Global pet toy sales are expected to grow at a healthy CAGR of over 7.2% during the 2021-2031 study forecast period, despite a period of slow growth in 2020, according to a study by the ESOMAR certified market research company, Future Market Insights. The research study tracks pet toy sales in more than 20 countries, offering a lucid analysis of changing market growth and trends.
Some of the leading brands offering pet toys in the market have now expanded their portfolio to offer natural pet toys, which may include natural cotton and straw rope play balls, and sisal toys. or interactive rope toys. These natural products are increasingly being touted as chemical-free, non-toxic, durable and biodegradable products, which are now gaining popularity among pet owners.
Parents of pets have expressed a desire to use products that are more sustainable and safe for the environment as well as for pets. This has encouraged pet toy manufacturers to come up with more durable products. Increasingly, pet toy companies are opting for sustainable materials for making pet toys to gain the attention of environmentally conscious parents. Currently, rubber represents the majority of pet toys produced on the market.
Key Points From The Pet Toys Market Research
- The increased focus on the welfare of companion animals will lead to the animal care market growth up by almost 2.7% between 2020 and 2021
- High degree of pet adoption supports sales of pet toys in the United States, allowing it to account for nearly 88% of the North American market in 2021
- Increased focus on pet health and welfare will see UK growth of 2.4% annually in 2021
- Growth observed in Germany and France should be higher than in the United Kingdom
- South Korea to experience strong growth and is expected to overtake China and Japan to become the number one market in East Asia by 2031
âDesirable claims such as eco-friendly, recycled, non-toxic, chemical-free, durable, eco-friendly, 100% recyclable and more are used by players to create a brand image with pet owners. Using such desirable claims has helped players attract consumers to their product and gain a competitive advantage, âsays an IMF analyst.
Impact of COVID-19 on the market
The covid-19 outbreak has impacted discretionary sales such as pet toys in the market. On top of that, online retail has seen a significant increase amid the covid-19 epidemic. Store closures have encouraged pet owners to switch from online retail to in-store retailing. On top of that, the covid-19 epidemic has spurred an ethical life in which people are now turning to local brands for purchases. Such changes in consumer buying behavior have had a significant impact on the pet toy market.
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Some of the major players in the pet toy market are Central Garden & Pet Company, Mammoth Pet Products, Cosmic Pet, Jolly Pets, ZyppyPaws, Fluff and Tuff, Inc., Radio Systems Corporation, West Paw, Multipet, KONG Company, Petmate, Benebone LLC, Kyjen Company, LLC., Petsport USA, Inc., Company of Animals, Ltd., Honest Pet Products, etc.
Manufacturers currently operating in the market place great emphasis on product innovation. In addition to this, the players are also committed to offering personalized solutions to customers. Promoting products through various campaigns and events such as dog shows is a key strategy adopted by various players in the pet care market.
For example, Kong Company is one such company that is committed to promoting its products through campaigns. On top of that, TV and social media apps dramatically help businesses increase product sales across the globe.