BURLINGAME, Calif., June 11, 2024 /PRNewswire/ — The global pet furniture market, valued at USD 7.01 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to USD 10.65 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031, as per a recent report by Coherent Market Insights. Pet owners are increasingly willing to spend on providing quality products and comfort for their pets. Pet furniture allows pets to feel secure, comfortable and playful, acting as home décor at the same time. The growth in nuclear families and shrinking family size has increased the perception of pets as companions and family members, driving more spending on pet care and products.
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Market Dynamics:
The growth of the global pet furniture market is primarily driven by rising pet humanization as well as increasing number of nuclear & blended families globally. According to the US Pet Owners Survey 2021 by the American Pet Products Association (APPA), around 90.5 million households in the United States owned a pet as of 2021. Pets are considered as family members by majority of owners, which has increased the spending towards high-quality pet furniture. Furthermore, increasing discretionary spending on pets and rising awareness regarding pet well-being are also contributing to the market growth.
Global Pet Furniture Market Report Coverage
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Report Coverage |
Details |
|
Market Revenue in 2024 |
$7.01 billion |
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Estimated Value by 2031 |
$10.65 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.2% |
|
Historical Data |
2019–2023 |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Type, By Pet Type, By Distribution Channel |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Growth Drivers |
• Growing human-pet bond • Rising pet humanization |
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Restraints & Challenges |
• High costs associated with manufacturing and marketing pet furniture • Availability of cheap substitutes |
Market Trends:
Rise in E-commerce Sales: The growth of e-commerce industry has significantly influenced the sales of pet furniture market. Major companies are offering their products on different online channels such as company websites and e-commerce platforms like Amazon to increase their consumer reach. This has made pet furniture easily accessible to consumers irrespective of their location.
Growing Demand for Luxury & Multifunctional Furniture: With increasing humanization of pets, consumers are demanding luxury and multifunctional furniture for pets. Manufacturers are focusing on new product launches catering to these demands. For instance, cat trees and dog beds are designed aesthetically and engineered with several platforms, condos and scratching posts. This trend is expected to continue over the forecast period.
Market Opportunities:
The pet beds and sofas segment is expected to hold the largest market share over the forecast period. Pets need comfortable beds and sofas to relax and sleep. There has been rising awareness among pet owners about providing proper resting areas to their pets. This has driven the demand for specialized pet beds and sofas that are comfortable for pets and also complement home décor. Manufacturers are introducing beds and sofas made from orthopedic memory foams, thermal materials, and cotton/faux fur fabrics that provide comfort to pets.
Enriched play and housing items like pet houses, trees and condos are gaining popularity as pet toys. Many pet owners like to buy activity-based furniture items to keep their pets engaged. There is a growing demand for playhouses, trees and condos featuring multiple levels, cosy hiding spaces and interactive ball pits. Companies are launching luxurious multi-level units made from non-toxic wood and designed like their human homes. These furniture pieces enable pets to play, explore and feel secure like in their natural habitat.
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Key Market Takeaways
The global pet furniture market is anticipated to witness a CAGR of 6.2% during the forecast period 2024-2031, driven by rising humanization of pets and increasing disposable income.
On the basis of product type, the beds & sofas segment is expected to dominate the market owing to growing demand for comfortable resting areas for pets.
By pet type, the dogs segment holds the largest share due to their popularity as companion animals worldwide.
Regionally, North America is anticipated to dominate the pet furniture market through 2030 due to high pet ownership and expenditures in the region.
Key players operating in the global pet furniture market include North American Pet Products, Go Pet Club, Inter IKEA Systems B.V., PetPals Group Inc, and PetPals Group Inc. amongst others. The global players are focusing on enhancing their product portfolio through innovation and expansion into growing international markets.
Recent Developments:
In November 2022, Pepperfry has decided to enter the pet-care market to close the gap in all segments. While its short-term objective is to build a strong marketplace for pet furniture by aggregating supply from niche pet brands and manufacturers.
In September 2022, Pet Smart is planning to launch an exclusive collection of specialty pets and home decor, collaborating with renowned interior designers Nate Berkus and Jeremiah Brent.
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Market Segmentation
By Type:
- Pet Sofas & Beds
- Pet Houses
- Pet Trees
- Others
By Pet Type:
- Dogs
- Cats
- Aquatic Pets
- Birds
- Others
By Distribution Channel:
- Offline Retail
- Online Retail/E-commerce
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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