“Global Pet Toys Market to reach a market value of USD 15 Billion by 2031 growing at a CAGR of 7.7%”
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).
The trend towards urbanization in Europe has led to smaller living spaces and increased indoor living for pets. The Europe region would acquire 29.75% revenue share in 2031. Also, the Europe region would utilize 2,51,772.26 thousand units of Pet Toys by 2031. As a result, there is a growing demand for indoor pet toys suitable for apartment living and providing opportunities for exercise and enrichment in confined spaces. Hence, owing to these factors, the segment will witness increased demand in the upcoming years.
With rising disposable incomes and evolving lifestyles worldwide, there has been a notable increase in pet ownership rates across various demographics. Pet owners seek toys that accommodate indoor play, address behavioral needs, and promote bonding activities between pets and their human companions. Thus, owing to these factors, there will be enhanced demand in the market.
Additionally, in today’s pet-centric culture, pet owners prioritize their furry companions’ physical and mental health as integral to their overall well-being. By combining playtime with dental care, these toys offer a convenient and enjoyable way for pet owners to address their pets’ oral hygiene needs. Hence, the market will grow rapidly in the coming years.
However, as pet ownership costs rise due to veterinary care, food, grooming, and pet insurance, pet owners may prioritize essential expenses over discretionary purchases like toys. DIY toys offer a cost-effective alternative to store-bought toys, allowing pet owners to provide enrichment and stimulation for their pets at minimal cost, thereby reducing the demand for commercially manufactured toys. Hence, these factors will decrease demand for toys in the coming years.
Based on distribution channel, the market is bifurcated into online and offline. In 2023, the online segment witnessed 44.4% substantial revenue share in the market. In terms of volume, the online segment consumed 2,09,879.19 thousand units in 2023. Online retailers offer a vast selection of toys providing consumers with unparalleled choice and flexibility. As per the State Council of China, the nation’s e-commerce transaction volume totaled 43.83 trillion yuan (about 6.17 trillion U.S. dollars) in 2022, up from 31.63 trillion yuan in 2018. Therefore, these factors will pose lucrative growth prospects for the segment.
Based on type, the market is segmented into interactive & self-play toys, stuffed toys, chew toys, chase & fetch toys, and others. In 2023, the chew toys segment garnered 23.5% significant revenue share in the market. In terms of volume the chew toys segment consumed 97,908.10 thousand units in 2023. The chew toys promote chewing and gnawing, help remove plaque and tartar buildup, prevent gum disease, and maintain healthy teeth and gums. Veterinarians emphasize the importance of supporting their pets’ dental health. Hence, these factors can boost the demand in the segment.
Based on pets, the market is divided into dogs, cats, birds, and others. In 2023, the cat segment witnessed 32.58% substantial revenue share in the market. In terms of volume the cat segment consumed 1,44,990.66 thousand units in 2023. The number of cat owners has been steadily increasing, with cats ranking among the most popular pets globally. As more households’ welcome cats into their homes, there is a corresponding rise in demand for toys that provide enrichment, stimulation, and entertainment for them. Thus, owing to these factors, there will be enhanced demand in the segment.
Free Valuable Insights: Global Pet Toys Market size to reach USD 15 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured 38.87%, the highest revenue share in the market in 2023. In terms of volume the North America region consumed 1,70,651.92 thousand units in 2023. North America has a strong culture of pet ownership, with a large percentage of households welcoming pets into their homes. Dogs, cats, and other companion animals are considered valued family members, leading to increased spending on pet care products, including toys. Thus, these factors will fuel the demand in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 8.4 Billion |
| Market size forecast in 2031 | USD 15 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.7% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 351 |
| Number of Tables | 730 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Pet, Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Unicharm Corporation, Benebone LLC, The Kyjen Company, LLC (J.W. Childs Associates, L.P.), Doskocil Manufacturing Company, Inc., Pets at Home Group Plc, Spectrum Brands Holdings, Inc., KONG Company, Chewy, Inc., Central Garden & Pet Company, Coastal Pet Products, Inc. |
By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Pet (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
This Market size is expected to reach $15 billion by 2031.
Growing pet ownership rates and humanization trends are driving the Market in coming years, however, Increasing cost of pet ownership restraints the growth of the Market.
Unicharm Corporation, Benebone LLC, The Kyjen Company, LLC (J.W. Childs Associates, L.P.), Doskocil Manufacturing Company, Inc., Pets at Home Group Plc, Spectrum Brands Holdings, Inc., KONG Company, Chewy, Inc., Central Garden & Pet Company, Coastal Pet Products, Inc.
In the year 2023, the market attained a volume of 4,53,379.16 thousand units, experiencing a growth of 15.0% (2020-2023).
The Stuffed Toys segment is leading the Market by Type in 2023, thereby achieving a market value of $4.8 billion by 2031.
The North America region dominated the 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.
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