Pet Utility Products Market: Overview
The market size for pet utility products was USD XX million in 2021, and it is projected to grow at a CAGR of XX percent during the forecast period. The expansion of the global pet utility goods market is being fueled by an increase in pet ownership, nuclear families, local manufacturers, and public concern for animal welfare. Additionally, having a pet and spending money on its upkeep are regarded as indicators of social standing and sensibility, which is anticipated to play a significant role in the market expansion for pet utility items. However, a significant factor that may restrain the growth of the global market for pet utility products is the low product quality offered by various market competitors, which raises the danger to animal health.
The current state of the global market for pet utility products is one of intense competition and significant fragmentation as a result of the presence of numerous notable players who are to blame for the fluctuating dynamics of the global market. For the new players hoping to make a name for themselves in the international market, this has grown to be a significant problem. The new players are using tactics like mergers and alliances to overcome this obstacle. These tactics allow the participants to gather the assets necessary to keep up with the rate of growth in the market for pet utility products on a worldwide scale.
On the other side, technology is also having a significant impact on how the pet utility business is evolving globally. For instance, businesses are creating RFID-enabled dog tags that can pinpoint a canine's whereabouts. Another illustration is a business that created a food dispatcher with IoT capabilities. Companies in the worldwide pet utility product market are gaining a competitive edge over their rivals thanks to these technologies and the solutions built on them. For instance, Fi - Next Generation Dog Collars announced the introduction of a smart GPS-enabled dog collar in March 2019 that will enable the owner to track the whereabouts of their dog in order to reduce the incidence of lost dogs.
Pet Utility Products Market: COVID-19 Impact
Different industries have been affected by the COVID-19 epidemic in different ways. It has helped the expansion of food, medical, and necessary products on the one hand, while hindering the growth of pet products on the other. In the context of COVID-19, the market for pet utility products has demonstrated a slowdown in growth. Despite the fact that it is not as severe as what is observed in other markets, COVID-19 has a detrimental effect on this market. Following COVID-19, there has been a change in customer behavior in relation to pet utility goods. People are now spending less on frivolous items and are more likely to buy products for their dogs that are dependable and safe. Additionally, the global COVID-19 epidemic has damaged the supply chains in various businesses. The lockout has impacted the production of pet utility products by making raw materials unavailable and leaving a personnel shortage.
Pet Utility Products Market: Drivers
Pets' Emotional Attachment to Drive Market Growth
These days, people treat their pets as a member of the family. Like every other family member, they have a personal bed, wardrobe, and other accouterments. The primary factor driving the growth of the global market for pet utility products from 2022 to 2027 is this emotional attachment. Additionally, it is because of this connection that companies operating on the international market are developing new goods like designer collars, personalized pet houses, and many others. The market for pet utility items worldwide is expected to develop between 2022 and 2027 as a result of these products' ability to draw in new clients.
Product Technological Advancement Driving Market Growth
Technology advancements have sparked the creation of cutting-edge items for the convenience and protection of both pets and pet owners. For instance, Fi, a manufacturer of modern dog collars, announced the introduction of a GPS-enabled smart dog collar in March 2019. In order to stop dog thefts, the smart collar enables the owner to track the dog's specific location. Furthermore, on Amazon's Black Friday and Cyber Monday sale days in the USA in February 2020, Jeff Bezos, CEO of Amazon, announced that Furbo, a dog camera co-created by Victor Chang and Maggie Cheung, was one of the fastest-selling smart home devices. During the projected period, rising awareness of animal care and an increase in pet ownership are anticipated to fuel market expansion.
Pet Utility Products Market: Restraints
Cheap Product Quality to Hamper Market Growth
A significant factor that may restrain the growth of the global market for pet utility products is the low product quality offered by various market competitors, which raises the danger of animal health. Additionally, the high initial cost of pet wearable devices brought on by the use of high-end technology is anticipated to restrain market growth, particularly in emerging nations. The low battery life and excessive power consumption of smart dog collars are also boosting the stakes for market giants.
Pet Utility Products Market: Segment Overview
Dogs Segment to Dominate Market due to Rising Number of Dog Owners
According to market trends for pet utility items, dogs are among the animal types that are expected to hold a larger market share over the course of the forecast period. This is due to the rising number of dog owners and the widespread preference for dogs as pets in many households. Dogs were the most popular pet in American households between 2017 and 2018, with 60.2 million households having one, according to the American Pet Items Association. This is expected to increase demand for dog utility products.
Pet Collars Dominated Market Due to Safety Concerns of Animals
In the forecast period, sales of pet collars are anticipated to increase as owners' worries about their pets' bad behavior and out-of-control behavior grow. This will help to protect the pets' safety. The market for pet collars will grow at the greatest CAGR over the forecast period. Smart technologies are to blame for the rise in GPS-equipped pet collars, pet cameras, smart feeders, and other smart gadgets that make life easier for pet owners. The need for pet collars will increase in the upcoming years as they help with crucial aspects of pet care such as identification, monitoring, restraint, and fashion.
Pet Utility Products Market: Regional Landscape
North America to Dominate Market due to Rising Pet Ownership in Region
The market is divided geographically into a number of areas, including North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America will continue to dominate the various regions during the projection period. This can be attributed to elements like rising costs for pet supplies and grooming. Additionally, increasing pet ownership will fuel market expansion in this area over the course of the projection period. Another important aspect for North America's supremacy in the worldwide industry is the simplicity of obtaining pets and various insurance coverage in the U.S. On the other hand, due to growing worries over animal health, the market in Europe will experience significant expansion. Between 2022 and 2027, the Asia-Pacific market is anticipated to develop due to bettering health reforms and growing animal health awareness. China's increasing interest in pet utilities can be partially attributed to the country's expanding dog and cat populations. China is among the top seven countries for cat and dog population compound annual growth rates (CAGR), along with India, Vietnam, Indonesia, and Malaysia. Sociocultural changes, rising living standards in many emerging economies, and rising concern for animal health and hygiene have all been shown to support market expansion.
The market for pet utility items in Europe is expected to grow as a result of growing animal health concerns. The enhanced distribution channels, improved health reforms, and more knowledge of animal health are the main reasons why the markets for pet utility products in the Asia Pacific, Latin America, the Middle East, and Africa are predicted to expand.
Global Pet Utility Products Market: Competitive Landscape
A smart GPS-enabled dog collar was introduced by Fi - Next Generation Dog Collars in March 2019. This collar allows owners to keep track of their dogs' whereabouts and reduces the likelihood of lost dogs occurring. Moreover, Fable announced the introduction of a cutting-edge pet gear line in March 2019 with the goal of enhancing the health and wellbeing of pets. Additionally, to improve the safety and health of dogs, Wagz, Inc. introduced Connected Homes for Dogs in January 2018. This system comprises smart dog collars, doors, and feeders.
Few of the players in the Pet Utility Products Market include ThinkRace Technology, Bed Bath & Beyond Inc., NITE IZE, Honest Pet Products LLC, PET PARENT, Simply Fido, MidWest Homes for Pets, IRIS USA, Outward Hound, Costal Pet Products Inc., Innovation Pet, Cycle Dog, Petco Animal Supplies Inc., Hyper-Pet LLC, PT Labs LLC, and K & H PET PRODUCTS.
Global Pet Utility Products Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Pet Utility Products Market
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