Furr-iendly Market News: Pet Furniture Expected to Show Continued Growth
Good news is on the horizon for pet furniture manufacturers and retailers, according to a recently published report from market research firm Technavio, the pet furniture market size has the potential to grow by USD 4.11 billion during 2020-2024. Earlier predictions this year were not so positive initially as the economic impact of COVID-19 started to take hold. However, pet adoptions have soared during this time and now the overall pet product industry has seen year-over-year spending increase 450% in the past 25 years.
From the Technavio data, North America was the largest pet furniture market in 2019 and more growth is expected in the near future. This is due to a growing millennial population, a high number of dual-income nuclear families, the continuing trend towards pet humanization, an increasing number of pet adoptions, and growing demand from pet owners for improved pet care products and accessories. It’s also expected that we will see a continuing pet industry trend of acquisitions of new brands and partnerships, as leading competitors strive to maintain their dominance in the market during this forecast period.
Customized furniture is expected to play a significant role in the growth of the pet furniture market. Technavio also reports that smart and modern pet furniture with multiple functionalities is preferred by consumers. It goes on to identify customizable features such as the choice to build parts of the pet furniture, choose the material, and color of the final product, as part of the trend. And features such as bedding, built-in storage, and seating options, which are now being offered, are very likely to strengthen the growth of the global pet furniture market.