06 March 2016

BUSINESS - Global Pet Accessories Market Expected to Exceed $19 Billion by 2020

A recent article in Pet Age Magazine predicts a compound annual growth rate (CAGR) of over five percent in the global pet accessories market from 2015 though 2019.

This growth translates into an expectation that the market will exceed $19 billion by 2020.  

This data was gleaned from a market research study by Technavio called “Global Pet Accessories Market 2015-2019.” The study provides an analysis of the market in terms of emerging trends and revenue, along with forecasts for various market segments and all geographical regions.

According to the study, the global pet toys market is expected to reach $10 billion by 2019.  “There is a rising popularity of natural and organic pet toys as they are considered to be a safer option for pets,” Brijesh Kumar Choubey, a lead research analyst at Technavio for pet supplies, told Pet Age.

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.

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