Pet Toys Market Size Expected Reach to US$ 18.4 Billion by 2032,

Pet toy market

According to a new report published by Allied Market Research, titled “Pet Toys Market”, the report provides a detailed analysis of major investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and the changing market. tendencies. The pet toys market was valued at $8.3 billion in 2022, and is estimated to reach $18.4 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.

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A pet toy is manufactured for the enjoyment and well-being of companion animals such as dogs, cats and birds. These toys resemble certain types of geometric shapes, sizes and designs that appeal to a pet. This is even more the use of rubber, plastic and natural fiber such as jute. In addition, pet toys are manufactured with the intention of enhancing the mental and physical abilities of pets, through increasing participation in puzzle-solving tasks and physical exercise, such factors increase the market of pet toys.

In addition, pet owners in these countries have high disposable income, which makes them more able to meet various requirements for their pets and thus, they have high expenses for pets, increasing the size of the toy market for animals. These nations give in addition to different trends such as the premiumization and humanization of animals. As an increasing number of pet owners become aware of the health of their pets, they treat them as part of their family, providing them with high quality food and availing various services such as insurance, grooming and various types of animal toys.

Humanizing pets plays a pivotal role in how pet owners spend money on their pets. This change in the perception of pet owners leads them to understand the behavior of their pets and respond more appropriately. With widespread awareness about pets, owners are spending more time and money to improve the mental and physical health outcomes of pets as the pet toys market grows.

By type, the stuffed toys segment acquired the highest market share in 2022, accounting for more than one-third of the global pet toys market revenue and is estimated to maintain its leadership status in the entire forecast period. This is attributed to the fact that stuffed toys meet different needs of pets, especially cats and dogs, since these animals are more actively engaged in chewing and like to carry their toys. However, the interactive and self-play toys segment is projected to register the highest CAGR of 10.3% from 2023 to 2032, as interactive and self-play toys allow pets to interact with various features that are not limited to entertainment, such as the increase. their puzzle-solving skills that help develop their mental and physical attributes.

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On the basis of pets, the dog segment was the leading share contributor in 2022, accounting for more than two-fifths of the global pet toys market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that dogs are popular in many countries such as Brazil, China, the Philippines and the United States According to a survey conducted by the American Pet Products Association (APPA), 65.1 million families own dogs in the United States. the other segment is expected to register the highest CAGR of 10.0% from 2023 to 2032.

According to the distribution channel, the offline segment was the main shareholder in 2022, accounting for more than half of the global pet toys market revenue and is estimated to maintain its leadership status throughout the period of forecast This is attributed to the fact that offline distribution channels, including stores such as Walmart, offer a unique shopping experience, where consumers engage in shopping in person, select, and can allow their pets to select a certain pet toy he likes. In addition, these stores offer personalized services for customers, which contribute to the growth of the segment. However, the online segment is estimated to reach the highest CAGR of 8.5% from 2023 to 2032, as online distribution channels are growing due to the advantages they offer such as access to mass and remote consumers, affordable advertising and convenience shopping experience.

In terms of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the pet toys market revenue. The United States leads in terms of total spending on pets in the world. According to an APPA survey in 2021, annual spending on pet toys was $136.8 billion in the U.S. Additionally, annual spending on pet toys was $56 for dogs and $41 for cats. However, Asia-Pacific is expected to witness the fastest CAGR of 9.8% from 2023 to 2032 due to developing nations such as China and India, which represent potential growth opportunities for the pet toys market due to the constant increase in household income.

Key benefits for stakeholders:

> This report provides a quantitative analysis of the market segments, current trends, estimates and dynamics of the pet toys market analysis from 2022 to 2032 to identify the prevailing opportunities of the pet toys market for domestic animals.
> Market research is offered along with information related to key drivers, restraints, opportunities, and statistics of the Pet Toys market.
> Porter’s five forces analysis highlights the power of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
> In-depth analysis of Pet Toys market segmentation helps in determining prevailing market opportunities.
> The leading countries in each region are mapped according to their revenue contribution to the global market.
> The positioning of the market players facilitates benchmarking and provides a clear understanding of the current position of the market players.
> The report includes analysis of regional and global Pet Toys market trends, key players, market segments, application areas and market growth strategies.

Request more about this report (ask our experts) @https://www.alliedmarketresearch.com/purchase-enquiry/A07037

Reason to buy:

• Save and reduce the time of conducting entry-level research by identifying the growth, size, major players and segments in the global Pet Toys market.
• Highlights the key business priorities to guide companies to reform their business strategies and establish them in the broad geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Pet Toys Market, thereby allowing players to develop effective long-term strategies to achieve their market revenue.
• Develop/modify business expansion plans utilizing substantial growth offering to developed and emerging markets.
• In-depth scrutiny of global market trends and prospects coupled with factors driving the market as well as those restraining growth to some extent.
• Enhance the decision-making process by understanding the strategies that support the business interest in terms of products, segmentation and verticality of the industry.

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Allied Market Research (AMR) is a full service market research and business consulting firm of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises and medium and small businesses with unmatched quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a focused view to provide insights and business consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, CEO of Allied Market Research, leads the organization to deliver high-quality data and insights. We are in professional corporate relations with various companies and this helps us to dig the market data which helps us to generate accurate research data tables and confirms the maximum accuracy in our market forecast. All data presented in the reports published by us are extracted through primary interviews with the main officials of the main companies of the domain concerned. Our secondary data acquisition methodology includes in-depth online and offline research and discussions with industry experts and analysts.

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