Allied Market Research has released a comprehensive report forecasting a significant surge in the global pet toys market, estimating it to reach $18.4 billion by 2032.
The report, titled “Pet Toys Market By Type (Interactive & Self-play Toys, Stuffed Toys, Chew Toys, Chase & Fetch Toys, and Others), Pet (Dog, Cat, Bird, and Others), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032,” indicates a robust CAGR of 8.0% from 2023 to 2032.
Factors Driving Growth
The increasing trend of pet humanization stands as a key driver for the flourishing pet toy market. Pet owners’ growing willingness to invest in their pets’ well-being has led to heightened demand for various pet-related products, including toys. A survey conducted by the American Pet Product Association (APPA) reveals that pet owners annually spend over $56 on dog toys and $41 on cat toys. This surge in expenditure underscores the rising awareness among pet owners regarding the significant role of toys in pets’ lives.
In 2022, North America secured the highest market share, contributing to over one-third of the global pet toys market revenue. The United States, in particular, leads in total pet expenditure worldwide. According to the APPA survey in 2021, the U.S. witnessed an annual expenditure of $136.8 billion on pet-related products, with $56 allocated to dog toys and $41 to cat toys. On the other hand, Asia-Pacific is poised to experience the fastest Compound Annual Growth Rate (CAGR) of 9.8% from 2023 to 2032. This growth is attributed to emerging nations like China and India, where increasing household incomes create substantial opportunities for the market.
Expanding the Pet Toys Market Landscape
The pet toy market is witnessing substantial expansion, driven by the escalating desire of pet owners to provide the best for their animal companions. The growth is evident not only in developed regions like North America but also in the rapidly developing markets of Asia-Pacific. As the industry embraces this upward trajectory, it offers promising opportunities for businesses involved in the production and distribution of toys for pets.
As the demand for pet toys continues to rise globally, businesses operating in this sector are poised to capitalise on the evolving dynamics of the pet industry. With consumers increasingly prioritising the well-being of their pets, the toys market is expected to witness sustained growth in the coming years.
