Recently, Dashu Cross-border released the "2024 Pet Products Market Insight Report", which analyzes the market size of pet products in 2023 and provides insight into the future development trend and development trend of pet products.
According to the report, the global pet products market will exceed $45 billion in 2023, including $5.7 billion for pet cleaning and grooming products, $8.5 billion for pet toys, and more than $800 million for pet home furnishings.
The details of the report are as follows:
In 2023, the supply market will exceed $45 billion
CAGR of 3.03%
According to the report, the global pet market size will be $277 billion in 2023, with a CAGR of 6.1%, and the size is expected to reach $350 billion in 2027.
The pet products market is expected to grow at a CAGR of 3.03% from 2022 to 2028, and the global pet products market size will exceed $45 billion in 2023 and is expected to reach $67.725 billion by 2027.
The increasing number of pet owners and the shift in consumer attitudes are the key factors driving the growth of the market, with both the number of pet owners and the associated spending increasing significantly compared to the past decade.
The toy market is expected to reach $15 billion this year
The market size of cleaning products will exceed 10 billion in the future
In terms of pet toys, which is a popular category of pet products, its market size is expected to grow from USD 8 billion in 2022 to approximately USD 15 billion by 2032, growing at a CAGR of 6.70% during the forecast period of 2023 - 2032.
Among them, ball toys have the largest market share, accounting for about 46%, and dog pets account for 51% of the global market share in terms of breeds.
In terms of cleaning products, data shows that the global pet cleaning and grooming market size was valued at USD 5.7 billion in 2023 and is expected to exceed USD 10.1 billion by 2032, growing at a CAGR of 6.8% during the forecast period.
North America dominates the market with a 36.2% share, while Asia-Pacific has a significant market share of 23.6%.
With the increasing awareness of environmental protection and pet health-related issues, pet owners are increasingly concerned about the addition of chemical ingredients in pet cleaning products, so organic cleaning products are a major trend in the future.
In terms of pet household products, the global pet furniture market is expected to reach $1 billion by 2025, and the market is expected to be valued at $2.7 billion by 2028. The CAGR is estimated at 5.80% during the forecast period 2024 - 2029.
North America is the largest market for the pet furniture category, while Asia-Pacific is the fastest-growing market. Among them, Indonesia, Vietnam, the Philippines, and Thailand are the countries with the highest number of pet owners in the Asia-Pacific region.
Pet Supplies Trend Insights
Smart, high-end, DTC, environmentally friendly
The report also provides trend insights into pet products:
1. New tricks, smarter
Pet owners have a high acceptance of the new concept of pet products, and with the concept of pet humanization being promoted, pet products have begun to innovate a lot in terms of functional research and development to launch more unique pet product categories, which are deeply loved by pet owners. In the category of "pet wipes", for example, searches for "pet wipes" have increased by 185% over the past 5 years.
On the other hand, the concept of intelligent pet products is gradually occupying the minds of consumers, and e-commerce platforms such as Amazon can see many smart pet products occupying the best-selling list. With the addition of the younger generation of consumers, their busy life rhythm and preference for high-tech products have also promoted the development of intelligent pet products.
2. High-end brands are sought after
With the improvement of consumer concepts, pet owners are no longer satisfied with only buying basic products necessary for feeding pets, but seek products with higher quality, more characteristics and emotional value. This has promoted the rise of high-end pet products brands, and consumers' attention and sense of identity with the brand have skyrocketed.
From pet food and toys to pet clothing to pet care and medical products, consumers expect not only functionality, but also quality, design and branding. This trend indicates that high-end pet products brands will continue to occupy a larger share of the market and have a more far-reaching impact on the market.
3. DTC brand strategy
The key to building a high-end brand is to give consumers a deeper brand impression, and the DTC model can better control the brand image and enhance the brand influence. Enterprises can also obtain consumer feedback and evaluation faster and more directly, which is convenient for product improvement and optimization.
At the end of 2020, the DTC pet products market was estimated to be worth $13.2 billion. Taking Chewy as an example, Chewy reported revenue of $11.15 billion in 2023, an increase of 10.2% compared to the previous year.
4. Pay more attention to environmental protection
As the size of the pet market continues to expand, so do consumer needs. People pay more attention to the health and welfare of their pets and want to provide the best products and services to their pets. When it comes to choosing pet products, consumers are increasingly preferring harmless, environmentally friendly and sustainable products. This is based not only on the concern for the health of pets, but also on the awareness of environmental protection and sustainable development.
Finally, the report argues that the current pet products market is increasingly oriented to the needs of consumers and the pets themselves, and focuses on personalization and customization. These trends will further drive innovation and diversity in the market, creating an unrivalled and diverse market for pet products. For cross-border sellers, this requires greater market sensitivity, bolder innovation, and more detailed operational strategies. However, it is in this environment of both challenges and opportunities that more excellent products and services can be generated.