The global pet furniture market size is expected to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 5.2% over the forecast period. Rising spending on domestic animal, along with rapid expansion of multi-utility furniture product forms, is expected to remain the key driving factor.
Over the past few years, raising expensive breeds of dogs and cats has been a status symbol across the globe. In addition, rising number of nuclear families in developed economies including Germany, U.K., and France has increased the domestic animal adoption rate for the family companionship.
Asia Pacific is expected to witness the fastest growth in the pet furniture market, expanding at a CAGR of 6.4% from 2019 to 2025. China, India, Japan, Australia, and South Korea are the some of the rapidly growing markets in this region. The domestic animal population in China increased from 389 million in 2013 to 755 million in 2017, growing at a significantly high rate. To cater to this growing trend, spending in this sector was pegged at USD 24 billion in 2018.
For PDF sample Copy or More Details please visit link @: https://www.grandviewresearch.com/industry-analysis/pet-furniture-market
Shanghai, Beijing, Tianjin, Chengdu, and Guangzhou are the major markets in China. Rising income of consumers in this economy is boosting the demand for the product. On the other hand, 92% of cat owners and 76% of dog owners in Australia keep their pets indoors. This trend raises the demand for furniture in this nation. Furthermore, New Zealand had the highest percentage of domestic animal ownership in the global household sector in 2018, which stood at 68%.
Local and small players in this market are playing a significant role in the industry. Over the past few years, organic and ecofriendly raw materials have gained significant popularity across the globe. Most of the animals have a habit of chewing on things, which makes natural furniture more suitable. Currently, major players in this industry are focusing on this product segment to cater to the new trend. For instance, in August 2018, Nest Bedding launched a new product line of organic beds for domestic animals.
Further key findings from the study suggest:
• By product, beds and sofas are expected to witness the fastest growth, expanding at a CAGR of 5.7% from 2019 to 2025
• On the basis of application, the dogs segment held the largest market share in 2018 and accounted for 43.2% of the overall revenue
• Key players in the industry include Go Pet Club; North American Pet Products; PetPals Group, Inc.; MidWest Homes For Pets; Ware Pet Products; Inkgrid; Inter IKEA Systems B.V.; Nest Bedding; and Ultra Modern Pet.
• North America held the largest share in 2018, accounting for 40.0% of the overall market
• Asia Pacific is expected to witness the fastest growth, registering a CAGR of 6.4% from 2019 to 2025
To request research report sample copy with TOC please visit @: https://www.grandviewresearch.com/industry-analysis/pet-furniture-market/request/rs1
Grand View Research has segmented the global pet furniture market on the basis of product, application, and region:
Pet Furniture Product Outlook (Revenue, USD Million, 2015 - 2025)
• Beds & Sofas
• Houses
• Trees & Condos
• Others
Pet Furniture Application Outlook (Revenue, USD Million, 2015 - 2025)
• Cats
• Dogs
• Others
Pet Furniture Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
o U.S.
• Europe
o Germany
• Asia Pacific
o China
o India
• Central & South America
o Brazil
• Middle East & Africa
For Inquire before buying please visit @: https://www.grandviewresearch.com/inquiry/5850/ibb
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.