According to a market research study released by Technavio, the global pet accessories market is expected to exceed $19 billion by 2020, growing at a CAGR of over five percent during the forecast period.
This research report, titled “Global Pet Accessories Market 2015-2019,” provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes an up to date analysis and forecast for various market segments and all geographical regions.
According to the report, the global pet toys market is expected to reach $10 billion by 2019. The market for pet toys has garnered immense popularity among developed as well as developing countries, and eco-friendly pet toys have helped to drive this growth.
“There is a rising popularity of natural and organic pet toys as they are considered to be a safer option for pets,” said Brijesh Kumar Choubey, a lead research analyst at Technavio for pet supplies.
The global pet housing, bedding, and food market is expected to reach $5 billion by 2019, making it the second most prominent segment in the global pet accessories market. The global pet collars, leashes, and utility market is expected to exceed $3 billion by 2019.