New York, NY -- (ReleaseWire) -- 08/04/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Pet Accessories Market (Type: Outdoor Accessories [Muzzle, Collars, Leashes, and Others], Grooming Accessories [Toothbrush, Scrubbers, Dry Glove & Grooming, Hair Brush, and Others], Food Accessories [Bowls & Dishes, Feeders Ball, and Others], Clothing Accessories [Bow and Tie, Bandana, Jackets, Shirt & t shirt, and Others], and Others; Pet Type: Cat, Dog, Small Pet, and Others; Distribution Channel: Online [Company Owned Website and E-commerce Website] and Offline [Hypermarkets/Supermarkets, Pharmacies, Convenience Stores, and Brand Stores]) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,' the global pet accessories market is expected to reach US$ 4.915 Bn by 2027 and expand at a CAGR of 8.6% from 2019 to 2027.
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As per the report, the global pet accessories market was valued at US$ 2.34 Bn in 2018 and is projected to expand at a CAGR of 8.6 % from 2019 to 2027. The report states that North America held a dominant share of the global pet accessories market in 2018, followed by Europe and Asia Pacific. Asia Pacific is expected to be a key market for pet accessories during the forecast period. Increase in consumer spending capacities, disposable income, number of pet owners, and availability of pet accessories market is anticipated to drive the pet accessories market during the forecast period. Rise in popularity of pet accessories is a major factor impacting the growth of the global pet accessories market.
The report further anticipates that increase in disposable income and purchasing power, and high spending on pet health and grooming will accelerate the growth of the global pet accessories market during the forecast period. Socio-cultural changes are also projected to drive the global pet accessories market during the forecast period. Strict guidelines and laws for pet safety are expected to increase the demand for pet accessories across the world during the forecast period. Pet and animal owners are anticipated to invest in improving the safety and security of their companions by a large extent. This factor is likely to propel the pet accessories market during the forecast period. Growing sensitivity toward pets is a key factor restraining the global pet accessories market
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The report has segmented the pet accessories market in terms of type, pet type, distribution channel, and region. In terms of type, outdoor accessories segment is expected to witness high demand during the forecast period. Outdoor pet accessories are preferred over other types. Based on pet type, the dog segment held a major share of the global pet accessories market in 2018. Dogs are preferred as pets across the world. In terms of distribution channel, online is expected to be the most attractive segment during the forecast period. Social media also adds to online sales, as consumers often rely on internet learning and blogs about new trends and products. Based on region, North America is projected to hold a major share of the global pet accessories market, followed by Europe and Asia Pacific. North America dominated the global pet accessories market, owing to increase in pet adoption in the U.S., Canada, and Mexico.
The pet accessories market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences
The report includes below mentioned pointers of major players operating in the pet accessories market:
- Competition Matrix
- Company Overview
- Market Share Analysis (2018)
- Product Innovation
- Business Strategies / Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
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Some of the major players operating in the pet accessories market are featured in this report to give a better competitive analysis of the market and these include Ancol Pet Products., Masterpet, Petmate Holdings Co, Starmark Pet Products, Inc, Doggy Man H.A.Co.,Ltd., Ferplast SpA, Ethical Products, Inc, Rolf C. Hagen, Inc, Hangzhou Tianyuan Pet Products Co.,Ltd, Pet Brands Ltd and ComfyPet Products.
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