Pet Collar Market Forecast and CAGR
According to latest research study by FactMR, Pet Collar market is on the urge to showcase substantial growth during 2021-2031. Pet collar sales is expected to rise, due to elevating owners’ concerns about misbehaving and uncontrollable behavior of dogs, while ensuring the safety of the dog. The pet collar market will expand at a CAGR of more than 6% during the forecast period. Smart technologies are credited with the increase pet collars with GPS, pet cameras, smart feeders, and other smart devices that make pet owners lives easier
What is Driving Demand for Pet Collar?
The pet care industry has grown to nearly $6 billion in the last decade, with no signs of slowing down. In terms of output, a recession or a bad economy have little effect on animal statistics. Also animal adoption rates have risen exponentially over the past decade. According to APPA’s, the amount of money spent on pets in the United States will reach $99 billion by the end of 2020.
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Humans aren’t the only ones who use “smart” technology. The pet lives are being impacted more and more every day. For example, more than 50% of pet parents say they use technology in some way to care for their animals. Microchipping technology is by far the most common, with close to 60% of owners using it, while more than 20% use additional tracking tools in addition to the microchip.
The pet appropriate behavior has been point of concern for owner in indoors as well as outdoors, creating the necessary space for products used for controlling and monitoring there misdoings Although only 4% of dogs in the US go for professional training for maintaining appropriate behavior in public, this sums up to limited options for controlling their pets.
The sales of pet collar will continue to rise in the coming years, as they aid in the identification, monitoring, restraining as well as fashion of which are vital elements for taking care of any pet.
Factors Driving Pet Collar Sales
Increased pet ownership as a result of changing cultural and socioeconomic factors has influenced the growth of the pet training and their accessories market in recent years. Owners of pets just want the best for their pets. The ever-expanding pet industry does everything it can to create new consumer patterns and draw on pet owners’ attachment to their four-legged companions
- According to dog statistics, the total annual expense of owning a dog ranges from $1,400 to $4,300 annually
- According to the World Health Organization, there are about 200 million stray dogs worldwide, with the possibility of many more
- There are over 70 million stray dogs in North America alone, and 43 million in Europe
- Argentina, along with Mexico and Brazil, has the highest rate of pet ownership, with two out of every three people owning a pet
- People in Asia, on the other hand, are the least likely to own a pet. In Hong Kong, for instance, only 14% of residents own a pet while half of Americans and more than a third of Italians
- 83% of Australians have had a pet at some point in their lives, moreover 53% of Aussies without a pet would like to own one
Owing to aforementioned statistics and factors, the population of pets across the global is extensively rising thereby, aiding production of the pet collar. Moreover due behavior training, tracking, monitoring and animal wellbeing, sales of pet collar are likely to improve over the course of the assessment period.
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US Pet Collar Market Outlook
The United States is one of the world’s largest markets for pet collar. The US pet collar market is projected to increase during the forecast period of 2021-2031. Potential volume for pet collar is expected to rise in the coming years with the increasing number of pet along with pet owners opting for better monitoring, tracking, fashionable and technology integrated pet collar their pets.
In the United States, there are an estimated 78 million dogs and 85.8 million cats. In the United States, approximately 44% of all households have a dog, and 35% have a cat.
Furthermore, 73% of millennials own a pet, also pet owner’s ages 25-34 have an extremely high interest in training for their pets. The momentum is likely to gain boost, which will provide an impetus to a range of pet collar.
How Online Sales will Uphold Pet Collar Market
Around 60 million pet owners choose to shop for their pets in conventional pet shops, while 13 million prefer to shop for their pets online. Pet trends in the online pet retail industry expanded between 2016 and 2018, with over 5 million people opening online pet stores. People like to shop in conventional retail stores because they want to “see, touch, and feel” what they are purchasing
Manufacturers and distributors of pet accessories have benefited greatly from the growth of the e-commerce industry. Using the latest E-commerce trend, prominent players have been able to establish a distinct brand value and provide consumers with a unique experience. The ability to compare prices and product attributes, as well as the availability of a wide range of products offered by different brands, are expected to drive segment development.
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Who are the Key Manufacturers and Suppliers of Pet Collar?
Some of the leading manufacturers and suppliers of pet collar include
- Hip Doggie
- Pets Lovers Club
- ROKstraps Corporation
- Coastal Pet
- Acorn Pet Products
Most of the leading manufacturers and suppliers have diversified their sales network balancing the tradeoff between conventional and online sales channel. The manufacturers have streamlined their supply chain network with the pet training institutes and pet homes to gain more market coverage. The nature of market is the fragmented with abundant number of players operating on regionally based on the type of collar.
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