December 12, 2023 00:37 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 12, 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. Plush Big Eyed Cat Toys
This information is presented by Fortune Business Insights, in its report titled, “Pet Toys Market, 2023-2029.”
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List of Key Players Profiled in the Pet Toys 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.
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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North America is projected to dominate the global market, primarily due to the increasing adoption of pets in the U.S., consequently driving the demand for soft and pliable toy products.
In Europe, the pet dog and cat toy market are anticipated to experience rapid growth throughout the forecast period. This growth is attributed to the abundant presence of pet stores and manufacturing units for pet products in various countries within the region.
Meanwhile, the Middle East & Africa, as well as South America, are expected to benefit from the production of premium, high-quality pet animal toys. Manufacturers in these regions are inclined towards introducing new varieties of pet toys, contributing to market development in these areas.
Top Trends in the Global Pet Toys Market:
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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