Pet toys product manufacturers are pushing for sustainable production efforts with the development of biodegradable product offerings.
DUBAI, UAE / ACCESSWIRE / March 31, 2021 / The pet toys market is projected to rise at a healthy 7.2% CAGR for the period of projection from 2021 to 2031. The growing rate of pet ownership, increased interest in pet humanization trends, and the development of pet care hospitality facilities are key factors that contribute to the rise of the pet toys market. Consumers are increasingly looking out for customized and personalized products for individual pets, despite higher prices. In addition, the trend of using toys for behavioral training is expected to influence developments within the market.
"Pet owners have increasingly expressed interest in purchasing sustainable products, while maintaining safety standards for animals. This in turn has encouraged pet toy manufacturers to explore natural materials for their offerings in line with the needs of eco-conscious pet parents," says the FMI study.
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Pet Toys Market - Important Takeaways
- Plastic and rubber toys remain popular materials for toy production, owing to superior durability and standardization for product quality.
- Ecommerce sales will reflect a relatively faster rate of growth, backed by internet penetration and discount offers from manufacturers.
- India is emerging as a high potential market owing to the expansion of the consumer class of millennial pet owners.
- The U.S. accounts for significant revenue share owing to consumer preference spending on pet luxury.
Pet Toys Market - Driving Factors
- Sustained growth in cat and dog ownership rates is a major factor positively influencing pet toy sales.
- The increasing popularity of facilities such as pet hotels and day care centers generate key growth opportunities.
- Major advances in products for cognitive training for pets is bolstering sales in the industry.
Pet Toys Market - Leading Constraints
- Concerns over the widespread proliferation of low-quality toys, by small-scale manufacturers is a key concern restricting adoption.
- Lack of awareness about toys for training purposes is restraining sales prospects around the world.
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Expected Impact on Market by Coronavirus Outbreak
The global covid-19 pandemic had a moderately negative impact on the pet toys market. Restrictions on production operations and social distancing guidelines have limited manpower and disrupted supply chains during the crisis. In addition, restraints on international trade had affected product availability.
On the other hand, pet ownership rates have grown during the forecast period, creating sales opportunities for manufacturers, partially mitigating losses to manufacturers during the pandemic. Demand is expected recover steadily over the coming decade, with increasing sales activity occurring from online distribution channels.
Competition Landscape
Some of the major players participating in the pet toys market include but are not limited to Honest Pet Products, Central Garden & Pet Company, Company of Animals Ltd., Cosmic Pet, Petsport USA Inc., Zyppy Paws, Mammoth Pet Products, Radio Systems Corporation, Jolly Pets, Multipet, Fluff and Tuff Inc., Kyjen Company LLC, West Paw, KONG Company, Ethical Products Inc., Benebone LLC, Coastal Pet Products Inc., and Petmate.
Major manufacturers in the pet toys market have been largely involved in the launch of new products to bolster their product portfolios, in addition to strategies aimed towards licensing and geographical expansion.
In March 2021, PetSmart unveiled its Brain Games training course aimed towards mental stimulation goals including courses on dog reading, object recognition and more, improving communication between pet and owner. Further, Chewy, the online pet toy shop has unveiled a new range of 400 products for cats and dogs based on Marvel, Disney, Star Wars, and Pixar character designs. In December 2020, Pet Supplies Plus, announced the acquisition of 40 store locations from Pet Valu across Virginia, Indiana, Ohio, Kentucky, Pennsylvania, Maryland, and New Jersey.
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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).
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights