Pet Furniture Market is Estimated to be Valued at US$ 1.8 Bn in 2022 and is Projected to Reach US$ 3.1 Bn by 2032 | FMI
12/19/2022, Newark // Future Market Insights, Inc. //
The global pet furniture market size is estimated to be valued at US$ 1.8 Bn in 2022 and is projected to reach US$ 3.1 Bn by 2032. The market is anticipated to exhibit growth at a CAGR of 5.8% from 2022 to 2032. Share of pet furniture market in the pet care market is approximately ~0.5% at present.
Rising pet adoption around the world has resulted in high demand for pet furniture. Increasing tendency of pet-parents to spend on premium and multi-functional products is expected to augment the growth in the market.
Increasing investments in research and development has led to the introduction of sustainable pet furniture products. Pet care products that provide health and comfort benefits, as well as entertainment for pets are gaining traction in the market.
In addition to this, players are launching new products at online retail channels to improve their regional presence. Consumers are preferring online retail channels across emerging economies due to lack of pet specialty stores. Increasing sales through digital platforms will propel growth in the market over the forecast period.
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“Rising adoption of pet furniture across animal rescue organization, along with growing influence of pet humanization culture through social medial platforms will boost sales of pet furniture worldwide,” says an FMI analyst.
- North America is expected to lead the global pet furniture market, holding 40-45% of the total market share.
- Trees and condos for cats will account for 30-30% of the total sales of pet furniture.
- Based on pet type, the cats segment will emerge as a lucrative segment.
- Demand for cotton-based pet furniture will remain high.
- Sales of pet furniture through pet specialty stores will continue gaining traction.
- Asia’s pet furniture market is forecasted to grow by a significant amount due to the increasing pet-adoption in major countries like India, China, and South Korea.
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Key players in the global pet furniture market are FurHaven Pet Products, Aosom LLC, Go Pet Club LLC, PetPals Group Inc., Inter IKEA Holding B.V., MidWest Homes for Pets, North American Pet Products, Ware Pet Products, Shanghai Senful Pet Products Co. Ltd, Tuft and Paw Co., Fable Pets, Wild One Co., LayLo Pets Co., PetGear Inc., Nest Bedding Inc., Prevue Pet Products, and Pet So Good among others.
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Market by Category
By Product Type:
- Sofa and Bed
- Condos and Trees
By Pet Type:
By Material Type:
By Sales Channel:
- Direct Sales
- Pet Specialty Stores
- Online stores
- Other Sales Channel
- North America
- Latin America
- East Asia
- South Asia
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The post Pet Furniture Market is Estimated to be Valued at US$ 1.8 Bn in 2022 and is Projected to Reach US$ 3.1 Bn by 2032 | FMI appeared first on Future Market Insights.
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Original Source of the original story >> Pet Furniture Market is Estimated to be Valued at US$ 1.8 Bn in 2022 and is Projected to Reach US$ 3.1 Bn by 2032 | FMI
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