Pet Furniture Market - Growth, Trends, and Forecasts (2023 - 2028)

Pet Furniture Market - Growth, Trends, and Forecasts (2023 - 2028)

Pet Furniture Market is projected to register a CAGR of 5.8% during the forecast period.

• Pets play a significant role in social lives across the demographic spectrum in developed countries. This is fueling the demand for pet furniture. Pet furniture is a specialty product that is manufactured according to the requirements of different types of pets, like dogs, cats, and others. Tailor-made design levels have increased, and consumers are also giving these products a prominent place in their homes. This has created new segments in pet furniture, especially for handmade products in the mid- to high-end markets. Pet furniture is available in pet specialty stores and retail outlets such as supermarkets, hypermarkets, and online globally.
• Pet furniture is primarily popular in developed regions of the Americas and Europe, where manufacturers are developing new product innovations to assist pet owners in adapting to more convenient lifestyles. The dogs and cats segment is critical to the market's performance.The concern of pet parents over the quality and safety of the products is pushing the market towards the premium end as customers are willing to spend more.

The Asia Pacific is another growing region in the market that has witnessed dramatic growth in the pet industry. Indonesia, Vietnam, the Philippines, and Thailand are the countries with the highest number of pet owners in the Asia-Pacific region. Other regions like India are also seeing significant growth in the number of pets. Increasing disposable income, which has led to increased spending on pets, rising concerns about the health and fitness of pets, and increasing demand in developing nations across the globe are some of the key elements expected to prompt the demand for pet furniture over the forecast period.

The trend of keeping pets and treating them as family members is rising globally. The Millennials, new-age pet parents, feel their four-legged children should also have well-furnished homes and have their own set of furniture like their owners, which makes for more comfortable, durable, and stylish pet accessories and furniture that does not disturb the aesthetic sense of home.

Customization holds more appeal to customers as it adds a personal touch to pet furniture, and this factor will play a large role in the growth of the pet furniture market. Manufacturers are using organic or natural materials for making pet furniture.

Further, demand for quality products is growing as pet adoption among millennials increases. These pet owners are willing to spend more on their pets. Pet ownership in United States increased to 70% of households in 2020, and according to the European Pet Food Industry Federation (FEDIAF), nearly 46% of households in Europe will own a companion animal by 2021.

For instance, in 2021, the Japanese brand Dinos released a new table designed for both humans and cats to sit at that is made of all-natural oak. table featuring a perch underneath it, and a hole in the center of the tabletop that provides a seat for the cat. The set includes a dining table, an armless bench, a dining table shelf cushion, and more.

Product innovation through customization is achieved by offering customers the choice to build parts of the pet furniture and choose the material and color of the final product. Also, features such as bedding, built-in storage space, and seating configurations are being offered with customized pet furniture, which is very likely to augment the growth of the global pet furniture market over the coming years.

North America has always been a huge market for pet products and is still growing at a rapid pace. United States and Canada are the two major countries that have the highest number of pets and pet owners who are willing to spend on pet accessories and furniture. Pet parents in United States are spending more on their pets' well-being and safety. According to the American Pet Products Association (APPA), in 2018 alone, pet spending hit USD 90.5 billion, and it rose by 36.5% in 2021 and reached USD 123.6 billion.

Cats are especially likely to have free rein with furniture in United States, and dogs are also most likely to have full access to furniture in the country. The introduction of advanced, cost-effective, and customized furniture, rising concerns about pet care, and an increase in animal health expenditure all contribute to a global increase in demand for pet furniture.

Pawscape opened its direct-to-consumer website, offering a wide range of cat and dog furniture as people are spending more time at home with their pets, especially after the increase in remote employment. Pawscape products are innovative, offering a whole new range of furniture specifically designed to nurture each pet. Further, the Vancouver-based cat furniture company, Tuft+Paw, launched its e-commerce platform in 2018. Its tremendous growth, especially during the pandemic, emphasizes the market demand in Canada.

Adding to it, innovation in the raw materials used for the manufacturing of this pet furniture is another factor characterized by the market. Biodegradable materials such as wicker, jute, wood, and laminate not only last longer than plastics and other synthetic substances but are also better for the environment. The concern of customers over sustainable and safe products for their pets has already been a huge factor in the North American market and is a major trend that has been driving up the premium pet furniture market in recent years and is projected to do the same in the forecasted period.

The Pet furniture market is fairly fragmented with many players entering the market with innovative products to cater to the spiking demand. North American Pet Products, Go Pet Club, Petpals Group Inc, MidWest Homes For Pets and Ultra Modern Pet are the major players operating in the market. These players are focusing on innovation by investing a lot in R&D activities in production technologies to design smart pet furniture and improve shelf life.

• The market estimate (ME) sheet in Excel format
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