February 21, 2023 06:14 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The global pet toys market size was valued at USD 7.57 billion in 2021 and is projected to grow from USD 8.01 billion in 2022 to USD 12.63 billion by 2029, exhibiting a CAGR of 6.73% during the forecast period. Dog Toy Bulk
This information is presented by Fortune Business Insights, in its report titled, “Pet Toys Market, 2022-2029.”
Severe Supply Chain Disruptions Caused by COVID-19 Crisis to Impede Growth Momentum
The COVID-19 pandemic had a negative impact on the pet toys market growth. Due to various blockades around the world, manufacturers are forced to close their production facilities due to labor shortages, which reduces the demand for pet care products. In addition, several lockdowns around the world have negatively impacted the sales of pet animal toys due to the closure of specialty stores, supermarkets, and hypermarkets.
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Pet Toys Market Report Scope & Segmentation:
Fortune Business Insights™ lists out all the pet toys market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for pet toys in the near future.
Rising Demand for Pet Subscription Boxes to Favor Market Expansion
Subscriptions are growing in popularity worldwide, and the pet food industry is no different. Direct-to-consumer pet toy sales were gaining momentum before the COVID-19 outbreak. During the pandemic, pet toy subscription services were on the rise, as people play with their pets, their relationships grow more and more, encouraging the premiumization of toys and items for pets. Some of these dogs, cats, and other pets are part of an unprecedented increase in the number of pet owners in the U.S., resulting in increased sales volume and value of pet products.
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North America to Lead Backed by Rising Number of Pet Adoptions
The North America region is expected to hold a major share of the global market owing to the increasing number of pet adoption in the U.S. that give rise to the demand for soft and flexible toy products.
The development of the pet dog and cat toy market in the Europe is expected to grow at a faster rate during the forecast period due to the presence of a large number of pet stores and pet products manufacturing units in countries.
The Middle East & Africa and South America regions are expected to be supported by the production of premium and high-quality pet animal toys and the inclination of the manufacturers toward producing a new variety of pet toys in those countries.
Balls Segment to Dominate Market due to its Flexibility and Ease
The market is segmented into plush, rope, balls, and others based on product type. The balls segment is estimated to grow at a significant rate in the coming years.
Dog Segment to Dominate Market owing to Large Number of Pet Dogs Around the World
Based on pet type, the market is segmented into dogs, cats, and others. The dogs segment is expected to dominate the market owing to a large number of pet dogs around the world, which increases its demand in the market.
Offline Segment to Dominate Market Due to Growing Number of Pet Stores
Based on distribution channel, the market is segmented into offline and online. The offline segment held a significant market share in 2021, accounting for more than 60% of global sales.
Based on geography, the global pet toys market share is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
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