Pet Furniture Market Size Assessment: CAGR Value Analysis

The global market for pet furniture, valued at USD 4.01 billion in 2023, is anticipated to expand to USD 6.09 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.14% throughout the forecast period. Pet beds and furniture, also known as animal-friendly furniture, serve as essential shelters and resting places for household cats, dogs, and rabbits. To promote the well-being of pets, manufacturers are introducing innovative products such as orthopedic and temperature-controlled electrical heating beds, fueling the demand for these goods. Faux fur and wicker products, with their affordability to the middle class, are experiencing high demand worldwide. These insights are detailed in the "Global Pet Furniture Market, 2024–2030" report by Fortune Business Insights.

Information Source: https://www.fortunebusinessinsights.com/pet-furniture-market-106261

List of Key Players Profiled in the Pet Furniture Market Report:

Go Pet Club (U.S.)
Ware Pet Products (U.S.)
Inter IKEA Systems B.V. (Netherlands)
PetPals Group (U.S.)
MidWest Homes for Pets (U.S.)
North American Pet Products (U.S.)
Aosom LLC (U.S.)
MiaCara GmbH & Co. KG (Germany)
Fable Pets, Inc. (U.S.)
Critter Couch Company (U.S.)
Furhaven Pet Products (U.S.)

Segments:

Growing Consumer Interest in Pet Sofas and Beds is Fueling Market Expansion

Segmented by type, the market encompasses pet sofas & beds, pet houses, pet trees, and others. Pet furniture is highly favored not only for its comfort provision to pets but also for its decorative appeal, multifunctionality, and stylish designs, making it an integral part of home decor.

Increasing Dog Population to Accelerate Pet Furniture Sales

Categorized by pet type, the market includes dogs, cats, aquatic pets, birds, and others, with dogs dominating global furniture sales. The lockdown period witnessed a surge in pet ownership, particularly dogs, thereby boosting the global sales of pet beds and furnishings. Notably, the pandemic led to a significant rise in dog ownership across the U.S.

Rise of Offline Retail Stores to Propel Product Sales Globally

The market is divided based on distribution channels into offline retail and online retail/e-commerce. Offline retail channels are poised to lead the market in the forthcoming years. In 2020, the pet industry experienced growth attributed to the surge in pet ownership during lockdowns in countries like the U.S., Germany, India, and China.

COVID-19 Impact:

Substantial Increase in the Number of Pets During the COVID-19 Pandemic

The COVID-19 pandemic has reduced several global industries' revenue streams. Large swaths of the world's population experienced loneliness and anguish as a result of the pandemic's global lockdown in 2020. Pets make wonderful companions for pet owners, and in 2020, the pet business will have a lot of growth potential as a result of the widespread adoption of pets. However, the market is still expanding in many areas, and 2020 sales may have been affected by poor awareness.

Report Coverage:

The report offers:

Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Numerous Multifunctional and Customized Goods are Available, Favoring Market Growth

Demand for the product is rising as a result of the introduction of high-quality, versatile, and personalized pet beds and furnishings that can accommodate all pet sizes. A key element driving the market's pet furniture product sales is the availability of dog and cat furniture goods that are tailored to consumer tastes, including varied colors, patterns, and features that ensure pet comfort. Innovative multipurpose furniture products that pet owners and animals can use are the manufacturers' main focus, which will result in an increase in the pet furniture market share.

On the contrary, using sustainable and high-quality materials for pet furniture results in high costs, which may hamper the pet furniture market growth.

Regional Insights

Increased Pet Population in North America Dominates the Market

Throughout the projection period, it is anticipated that the North American market will expand significantly. One major aspect driving up demand for pet beds and furniture is the increase in the number of pets in the U.S. during the lockdown. The U.S. had the largest percentage of households with pets in 2021, according to the American Pet Products Association, in Wyoming (72%), West Virginia (71%), Idaho, Vermont, and Nebraska (70%).

Europe is expected to have significant growth due to the rising population of pets and also increasing demand for pet beds & furniture in European countries such as Germany, the U.K., and France.

Competitive Landscape

Geographic Expansion and Introduction of New Products to Boost Sales and Product Visibility

To preserve their market position, major players in the market have implemented a variety of competitive strategies and are now concentrating on designing and making innovative multipurpose pet goods. To create innovative product designs, the big firms in a fragmented market invest in research and development operations. For example, a French pet care firm called ZOLUX debuted its new line of eco-friendly cat housing in January 2021. Cat trees and little cat houses were offered in the sustainable product line.

Key Industry Development: