Global pet toys sales are expected to grow at a healthy CAGR of over 7.2% during the study forecast period 2021-2031, despite a period of sluggish growth in 2020, according to a study by ESOMAR-certified market research firm, Future Market Insights. The research study tracks pet toys sales in 20+ countries, offering a lucid analysis of how growth and market trends will unfold.
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Some of the leading brands offering pet toys in the market have now expanded their portfolios to offer natural pet toys, which might include play balls made with natural environmental cotton and straw rope, and sisal toys or interactive toys made of rope. These natural products are increasingly promoted as chemical-free, non-toxic, sustainable, and biodegradable products which are now gaining popularity among pet owners.
Pet parents have expressed a desire to use more sustainable products that are safe for the environment as well as the pets. This has encouraged pet toy companies to offer more sustainable products. Pet toy companies are increasingly opting for sustainable materials for manufacturing pet toys to attract the attention of environment-conscious pet parents. Currently, rubber accounts for the majority of pet toys produced in the market.
Key Takeaways from the Pet Toys Market Study
- Increasing focus on pet wellness will cause the pet care market growth to increase by nearly 2.7% between 2020 and 2021
- The high degree of pet adoption supports pet toys sales in the U.S., enabling it to account for nearly 88% of the North American market in 2021
- Increasing focus on pet health and wellness will enable the U.K. to register y-o-y growth at 2.4% in 2021
- The growth exhibited in Germany and France is expected to be higher than in the U.K.
- South Korea will register high growth and is projected to surpass China and Japan to emerge as the leading market in East Asia by 2031
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Impact of COVID-19 on the Market
The covid-19 outbreak has impacted the discretionary sales such as pet toys in the market. Besides this, online retailing has recorded a significant surge amid the covid-19 outbreak. The store closures have encouraged pet owners to shift towards online retailing from store-based retailing. Besides this, the covid-19 outbreak has stimulated ethical living wherein people are now turning towards local brands for purchases. Such changes in consumer buying behavior have significantly impacted the pet toys market.
Who is winning?
Some of the key players present in the Pet Toys market are Central Garden & Pet Company, Mammoth Pet Products, Cosmic Pet, Jolly Pets, ZyppyPaws, Fluff and Tuff, Inc., Radio Systems Corporation, West Paw, Multipet, KONG Company, Petmate, Benebone LLC, Kyjen Company, LLC., Petsport USA, Inc., Company of Animals, Ltd., Honest Pet Products, etc.
Manufacturers currently operating in the market are stressing over product innovation. Besides this, the players are also engaged in offering personalized solutions to customers. Product promotion through various campaigns and events such as dog shows is a key strategy adopted by various players in the pet care market.
For instance, Kong Company is one such company that is engaged in promoting its products through campaigns. Besides this, TV and social media apps are significantly helping companies to increase their product sales across the globe.