The global pet furniture market size is expected to reach USD 3.0 billion by 2025, according to a new report by Radiant Insights, Inc., registering a CAGR of 5.2% over the forecast period. Rising spending on domestic animal, along with rapid expansion of multi-utility furniture product forms, is expected to remain the key driving factor.
Over the past few years, raising expensive breeds of dogs and cats has been a status symbol across the globe. In addition, rising number of nuclear families in developed economies including Germany, U.K., and France has increased the domestic animal adoption rate for the family companionship.
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Asia Pacific is expected to witness the fastest growth in the pet furniture market, expanding at a CAGR of 6.4% from 2019 to 2025. China, India, Japan, Australia, and South Korea are the some of the rapidly growing markets in this region. The domestic animal population in China increased from 389 million in 2013 to 755 million in 2017, growing at a significantly high rate. To cater to this growing trend, spending in this sector was pegged at USD 24 billion in 2018.
Shanghai, Beijing, Tianjin, Chengdu, and Guangzhou are the major markets in China. Rising income of consumers in this economy is boosting the demand for the product. On the other hand, 92% of cat owners and 76% of dog owners in Australia keep their pets indoors. This trend raises the demand for furniture in this nation. Furthermore, New Zealand had the highest percentage of domestic animal ownership in the global household sector in 2018, which stood at 68%.
Local and small players in this market are playing a significant role in the industry. Over the past few years, organic and ecofriendly raw materials have gained significant popularity across the globe. Most of the animals have a habit of chewing on things, which makes natural furniture more suitable. Currently, major players in this industry are focusing on this product segment to cater to the new trend. For instance, in August 2018, Nest Bedding launched a new product line of organic beds for domestic animals.
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Further key findings from the study suggest::
• By product, beds and sofas are expected to witness the fastest growth, expanding at a CAGR of 5.7% from 2019 to 2025
• On the basis of application, the dogs segment held the largest market share in 2018 and accounted for 43.2% of the overall revenue
• Key players in the industry include Go Pet Club; North American Pet Products; PetPals Group, Inc.; MidWest Homes For Pets; Ware Pet Products; Inkgrid; Inter IKEA Systems B.V.; Nest Bedding; and Ultra Modern Pet.
• North America held the largest share in 2018, accounting for 40.0% of the overall market
• Asia Pacific is expected to witness the fastest growth, registering a CAGR of 6.4% from 2019 to 2025
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