🐶 Introduction 🐶
The pet industry is a booming sector, with no signs of slowing down anytime soon. With this trend in mind, it’s important to consider the potential opportunities that may arise in 2023. In this blog post, we’ll explore the increasing pet ownership trends, their impact on the pet industry, and some of the potential opportunities that may arise in 2023.
🐩 Pet Ownership Trends 🐩
In recent years, there has been an increase in pet ownership across many countries around the world. This is due to a number of factors such as increased urbanization, rising disposable incomes, and improved standards of living. As a result, pets are now seen as more than just companions – they’re part of the family!
Currently, there are several types of pets popular today including cats and dogs, as well as smaller animals like hamsters or guinea pigs. Additionally, exotic animals like lizards or snakes are also becoming increasingly popular among pet owners. Regardless of what type of animal people choose to own, one thing is clear: The demand for quality products and services has never been higher!
Farmvina is initiating a new project in Vietnam called PetBox to offer pet supplies with a coating layer of Anshin-kukan for anti-smell and anti-bacteria effect.
🐾 Reasons for Increasing Pet Ownership 🐾
There are several reasons why people have chosen to become pet owners over the past few years. These include improved access to veterinary care and medications, greater awareness about animal welfare issues, and an expanding range of services and products available for pets.
Additionally, many people view having a pet as a way to cope with stress or loneliness – especially during times when social contact is limited.
The increasing demand for quality products and services has had a major impact on the pet industry over the past few years. This includes new businesses emerging in response to consumer needs such as specialized veterinary clinics or online stores dedicated solely to selling pet supplies.
Furthermore, existing companies have also started focusing on providing better customer service experiences or offering more eco-friendly solutions for their customers.
🐕 Challenges Facing the Pet Industry 🐕
Despite all these positive trends in terms of rising demand for quality products and services related to pet care and ownership – there are still some key challenges facing this industry today.
These include an aging workforce (leading to difficulties attracting new talent) as well as safety concerns surrounding certain breeds (which can make it difficult for business owners to insure their premises).
Additionally, there is also growing competition from other industries such as human health care – which can lead to difficulty competing on price due to higher overhead costs associated with taking care of animals compared to humans.
🦮 Opportunities in the Pet Industry in 2023 🦮
Despite these challenges – there are still plenty of potential opportunities that will likely arise within the pet industry over the next few years. These include:
- Growing demand for quality services and products: Consumers will continue looking for ways they can provide better care for their furry friends while also making sure they’re getting high-quality items at reasonable prices. This means entrepreneurs should focus on developing unique offerings that stand out from competitors while also providing reliable customer service experiences so customers keep coming back!
- Increased focus on animal welfare & health care: As awareness around animal welfare continues to rise – so too does demand for specialized health care solutions such as specialized diets or preventative treatments/procedures tailored specifically towards certain breeds/species needs!
- Expansion into new markets & industries: A great way entrepreneurs can capitalize off this growing trend is by expanding into other markets such as organic dog food production or creating innovative marketing campaigns geared towards specific segments like young professionals who might be more inclined towards adopting dogs instead of buying them outright (or even looking into offering subscription boxes tailored specifically towards different kinds of pets!).
- More investment in technology & digital solutions: Technology can help businesses differentiate themselves by enabling them to offer unique experiences tailored directly towards customers’ individual needs – whether it’s through automated reminders about upcoming vet appointments or special offers sent directly via text or email notifications!
- Expanded use of eco-friendly solutions: As concerns about climate change continue mounting – consumers will likely be looking towards businesses offering sustainable solutions when it comes time for them to purchase items related directly with caring for their beloved pets! This could be anything from biodegradable poop bags all the way up too energy efficient kennels/cages used when transporting animals between locations!
🥳 Conclusion 🥳
It’s clear that despite some key challenges facing this industry today – there are plenty of potential opportunities that entrepreneurs should keep an eye out for over the next few years when it comes time start thinking about entering (or expanding) their businesses within this sector!
By focusing on providing high-quality services & products while utilizing technologies & eco-friendly solutions wherever possible – companies should be able to position themselves well within an ever-growing market which is full of potential! 😊
Below is a pet furniture’s report summary:
The global pet furniture market size to be valued at USD 3.0 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period. Increased availability of a wide range of multifunctional and fashionable furniture for pets on a global level is expected to remain favorable for the market. Furthermore, rising spending on pet care in developed economies, including Germany, U.K., and France, is projected to be a key market trend. Consumer demand for innovative and fashionable pet accessories such as furniture is rising significantly. Over the past few years, furniture has evolved significantly across the world. Manufacturers in this industry are focusing on multi-functional and stylish product innovation, which can serve the requirement of pet owners. They have been following a design-driven approach, which can complement the home décor of the pet owner.
The material of the products is also changing over the years. Manufacturers are using designer prints and premium fabrics, faux furs, and wickers for their products. Natural and environment-friendly raw materials such as jute and banana leaves are also gaining popularity among consumers. Spending on domestic animals has been rising significantly over the world. Owners are spending a significant amount on toys, clothing, beds, travel accessories, collars, leashes, bowls, medicine, gifts, grooming services, and veterinary services. The millennial population is increasing its spending relatively higher than other age groups. As of 2018, around 35.0% of owners belonged to the millennials age group on a global level. The rise in spending, along with the overwhelming passion of the millennials age group, is fueling the industry growth across the globe. Generally, domestic animals are treated like a family member, which encouraged the owners to spend more time on them.
Over the past few years, the trend of bringing and keeping pets in offices has been rising. These pet-friendly offices are also expected to raise the demand for the product in the near future. Increasing demand for multi-functional beds is another important trend, which has encouraged manufacturers to invest in such type of products. These multi-functional beds are designed to track the weight of the animal and simultaneously control the climate according to the pet’s comfort. In addition, some products can serve both the pet and the owner at the same time. This furniture combines pet bed and owner’s furniture including coffee table, bedside table, and chair, in a single product. Consumers, who have small space, are boosting the demand for such furniture product forms.
Pet Furniture Market Trends
Pet adoption is gaining popularity among millennials, which is acting as a key driver for the increase in product demand. Consumers are preferring customizable furniture for their pets. Moreover, features such as big storage spaces, seating, and bedding combinations are likely to boost the market growth.
Advancements in pet furniture such as smart pet furniture that blend with the owner’s house furniture are likely to drive the demand for these products. Moreover, the increasing trend of taking pets to offices has driven the demand for innovative furniture for pets in the workspace. However, the high cost associated with these products is likely to hamper market demand in emerging nations.
Report Coverage & Deliverables
Beds and sofas held the largest market share of more than 35.0% in 2018. A range of beds and sofas are available in the industry, which is designed according to the weight, size, and shape of the user. Over the past few years, demand for temperature control and orthopedic beds has been rising notably due to their health benefit. Orthopedic beds offer support to backbone, muscles, and joints, and prevent joint problems. On the other hand, electrical heating beds are also available in both heavy padding and thin padding. Similarly, gel packs are included to keep the bed cool in summer. Donut beds, bolster beds, pillow or cushion beds, and outdoor cots are also gaining popularity over the years. Polypropylene, silica, and glycerin made beads are also used for decoration purposes. Growing cat adoption on a global level is driving the demand for trees and condos.
In 2018, the dog segment accounted for more than 40.0% share in the pet furniture market. U.S., China, Russia, Japan, Philippines, India, Argentina, and U.K. have the largest dog population in the world. As of 2018, more than 60 million households in the U.S. owned over 89 million dogs across the nation. Popular dog breeds in the U.S. and U.K. include pugs, bulldogs, and French bulldogs.
Cat furniture held a significant share in 2018. The major countries having the highest number of cats include the U.S., China, Russia, Brazil, France, Germany, U.K., and Italy. Around 45% of U.S. households own a cat and expenditure on these animals has been rising over the years.
Birds and fishes are also very common domestic animals across the globe. In terms of bird ownership, Brazil, Italy, the U.S., Australia, France, Netherlands, Spain, and Germany are the prominent markets. Similarly, in terms of fish ownership, U.S., France, Brazil, Australia, U.K., and China are key economies.
North America was the largest regional market, accounting for 40.0% share in 2018. Around 68% of the U.S. households owned a pet in 2017. Dogs and cats are the most popular among them, accounting for more than 80% of the domestic animal population in the nation. However, fish, birds, reptiles, and horses are also adopted in a significant number. Consumers own a combination of animals in the U.S. As of 2018, 46% of the household owns more than one pet in this nation. Among them, 32% household own combination of dogs and cats. Similarly, 11% own dogs and fish, 9% own cats and fish, and 7% own dogs and birds.
Over the past few years, the expenditure on this segment has been increasing significantly in this region. As of 2018, the expenditure on the domestic animal in this region was more than USD 72 billion. According to the American Veterinary Medical Association, the rural states of the U.S. have the highest ownership of domestic animals. These states include Wyoming, West Virginia, Nebraska, Vermont, Idaho, Indiana, Arkansas, Mississippi, Oklahoma, and Colorado.
Europe holds a significant market share in 2018, wherein around 80 million households own domestic animals. Over 21% of household own dogs and more than 24% of household own cats. According to the European Pet Food Industry Federation (FEDIAF), the pet accessory market valued at USD 7.9 billion in 2017. 45% of Romanian household own dogs and 45% own cats. In U.K., fish is the most popular domestic animal.
Asia Pacific is the fastest-growing market, registering a CAGR of 6.4% from 2019 to 2025. India has the fastest-growing dog population in the world. Increasing per capita income in India has been allowing the consumers to spend more on luxury goods, such as pet furniture. China is another emerging market for the product. Beijing and Shanghai are the prominent markets of this economy. In Australia, 92% of cats and 76% of dogs are kept indoors, which implies a significant demand for pet furniture in this nation.
Key Companies & Market Share Insights
Key players in this industry include North American Pet Products; Go Pet Club; MidWest Homes For Pets; PetPals Group, Inc.; Ware Pet Products; Ultra Modern Pet; Inkgrid; and Inter IKEA Systems B.V. Over the past few years, online sales of the product have increased remarkably over the world. Therefore, manufacturers in this industry are emphasizing on e-commerce distribution channels. China and the U.S. have witnessed growth in online sales in recent years.
Over the past few years, players have also increased their spending on products made with natural and eco-friendly raw materials. For instance, in May 2018, Inter IKEA Systems B.V. launched a wide range of eco-friendly furniture and toys made with sisal, paper rope, and water hyacinth. They have used particleboard as a major raw material for cat furniture, which has a capacity of more than 40 lbs.
Global Pet Furniture Market Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global pet furniture market report on the basis of product, application, and region.
For a detailed report, you can visit this site.
Originally posted 2023-03-07 15:57:46.