The Pet Toys Market is Predict to reach USD 15 Billion by 2031, at a CAGR of 7.7%

08-May-2024 | Report Format: Electronic (PDF)

Pet Toys Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Pet Toys Market size is expected to reach $15 billion by 2031, rising at a market growth of 7.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 4,53,379.16 thousand units, experiencing a growth of 15.0% (2020-2023).

Pet Toys Market Size - By Region

The Offline segment is registering a CAGR of 7.2 % during the forecast period. Offline pet stores offer a tangible shopping experience where customers can see, touch, and interact with a wide variety of pet toys before making a purchase. This hands-on experience allows pet owners to evaluate the quality, durability, and suitability of toys for their furry companions, leading to higher satisfaction and confidence in their purchase decisions. Hence, these aspects can boost the demand for pet toys in the upcoming years.

The Stuffed Toys segment is leading the Global Pet Toys Market by Type in 2023, thereby achieving a market value of $4.8 billion by 2031. Stuffed toys provide pets with a sense of comfort and security by mimicking the texture and shape of companions, such as other animals or familiar objects. The soft and plush material of stuffed toys can be a surrogate companion for pets, especially during separation or when seeking comfort. Thus, these factors will assist in the growth of the segment.

The Dog segment is experiencing a CAGR of 7.2 % during the forecast period. Dogs are increasingly viewed as integral family members, with pet owners seeking to provide them with the same level of care, attention, and enrichment as they would for any other family member. This shift in mindset has led to greater investment in high-quality toys that cater to dogs’ physical, mental, and emotional needs. Therefore, the segment will expand rapidly in the coming years.

Full Report: https://www.kbvresearch.com/pet-toys-market/

The North America region dominated the Global Pet Toys Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5.6 billion by 2031. The Europe region is poised to grow at a CAGR of 7.4% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 8.3% during (2024 - 2031).