What Fueled The Previous Growth In The Pet Toys Market?
The pet toys market has seen considerable growth due to a variety of factors.
• In recent times, there's been a notable expansion in the pet toys industry. We're projecting a robust growth from the market size of $3.28 billion in 2024, escalating to $3.54 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.8%.
Factors that contributed to the market's growth during the historic period include escalating demand for private label products, rising popularity of pet subscription boxes, increased pet ownership, higher adoption rate of pets and a growing preference for eco-friendly and sustainable pet toys.
What Can Be Expected from the Pet Toys Market Size?
The pet toys market is expected to maintain its strong growth trajectory in upcoming years.
• The market for pet toys is anticipated to experience significant growth over the next several years, reaching a staggering $4.78 billion market value in 2029, with a compound annual growth rate (CAGR) of 7.8%.
Factors contributing to this expansion during the projected timeframe include increased interest from millennials and younger children, the rising trend of pet ownership boosting product demand, an upwards shift in pet subscription box subscriptions, greater attention towards pet humanization, and the release of innovative, eco-friendly pet accessories and toys. The escalating number of pet owners globally also plays into this growth. Key trends during this period are the booming e-commerce sector, the influence of nuclear family trends on pet ownership, interactive smart toys, customizable toys, and advancements in fetch technology.
What Are the Critical Driver Fuelling The Pet Toys Market's Growth?
The surge in pet ownership is predicted to fuel the expansion of the pet toy market. Owning a pet implies raising a domesticated creature for companionship or emotional backing. Due to several factors, such as altering social norms, an increasing awareness of the benefits of owning pets, and the prominence of social media, pet ownership is on the rise. Pets are encouraged to remain active and involved through toys, which aids physical fitness and assists in maintaining an appropriate weight. Playing with toys can also serve to strengthen the bond between pets and their owners. For example, the American Pet Products Association confirmed in October 2023, that 86.9 million US households kept pets, marking a 66% increase from the previous year. Moreover, Animal Medicines Australia reported in November 2022, that approximately 69% of Australian households kept pets in 2022. Based on these trends, the ever-growing inclination towards pet ownership is propelling the growth of the pet toy market.
How Is The Pet Toys Market segmented?
The pet toys market covered in this report is segmented –
1) By Product Type: Plush Toys, Rope And Tug Toys, Balls, Chew Toys, Squeaky Toys, Interactive Toys
2) By Material Type: Rubber, Cotton, Nylon, Plastic, Other Material Types
3) By Distribution Channel: Online, Offline
4) By Application: Bird, Cat, Dog, Horse, Other Applications
Subsegments:
1) By Plush Toys: Stuffed Animals, Comfort Toys, Plush Toys With Squeakers
2) By Rope And Tug Toys: Knotted Ropes, Tug-Of-War Toys, Rope Toys With Handles
3) By Balls: Tennis Balls, Rubber Balls, Fetch Balls With Squeakers
4) By Chew Toys: Dental Chews, Edible Chews, Non-Edible Rubber Or Nylon Chews
5) By Squeaky Toys: Squeaky Plush Toys, Squeaky Rubber Toys, Interactive Squeaky Toys
6) By Interactive Toys: Puzzle Toys, Treat-Dispensing Toys, Electronic Toys
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What New Trends Are Influencing The Pet Toys Market?
Leading firms in the pet toy industry are employing the strategy of partnerships in order to broaden their portfolio and extend their market reach. Establishing strategic alliances involves using each company's assets and skills for mutual advantage and prosperity. For instance, in April 2023, HyperX, a gaming product creator based in the US, joined forces with P.L.A.Y., a US-based producer of distinctive, high-end, and environmentally friendly pet beds and toys, to introduce a gaming-inspired pet toy line. The partnership resulted in a set of creative pet items intended to offer endless entertainment, with toys modelled on HyperX's gaming accessories such as the headset, keyboard, and microphone, including a chill pad. Features like the Cloud Arfa headset and Alloy Keybark keyboard are comprised of green materials, with the stuffing procured from repurposed plastic bottles. These toys are not only simple to maintain and safe for pets but also an excellent choice for pet owners who value environmental sustainability.
Who Are the Key Players In The Pet Toys Market?
Major companies operating in the pet toys market are:
• Petmate
• Radio Systems Corporation
• Multipet International Inc.
• Coastal Pet Products Inc.
• ChuckIt
• The OurPet’s Co.
• Worldwise Inc.
• Company of Animals Ltd.
• Pet Qwerks Inc.
• Ethical Products Inc.
• ZippyPaws
• Outward Hound
• KONG Company
• The Hartz Mountain Corporation
• Jolly Pets
• Benebone LLC
• Honest Pet Products LLC
• Mammoth Pet Products
• West Paw
• Petsport USA Inc.
• Fluff and Tuff Inc.
• Kyjen Company LLC
• Starmark Academy
What Is The Most Dominant Region In The Pet Toys Market?
North America was the largest region in the pet toys market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet toys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
