Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Pet Toys Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global pet toys market has grown strongly in recent years. It will grow from $3.04 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion witnessed during the historical period can be attributed to several factors. These include the rising demand for private labels in the pet industry, the increasing popularity of pet subscription boxes, a growing interest in pet ownership among consumers, the rising adoption rates of pets, and an increasing preference for eco-friendly and sustainable pet toys among environmentally-conscious consumers. 
The pet toys market is expected to see strong growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period is driven by several factors. These include the increasing demand among millennials and young children for pet-related products, the growing popularity of pet ownership leading to expanded product demand, a rising interest in pet subscription boxes, a growing focus on pet humanization, and the introduction of new and creative eco-friendly pet accessories and toys. Additionally, the increasing number of pet owners worldwide contributes to market growth.
The burgeoning trend of pet ownership is anticipated to drive significant growth within the pet toy market in the coming years. Pet ownership is on the rise due to shifting social norms, increased awareness of the benefits of pet companionship, and the influence of social media. Data from the American Pet Products Association in 2023 revealed a substantial increase in U.S. households with pets, indicating a growing demand for pet-related products. Similarly, findings from a national survey by Animal Medicines Australia in November 2022 highlighted the prevalence of pet ownership in Australian households, particularly among dog owners, underscoring the significance of the pet toy market's expansion.
Key players in the pet toy market are focusing on developing innovative products, such as interactive smart pet toys, to cater to the evolving needs of pet owners and enhance market revenues. For instance, Shenzhen Skymee Technology Co., Ltd. introduced the SKYMEE Owl Robot in March 2021, equipped with a camera, treat dispenser, and communication capabilities to enable remote interaction between pet owners and their pets. This innovative pet toy enhances the pet ownership experience by allowing owners to monitor and engage with their pets remotely, even when they are away from home.
In September 2021, Platinum Equity LLC acquired Cosmic Pet, bolstering its position in the pet industry and creating a platform with a comprehensive range of pet products. This strategic acquisition has facilitated the integration of Cosmic Pet's diverse product portfolio, including toys, beds, collars, treats, and accessories, into a leading platform that caters to the needs of pet owners. By leveraging Cosmic Pet's expertise and scale, Platinum Equity LLC aims to accelerate growth and further enhance its offerings to meet the demands of pet enthusiasts.
North America was the largest region in the pet toys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet toys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet toys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Product Type: Plush Toys; Rope and Tug Toys; Balls; Chew Toys; Squeaky Toys; Interactive Toys
2) By Material Type: Rubber; Cotton; Nylon; Plastic; Other Material Types
3) By Distribution channel: Online; Offline
4) By Application: Bird; Cat; Dog; Horse; Other Applications
Key Companies Mentioned: Petmate; Radio Systems Corporation; Multipet International Inc.; Coastal Pet Products Inc.; ChuckIt
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $3.28 Billion |
| Forecasted Market Value (USD) by 2028 | $4.42 Billion |
| Compound Annual Growth Rate | 7.7% |
A selection of companies mentioned in this report includes, but is not limited to:
- Petmate
- Radio Systems Corporation
- Multipet International Inc.
- Coastal Pet Products Inc.
- ChuckIt
- The OurPet's Co.
- Worldwise Inc.
- Company of Animals Ltd.
- Pet Qwerks Inc.
- Ethical Products Inc.
- ZippyPaws
- Outward Hound
- KONG Company
- The Hartz Mountain Corporation
- Jolly Pets
- Benebone LLC
- Honest Pet Products LLC
- Mammoth Pet Products
- West Paw
- Petsport USA Inc.
- Fluff and Tuff Inc.
- Kyjen Company LLC
- Starmark Academy
For more information about this report visit https://www.researchandmarkets.com/r/1a9pmy
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