FACTS AT A GLANCE
Editing: 19; Posted: April 2021
Executive commitments: 3186
Companies: 167– Players covered include Ancol Pet Products Limited; Ferplast SpA; Rolf C. Hagen Inc .; Rosewood Pet Products Ltd .; Spectrum Brands Holdings, Inc .; Unicharm Corporation et al.
Blanket: All major geographies and key segments
Segments: Product (pet toys and other products); Type of pet (dogs, cats and other types of pets)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Pet Accessories Market To Reach $ 42.3 billion by 2026
The emergence of pets as an extended part of the family rather than mere pets is driving consumer spending on pet care. Pets such as cats and dogs are known to provide comfort, companionship and support, fulfilling the human need for emotional connection and physical contact. Studies have shown that interactions with a cat or dog reduce cortisol levels and blood pressure while improving the secretion of oxytocin, dopamine and serotonin which relaxes the human body. Home stay restrictions due to the COVID-19 outbreak have presented the perfect opportunity to own pets and spend time with pets. Amid COVID-19 Crisis, Global Pet Accessories Market Is Estimated At US $ 29.4 billion in 2020, is expected to reach a revised size of US $ 42.3 billion by 2026, with a CAGR of 6.3% over the period. Pet Toys, one of the segments analyzed in the report, is expected to register a CAGR of 6.9% and reach US $ 19.8 billion at the end of the analysis period.
The US market is estimated at $ 12.2 billion in 2021, when China is expected to reach $ 5.6 billion by 2026
The market for pet accessories in the United States is estimated at US $ 12.2 billion in 2021. China, the world’s second-largest economy, is expected to reach a projected market size of 5.6 billion US dollars by 2026, with a CAGR of 8.3% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 5.3% and 5.6% respectively over the period 2020-2027. In Europe, Germany is expected to grow at around 5.7% CAGR. Housing and bedding products designed for pets are growing in popularity, especially in the developed economies of North America and Europe. Manufacturers targeting these regions are emphasizing product innovations to help pet owners adopt a convenient lifestyle. On the other hand, the pet toy market is growing strongly in both developed and developing economies. Pet toy purchases are on the rise, mainly due to the growing desire of pet owners to keep their pets active. With pet safety becoming a major concern for pet owners, the demand for natural and organic toys and accessories is increasing. Following
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