pets and owners is expected to uplift the demand for pet accessories during the forecast period. Moreover, increasing disposable income of population is believed to positively impact the growth of the market.
Although, sluggish adoption rate of pets in developing and undeveloped nations and is expected to pent-up the growth of the global pet accessories market in the near future.
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.
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This report also provides the existing competitive scenario of some of the key players of the global pet Accessories market which includes company profiling of Ancol Pet Products, Armitages Pet Products, Argos Ltd., Company of Animals, Garden & Leisure Group, Danish Design Pet Products, Countrywide Farmers, Happy Pet Products, Advance Pet Products and Coastal Pet Products Inc. 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 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.
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