Global Pet Furniture Market is Estimated to Witness High Growth Owing to Increased Humanization of Pets
Pet furniture including products like pet beds, kennels, trees and swings, sofas play a vital role in providing comfort and relaxation to pets in their homes. The growing inclination of pet owners towards providing their pets with luxurious lifestyle amenities and houses similar to human homes is driving the demand for technologically advanced pet beds equipped with self-warming and cooling features. The rising need for multi-functional pet furniture catering to safety, hygiene and entertainment needs of pets is fueling the growth of the global pet furniture market.
The global pet furniture market is estimated to be valued at USD 7.01 Bn in 2024 and is expected to reach USD 10.65 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Key Takeaways
Key players operating in the Global Pet Furniture market are MidWest Homes for Pets, Go Pet Club, Nest Bedding, North American Pet Products, and J and M Pet Beds.
Pet Furniture Market growth among pet owners about benefits of technologically advanced pet furniture in maintaining pet health and behavior is expected to create high demand. Innovations in material and technology used in pet furniture catering to specific needs of pets like hygiene, comfortability and safety are likely to drive the market growth.
Rising disposable income of middle-class population and increasing humanization of pets where they are considered as family members are expected to remain as major market drivers over the forecast period.
Market Drivers
Increase in pet expenditure: Growing expenditure on pet care and pet humanization trend where pets are considered as family members is driving the demand for premium and technologically advanced pet furniture.
Rising nuclear families: Busy work schedules and nuclear family structure have increased the dependency on pets as companions pushing the need for advanced pet furnishing for proper care and hygiene.
E-commerce proliferation: Wide availability of diverse pet products online along with convenience of online shopping is propelling the sales of pet furniture through e-commerce channels.
Current challenges in the Global Pet Furniture Market:
The pet furniture market is facing challenges due to rising costs of raw materials like wood, leather, fabrics etc. The volatility in prices of these materials impacts the operating margins and profitability of pet furniture manufacturers. Additionally, maintaining quality standards and ensuring durability of pet furniture poses a challenge. Pets can be rough with toys and furniture at times which requires reinforced designs and tough materials to withstand their wear and tear. Further, increasing pet adoption in developing regions is stretching the supply chains of pet furniture companies and accessibility remains a concern in remote areas.
SWOT Analysis
Strength: Wide availability of a variety of styles, sizes, materials and price points benefits customers looking for options specific to their pet's needs and preferences.
Weakness: Over-reliance on few materials like wood and fabric increases vulnerability to supply disruptions and price fluctuations in raw material markets.
Opportunity: Growing pet humanization trend and demand for comfortable, safe spaces for pets present an opportunity to introduce innovative, technologically integrated smart pet furniture.
Threats: Intense competition from local furniture brands offering low cost options and online retailers providing discounts can squeeze margins of established players.
In terms of value, the North American region accounts for the major share in the global pet furniture market owing to high pet ownership and rising spending on pets. The United States is one of the largest markets globally for pet furniture.
The Asia Pacific region is projected to witness the fastest growth during the forecast period. This can be attributed to growing pet adoption, increasing disposable incomes, and risingAwareness about benefits of specialized pet products including furniture in countries like China and India.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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