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Worldwide Pet Furniture Industry to 2026
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Pet Furniture Market is projected to register a CAGR of 5.8% during the forecast period (2021-2026). Despite global pandemic Covid-19, there is an increase in pet furniture sales as pet adoptions increased during the period and the new pet owners want their pets to settle comfortably in their new homes.To get more news about Home Furniture Manufacturer, you can visit beour.com official website.
In the United States, around 20% increase in a pet bed and furniture sales is observed. During Covid-19, internet sales of pet furniture increased as the lockdown restrictions forced the consumers to reduce their shopping trips. Though the industry has faced challenges with logistics and demand uncertainty in the initial phases, the pet furniture market registered positive growth during the pandemic. Pet furniture is a specialty product that is manufactured according to the requirements of different types of pets like dogs, cats, and others. Pet furniture is available in pet specialty stores and retail outlets such as supermarkets, hypermarkets, and online globally. Pet furniture is mainly popular in developed regions of the Americas and Europe, where manufacturers are coming up with new product innovations to help pet owners adapt to a much more convenient lifestyle Dogs and cats segment are key to the performance of the market. Introduction of advanced cost-effective and customised furniture, rising concerns towards pet care, increase in health expenditure for animals, thus swelling the demand for pet furniture across the globe.
The trend of keeping pets and treating them as family members is rising globally. The Millenials, new age pet parents feel their four-legged children, should also have well-furnished homes having their own set of furniture like their owners, which makes more comfortable, durable, and stylish pet accessories/ furniture which does not disturb the aesthetic sense of home. Customization holds more appeal to the customers as it adds a personal touch to the pet furniture and this factor will play a large role in the growth of the pet furniture market. Manufacturers are using organic or natural materials for making pet furniture. Product innovation through customization is achieved by offering customers the choice to build parts of the pet furniture and choose the material and color of the final product. Also, features such as bedding, built-in storage space, and seating configurations are being offered with customized pet furniture which is very likely to augment the growth of the global pet furniture market over the next five years.
Pet parents in the United States are spending more on their pet's well-being and safety. According to the American Pet Productions Association (APPA) in 2018 alone, pet care spending hit USD 90.5 billion, a 20% increase from the year prior. The U.S. and Europe have long been the leaders of the world pet market. Another growing force in the pet market in the Asia Pacific, which has witnessed dramatic growth in the pet industry. Increasing disposable income which has led to increased spending on pets, rising concerns towards health and fitness of pets, and increasing demand in developing nations across the globe are some of the key elements expected to prompt the demand for pet furniture over the forecast period.
Pet furniture market is consolidated involving few major players. The key players are highly focusing innovation by investing a lot in R&D activities in production technologies to design smart pet furniture and improve shelf life. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Many international and regional vendors are vying for their share of the market, and players must differentiate themselves to gain vital traction over their peers.