Pet Furniture Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report Till 2025
“The global pet furniture market size was USD 2.1 billion, in 2018. The market is expected to grow with a CAGR of 5.2% during the forecast period.”
The global Pet Furniture Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: The global pet furniture market is expected to reach USD 3.0 billion, by 2025, according to a new report released by Million Insights. The market is expected to grow with a CAGR of 5.2% during the forecast period. The growing trend of pet humanization has led to a rise in spending on pet products. In addition, the availability of multi-functional pet furniture is a key factor supplementing the market growth. Key Players:
American Pet Products Go Pet Club MidWest Homes For Pets PetPals Group, Inc. Ware Pet Products Ultra Modern Pet Inkgrid IKEA Systems B.V.
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Growth Drivers: The demand for visually appealing pet furniture is gaining traction among consumers. There has been significant up-gradation in furniture manufacturing technologies across the world. Manufacturers are focusing on stylish and versatile furniture products to meet the demand of pet owners. There have been significant changes in the materials used for pet furniture in the recent past. Manufacturers are focusing on using premium fabrics and designer prints for products. Moreover, manufacturers’ shift towards a design-driven approach is expected to complement the home decoration of pet owners. Product Outlook:
Beds & Sofas Houses Trees & Condos
Application Outlook:
Cats Dogs
Regional Outlook: North America held the largest market share with over 40.0%, in 2018. The region has a significant population of dogs and cats. Together, they accounted for over 80% of the market share, in 2018. The region is also witnessing a surge in the adoption of fish, birds, horses and other animals. The trend for adopting multiple pets is increasing in the United States. The country’s 46% of households have more than one pet as of 2018. Among them, nearly 32% of households have both dogs and cats, while 11% own both dogs and fish. Europe held a considerable market share, in 2018. Around 80 million households in the region own domestic animals. Among them, over 21% of households have dogs while 24% of households have cats. As reported by the European Pet Food Industry Federation (FEDIAF), the value of the pet accessory market was USD 7.9 billion, in 2017. Asia Pacific is the fastest-growing region and expected to grow with a CAGR of 6.4% during, 2019 to 2025. India is known to be the fastest -growing country in terms of the dog population. The rising trend of a nuclear family and increasing people’s spending capacity is expected to boost the sales of pet furniture over the forecast period. China is another lucrative market in Asia Pacific region with its cities such as Beijing along with Shanghai is expected to be prominent market. Australia has a large significant pet population. Over 90% of cats and 75% of dogs are kept in households in the country, which in turn creates a huge demand for pet furniture. COVID-19 Impact Insights The pet furniture market has been witnessing rapid decline owing to the outbreak of COVID -19. The pandemic has led to the closure of production units of furniture equipment. Moreover, disruption in the supply chain resulted in the shortage of raw materials, thereby, further, reducing the production. On the other hand, consumer spending on pet furniture has reduced significantly amid the financial crisis caused by the coronavirus. In addition, owing to low demand, manufacturers have reduced their spending on research and development. Factors such as introducing a low cost and durable product along with strengthening their online sales are estimated to be key among market players. Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
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