The global pet furniture market is expected to reach USD 3.0 billion, by 2025, according to a new report released by Million Insights. The market is expected to grow with a CAGR of 5.2% during the forecast period. The growing trend of pet humanization has led to a rise in spending on pet products. In addition, the availability of multi-functional pet furniture is a key factor supplementing the market growth.
There has been a significant rise in pet adoption in the recent past. Owning expensive breeds of cats and dogs has become a status symbol across the globe. Further, changing lifestyles and increasing trend of a nuclear family are leading to a rise in pet adoption in both developed and developing countries.
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Asia Pacific is expected to grow with the fastest CAGR of 6.4% during the forecast period, 2019 to 2025. China, India and Australia are the leading countries in this region. China has witnessed a rapid rise in the domestic animal population as the total number of animals increased from 389 million in 2013 to 755 million, in 2017. The rise in the animal population resulted in an increase in spending on them. The country spent over USD 24 billion on pet care, in 2018.
Leading cities such as Beijing, Shanghai and Guangzhou are the prominent markets in China. Rising per capita expenditure is the prime factor boosting pet adoption. Further, countries such as Australia and New Zeeland provide lucrative opportunities for the pet furniture market. New Zealand accounted for the highest number of animal ownership per household with the number stood at 68%, in 2018.
Amid changing consumer preferences, companies are focusing on introducing furniture made up of eco-friendly materials. Pets tend to chew nearby objects. The use of natural materials for furniture manufacturing will not have any adverse effect on pet health. Leading players are focusing on the introduction of innovative organic materials to boost their sales.
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Further key findings from the report suggest:
• Beds & sofas are expected to grow with the fastest CAGR of 5.7% during the forecast period, 2019 to 2025.
• Application wise, the dogs’ segment accounted for the largest market share in 2018. The segment held 43.2% of total revenue in 2018.
• Leading players in the pet furniture market include Ware Pet Product, Inkgrid, Nest Bedding, MidWest Homes For Pets and others. Players are emphasizing on the introduction of innovative organic material made furniture to garner a larger consumer base.
• North America accounted for the largest market share, in 2018 with an overall market share of 40.0%.
• Asia Pacific is the fastest-growing region with CAGR is expected to be 6.4% during the forecast period.
Million Insights has segmented the global pet furniture market on the basis of product, application, and region:
Pet Furniture Product Outlook (Revenue, USD Million, 2015 – 2025)
• Beds & Sofas
• Trees & Condos
Pet Furniture Application Outlook (Revenue, USD Million, 2015 – 2025)
Pet Furniture Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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