Pet Toys Market Expected to Reach $18.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pet Toys Market," 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. The pet toy market is witnessing high growth majorly due to the increase in the pet population globally. The consistently increasing number of pets worldwide in various economically developed countries in Europe, North America, and Asia-Pacific such as Germany, the U.S., and Australia, are largely contributing to growth in the economic value of the pet industry in totality. This surge elevates demand for pet food, services such as grooming, and basic supplies, including pet toys, as these expenses are recurring results in increasing pet toys market demand.

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 further features the use of rubber, plastic, and natural fiber such as jute.  In addition, pet toys are manufactured with the intent to enhance the mental and physical capabilities in the pet, through increasing participation in puzzle-solving tasks and physical exercise such factor surge the pet toys market Share.

Furthermore, pet owners in these countries have high disposable income, which makes them more capable of meeting various needs for their pets and thus, have high pet expenditure, surge the pet toys market size. These nations further give rise to various trends such as premiumization and humanization of pets. As an increasing number of pet owners become conscious about their pets health, they are treating them as a part of their family, by providing them with high-quality food and availing different services such as insurance, grooming, and different types of pet toys.

The humanization of pets plays a pivotal role in how pet owners spend money on their pets. This change in the perception of pet owners is leading them to understand their pet’s behavior and respond more appropriately. With widespread awareness about pets, owners are spending more time and money on improving pet’s mental and physical health results in pet toys market growth.

Pets often struggle with boredom, anxiety, and stress. Toys assist in reducing this in several ways by increasing their participation in playful activities, which further fosters their bond with their owners. In addition, pet toys play a major role in controlling destructive behavior that many pets engage in activities such as chewing furniture and scratching. By giving pet a toy that is dedicatedly made to meet their natural requirements of chewing and scratching, owners can reduce occurrence of such behavior.

However, increasing cost of ownership globally is hindering the pet toy market growth. This increase is attributed to several factors including high prices of pet food, supplies, and services. Several countries are recovering from the effects of the pandemic such as supply chain disturbances and labor shortage. This collectively leads to unmet needs for raw materials required to produce different products such as pet toys.

These factors together inflate the final prices of goods & services which make them more difficult for people to afford, especially households with lower income and people who are looking after a disabled person. According to a report published by the Animal Medicines Australia (AMA) in 2022, price was the leading decision factor for pet acquisition, followed by responsibility and progressive costs. This leads owners to prioritize expenditure on only essentials such as food.

The difficulties faced by pets and owners present the brands operating in the pet toy industry with numerous opportunities. A number of different companies are attempting to understand the requirements of owners through research, surveys, and consumer feedback. The demand is growing toward pet toys that are durable, functional, and interactive. Guru Pet Company, a pet toy manufacturer, is using ultra-durable thermoplastic rubber to develop toys that are safe for pets and prevent small toy parts from ingesting animal’s internal organs.

In addition, toys that feature attractive designs, colors, and appropriate shapes for pets to play with are gaining popularity. Moreover, surge in demand for eco-friendly toys as consumer worldwide become conscious about their carbon footprint, pet toy manufacturing companies are utilizing advanced technologies to recycle & reuse raw materials to produce environmentally friendly pet toys.

The pet toys market analysis into type, pet, distribution channel, and region. On the basis of type, the market is classified into interactive & self-play toys, stuffed toys, chew toys, chase & fetch toys, and others. Depending on distribution channel, it is bifurcated into online and offline. By pet, it is fragmented into dog, cat, bird, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, Italy, France, Russia, and rest of Europe), Asia-Pacific (China, India, Australia, Singapore, South Korea, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, Brazil, UAE, Argentina, South Africa, and rest of LAMEA).

Players operating in the pet toys industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Spectrum Brands Holdings, Inc, Unicharm Corporation, Petz Group, Fressnapf Tierfutter GmbH, Tractor Supply Company, Outward Hound, Doskocil Manufacturing Company, Inc., Pets at Home Group Plc, KONG Company, and Chewy, Inc.

KEY FINDINGS OF STUDY

• By type, the stuffed toy segment was the highest revenue contributor to the market in 2022.
• As per pet, the dog segment generated the largest revenue in 2022.
• Depending on distribution channel, the offline segment dominated the market in 2022.
• Region wise, North America was the highest revenue contributor in 2022.
• Asia-Pacific is expected to growth with highest CAGR during the forecast period, due to wider pet toys market opportunities