The pet accessories market has been witnessing expansion in the last few years, as the number of pet related services have increased drastically The pet accessories market is highly competitive and fragmented, which covers various products such as toys, bedding & feeding products, utility products, care products, pet housing, and others. Manufacturers produce pet accessories considering the necessities of pets such as dogs, cats, reptiles and others. These pet accessories are sold through online and offline distribution channels. The offline distribution channel segment can be sub-segmented into supermarket, hypermarket, and specialty store. Moreover, the specialty store sub-segment is expected to dominate the offline segment of the pet accessories market during the forecasted period. Manufacturers are focusing on new product developments in order to increase their product portfolio. The value chain of pet accessories market comprises raw material providers, component providers, original equipment manufacturers, comprehensive distribution channels, and services provided by pet accessories manufacturer as well as component providers to various end-use segments such as commercial and residential. Pet accessories are available in different colors, sizes, materials, shapes, and portability options. Additionally, some pet accessories are easily washable. All these advantages and features make pet accessories highly popular around the world. As these pet or companion is an animal which are primarily kept for protection, entertainment, and person's company. Moreover, these pets provide their owners both physical and emotional benefits. All these expected to increase the number of pet owners across the world and this have a positive impact on the pet accessories market during the forecasted period.
Key factors driving the pet accessories market are the increase in number of pet owners and growing preference for natural and eco-friendly pet accessories among pet owners. Moreover, increase in the standard of living and disposable income is also driving the pet accessories market. Furthermore, awareness about the well-being of animal is expected to propel the pet accessories market worldwide. Rapid implementation of stringent government policies for the better caution of animals in emerging countries such as India and China is anticipated to drive the demand and create significant opportunity for market during the forecast period. All these factors are expected to drive the global pet accessories market during the forecasted period. However, growing sensitivity toward pets in humans is a key factor restraining the global pet accessories market.
Based on geography, the global pet accessories market can be segmented into North America, Middle East & Africa, Europe, South America, and Asia Pacific. Europe is expected to hold major share of the global market, followed by North America. Due to increasing concern for pets and pet care is expected to boost the pet accessories market in this region. Rising adoption of pets across South America and Asia Pacific is expected is fuel the market during the forecast period.
The pet accessories market is highly fragmented due to the presence of a large number of players that are privately-held and they operate in different segments. Key players operating in the global market include Hyper-Pet LLC (Kansas), Cycle Dog (USA), Honest Pet Products LLC (USA), MidWest Homes For Pets (Indiana), Simply Fido (New York), Outward Hound (United States), Innovation Pet (United States), Bed Bath & Beyond Inc.( United States), Petco Animal Supplies Inc (United States)., PET PARENT (United States), ThinkRace Technology (India), PT Labs, LLC (United States), Nestlé Purina(United States), Ancol Pet Products (UK), Pet’s World (Russia), Beeztees.com (United States), ABS Custom and others. Currently, the market is highly competitive. Market players are focusing on product innovations and new product offering in order to gain a competitive advantage in the market. This strategy helps them to sustain in the competition.
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