According to a new report published by Allied Market Research, titled, “Pet Toys Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Pet, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023–2032.” The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global pet toys market was valued at $8.3 billion in 2022, and is projected to reach $18.4 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.

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A pet toy is manufactured for the enjoyment and well-being of companion animals such as dogs, cats, and birds. These toys resemble certain types of geometric shapes, sizes, and designs that appeal to a pet. This further features the use of rubber, plastic, and natural fiber such as jute. In addition, pet toys are manufactured with the intent to enhance the mental and physical capabilities in the pet, through increasing participation in puzzle-solving tasks and physical exercise such factor surge the pet toys market Share.

Furthermore, pet owners in these countries have high disposable income, which makes them more capable of meeting various needs for their pets and thus, have high pet expenditure, surge the pet toys market size. These nations further give rise to various trends such as premiumization and humanization of pets. As an increasing number of pet owners become conscious about their pets health, they are treating them as a part of their family, by providing them with high-quality food and availing different services such as insurance, grooming, and different types of pet toys.

The humanization of pets plays a pivotal role in how pet owners spend money on their pets. This change in the perception of pet owners is leading them to understand their pet’s behavior and respond more appropriately. With widespread awareness about pets, owners are spending more time and money on improving pet’s mental and physical health results in pet toys market growth.

Region wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the pet toys market revenue. U.S. is leading in terms total pet expenditure globally. According to a survey of APPA in 2021, annual pet toy expenditure stood at $136.8 billion in the U.S. In addition, annual pet toy expenditure stood at $56 for dogs and $41 for cats. However, Asia-Pacific is expected to witness the fastest CAGR of 9.8% from 2023 to 2032 due to the developing nations such as China and India, which represent potential growth opportunities for the pet toys market owing to consistently increasing household income.

Players operating in the pet toys industry have adopted various developmental strategies to expand their pet toy market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Spectrum Brands Holdings, Inc, Unicharm Corporation, Petz Group, Fressnapf Tierfutter GmbH, Tractor Supply Company, Outward Hound, Doskocil Manufacturing Company, Inc., Pets at Home Group Plc, KONG Company, and Chewy, Inc.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬:

> This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pet toys market analysis from 2022 to 2032 to identify the prevailing pet toys market opportunities.
> The market research is offered along with information related to key drivers, restraints, opportunities, and pet Toys market statistics.
> Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
> In-depth analysis of the pet toys market segmentation assists to determine the prevailing market opportunities.
> Major countries in each region are mapped according to their revenue contribution to the global market.
> Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
> The report includes the analysis of the regional as well as global pet toys market trends, key players, market segments, application areas, and market growth strategies.

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