The global pet household market size is valued at $4.01 billion in 2023 and is expected to grow to $6.09 billion by 2030, exhibiting a CAGR of 6.14% during the forecast period. Pet beds and furniture, also known as animal-friendly furniture, are designed to provide cats, dogs, and rabbits with a safe haven and space where they can rest at home. Manufacturers are developing innovative items such as temperature-adjustable electric heated beds, orthopedic beds, etc. to improve the health of pet dogs, which is increasing the demand for the same. Products made of goliver and artificial fur are in high demand worldwide due to their reasonable prices for the middle class.
Information source: https://www.fortunebusinessinsights.com/pet-furniture-market-106261
Major Key Companies Operating in Pet Furniture Market:
segment:
Increasing consumer interest in pet couches and beds is leading the market growth.
Depending on the type, the market is segmented into pet sofas and beds, pet houses, pet trees, etc. In addition to providing comfort for pets, pet furniture is often seen as a home decoration item and enjoys high preference due to its multi-functionality and stylish appearance.
The increase in dog population will boost the sales of pet furniture products.
Depending on the type of pet, the market is segmented into dogs, cats, aquatic pets, birds, etc. Furniture sales around the world are dominated by dogs. The increase in the number of pets, especially dogs, during the containment period accelerates the sales of pet beds and furniture around the world. More people are owning dogs in the United States due to the infectious disease.
There is an increasing number of offline retail stores facilitating the sale of products around the world.
Based on distribution channel, the market is categorized into offline retail and online retail/e-commerce. In the future, offline retail sales channel will dominate the market. 2020 saw the growth of the pet sector due to the increase in the number of pet owners during the containment period in countries such as the US, Germany, India, and China.
Report Coverage:
The report offers:
•Major growth drivers, restraining factors, opportunities, and potential challenges forthemarket.
•Comprehensive insights into the regional developments.
•List of major industry players.
•Key strategies adopted by the market players.
•Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers and Restrictions:
A wide variety of multi-functional and customized products are available, favoring market growth
The introduction of high-quality, multi-purpose, customized pet beds and furniture that can accommodate pets of all sizes is driving demand for the product. A key factor driving the sales of pet furniture products in the market is the availability of dog and cat furniture products that suit consumer preferences, including a variety of colors, patterns, and features that ensure the comfort of pets. With the focus on innovative multi-purpose furniture products that can be used by pet owners and animals together, the pet furniture market share is expected to increase.
Conversely, the use of sustainable and high-quality materials for pet furniture may result in higher costs, which may hinder the growth of the pet furniture market.
Regional insights
The growing pet population in North America is dominating the market.
The North American market is expected to expand significantly during the forecast period. One of the major factors driving the demand for pet beds and furniture is the increase in the number of pets in the United States during the containment period. According to the American Pet Products Association, the U.S. states with the highest percentage of pet-raising households in 2021 are Wyoming (72%), West Virginia (71%), Idaho, Vermont, and Nebraska (70%).
Europe is expected to witness significant growth as the pet population increases, increasing the demand for pet beds and furniture in European countries such as Germany, UK, and France.
Competitive Landscape
Geographic expansion and new product launches to increase sales and product visibility
To maintain their market position, the major players in the market have implemented various competitive strategies and are currently focusing on designing and creating innovative multi-purpose pet products. To create innovative product designs, large players in the fragmented market invest in research and development operations. For example, French pet care company ZOLUX launched a new eco-friendly cat housing line in January 2021. The sustainable product line offered cat trees and small cat houses.
Key industrial developments: