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Pet Furniture Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global pet furniture products market was valued at USD 11.3 billion in 2022 and is projected to expand at a CAGR of 4.5% from 2023 to 2030. The rising number of people owning pets is one of the key factors driving the growth of the market. According to the American Pet Products Association, the number of pet owners in the U.S. increased from 68 million in 2017 to 72 million in 2021. Furthermore, the growing number of pet owners has led to a rise in pet expenditure. According to the same source, pet owners in the U.S. spent USD 72.56 billion on their pets in 2021, which is a 5.1% increase from the previous year.
The increasing trend of pet humanization has also propelled the market growth. Pet owners are increasingly buying furniture for their pets, such as couches, beds, and other accessories. Furthermore, the use of furniture for pets is also on the rise due to the increasing popularity of pet house parties, pet-friendly cafes, and other pet-related events. Moreover, the growing trend of pet-centricity is encouraging pet owners to buy furniture that suits their pet’s needs and preferences.
The rise in the demand for pet furniture is also attributed to the increasing awareness regarding animal welfare and the growing trend of ethical pet ownership. Consumers are increasingly focusing on the comfort and safety of their pets and are investing in pet furniture that meets those needs. Moreover, the growing trend of pet adoption has also contributed to the market growth. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), the number of adopted pets in the U.S. increased from 2.6 million in 2017 to 3.2 million in 2021.
In addition, the increasing trend of online shopping is contributing to the growth of the market. The availability of pet furniture online is also driving the market growth. Furthermore, pet owners are increasingly opting for subscription-based services, such as BarkBox and Chewy, to buy pet furniture. These services provide customers with pet furniture at a discounted rate and also offer free shipping. In addition, the growing trend of experiential retail is also contributing to the growth of the market. Pet owners are increasingly visiting pet furniture stores to try out the furniture before buying it.
Overall, the increasing demand for pet furniture products and the rising trend of pet humanization are expected to drive the market growth in the coming years.
Product Insights
The furniture segment is expected to dominate the market and accounted for a share of around 51.6% in 2022. Increasing pet ownership and rising demand for pet-friendly furniture are some of the key factors driving the growth of the segment. According to an article published by the APPA in 2019, 68% of U.S. households own a pet. Furthermore, the emergence of smart pet furniture has further bolstered the demand for pet furniture products. Smart pet furniture is designed to help pet owners take better care of their pets, with features such as temperature adjustment, automated food dispensers, and automatic litter boxes.
The bedding segment is estimated to expand at the highest CAGR of 8.5% over the forecast period. Growing demand for pet beds to provide comfort to pets and to maintain hygiene is driving the market growth. Furthermore, rising awareness among pet owners regarding the importance of pet beds and pet-friendly furniture is another factor driving the market growth. According to an article published by Pet MD in 2020, a pet bed provides a sense of security for the pet, as well as maintaining cleanliness. In addition, the increasing purchasing power among consumers is further driving the demand for pet furniture products.
Distribution Channel Insights
Pet furniture products are primarily distributed through specialty pet stores, pet superstores, and online stores. According to a survey by the Pet Industry Joint Advisory Council (PIJAC), specialty pet stores accounted for the largest share of over 50% in the total pet furniture product sales in 2020. The growth of this segment can be attributed to the easy availability of a wide variety of pet furniture products such as beds, crates, houses, and cat trees in these stores. Moreover, pet owners can take advantage of expert advice from store personnel while purchasing pet furniture products.
The online segment is anticipated to expand at the highest CAGR of 13.5% over the forecast period. The growth of this segment can be attributed to the rising popularity of online shopping for pet furniture products and the availability of a wide range of products at competitive prices. Moreover, the convenience and ease of online shopping have fueled the adoption of online pet furniture products. Additionally, online stores are offering discounts, coupons, and loyalty programs to attract pet owners.
Type Insights
The luxury segment is anticipated to be the largest and fastest-growing segment in the pet furniture products market over the forecast period. The growing trend of pet humanization and rising purchasing power of pet owners are driving the demand for luxury pet furniture products. For instance, in April 2021, Bow Wow Pet, a pet product manufacturer, launched a new collection of luxury pet furniture called “Luxe Pet Home.” This collection has been designed with human-like furniture, and offers a wide range of products such as pet beds, sofas, and chairs.
The basic segment is expected to account for the second-largest revenue share in the pet furniture products market in the forecast period. The increasing demand for basic pet furniture products among pet owners due to low costs and easy availability is driving the segment. Moreover, the growing trend of pet ownership in developing economies is also expected to propel the growth of this segment.
Regional Insights
North America accounted for the largest share in the global pet furniture market in 2022. Rising pet ownership, especially of cats and dogs, in the region is the major factor driving the market growth. The increasing popularity of pets in the U.S. and Canada is encouraging the growth of the pet furniture market in the region. For instance, according to the American Pet Products Association, the number of pet cats in the U.S. increased from 81.7 million in 2012 to 95.6 million in 2019.
Europe is expected to witness the second-fastest growth in the coming years. Increasing focus on animal welfare and pet-friendly accommodation is expected to drive the growth of the market. Moreover, various initiatives taken by the governments in the region to promote pet ownership is also driving the market. For instance, in August 2021, the EU approved the Animal Welfare Action Plan 2021-2029. This plan aims to improve animal welfare in the EU and promote the responsible ownership of pets.
Financial Projections
In this section of the pet furniture products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a pet furniture product business comes from the sales of furniture and other pet accessories and products. Here you will find a list with a description of each of them. Other possible sources of profit include the sale of pet supplies, services, and promotional items.
Projecting Expenses
In this section, all the regular expenses related to keeping the pet furniture business running will be described. The list of operating expenses includes rent, salaries, advertising, legal fees, utilities, insurance policies, inventory costs, and others.
Key companies & market share insights
Some of the key companies operating in the pet furniture market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among customers. Some of the initiatives are:
– In May 2022, Petco launched a new collection of pet furniture that includes elevated beds, cat trees, and dog crates.
– In July 2022, PetSmart launched the Pet Collection, which includes pet beds, sofas, and hammocks designed for both cats and dogs.
– In August 2022, IKEA launched a collection of pet furniture, including pet beds, scratching posts, and cat houses.
Some of the prominent players in the pet furniture market include:
– Petco Animal Supplies, Inc.
– PetSmart, Inc.
– IKEA Group
– Wayfair, Inc.
– Amazon.com, Inc.
– Pet Edge, Inc.
– DoggyStyle Pets, Inc.
– Wild Whiskers Pet Products, Inc.
– Pet Life, LLC
– K&H Pet Products, Inc.
Global Pet Furniture Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global pet furniture products market based on product, material, distribution channel, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Beds & Sofas
– Carriers & Crates
– Scratchers
– Houses & Caves
– Toys & Accessories
– Others
2. Material Outlook (Revenue, USD Million, 2017 – 2030)
– Plastic
– Wood
– Metal
– Fabric
– Others
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of Pet Furniture Market Growth?
[A]: The pet furniture market is expected to be driven by factors such as the rising awareness of pet health and wellness, the increasing disposable incomes of pet owners, and the emergence of technologically advanced pet furniture products. Additionally, the increasing penetration of the internet and e-commerce platforms, which has made pet furniture products more accessible, is also driving the market growth.
[Q]: Who are the Leading Players in the Pet Furniture Industry?
[A]: The leading players in the pet furniture market are Petco Animal Supplies Stores, Inc., PetSmart Inc., Pet Valu Canada Inc., Petco Animal Supplies, Inc., Pets at Home Ltd., and The Dog & Cat Store, Inc.
[Q]: What is the Potential of Product Innovation?
[A]: Key players are focusing on introducing new product innovations, such as automatic pet feeders, pet-friendly furniture, and pet beds, which are designed according to the needs and preferences of pets, to increase their market presence. With the introduction of such innovative products, pet owners have the option to customize their purchase according to their pet’s needs.
[Q]: What are the Factors Propelling the Growth of the Pet Furniture Market?
[A]: Some of the factors propelling the growth of the pet furniture market include the increasing number of pet owners, the growing demand for luxury and designer pet furniture, and the technological advancements in pet furniture designs. Additionally, the emergence of eco-friendly pet furniture products is also driving the market growth.
[Q]: Which Region is Expected to Offer the Largest Opportunity for Sales of Pet Furniture?
[A]: North America is expected to be the most lucrative region for the pet furniture market, with an absolute dollar opportunity of $15.5 B (USD). This is attributed to the presence of key players and rising disposable incomes in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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