7% CAGR Projection Over the Next Five Years In Pet Accessories Market


The pet accessories market size is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
The availability of a wide range of fashionable and multifunctional pet accessories is one of the major reasons for the pet accessories market growth. Designs of pet accessories have evolved tremendously over the last couple of years. Vendors are exploring innovative ways of combining multiple functions and styles to cater to the demands of pet lovers. They are designing and developing accessories including furniture that fit seamlessly in homes without compromising on the aesthetic value. Traditional pet furniture only served certain uses. However, advanced furniture such as beds, sofas, gates, crates, and trees, are now being designed to blend with other home furniture.
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As per Technavio, the advent of smart pet accessories will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Pet Accessories Market: Advent of Smart Pet Accessories
The advent of smart pet accessories is one of the major trends being witnessed in the global pet accessories market. Vendors have introduced various smart pet accessories, such as smart bed, smart pet feeder, and connected pet collars. The players are also investing in R&D to design smart pet furniture to attract affluent customers. For instance, Petrics Smart Pet Bed & Activity Tracker, a pet health technology company, launched a Smart Pet Bed, Activity Tracker, and Pet Health and Nutrition Application at Consumer Electronics Show (CES) in January 2018.
“Factors such as the growing popularity of customization in pet accessories, along with technological innovation and portfolio extension will have a significant impact on the growth of the pet accessories market value during the forecast period,” says a senior analyst at Technavio.
Pet Accessories Market: Segmentation Analysis
This market research report segments the pet accessories market by product (pet toys and others), by application (dogs, cats, and others), by distribution channel (offline and online), and by region (Americas, EMEA, and APAC).
The Americas held the largest share of the market in 2018, followed by EMEA and APAC respectively. The region is expected to maintain its market dominance during the forecast period.
Location: United States

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