The global pet toys market was valued at USD 8.88 billion in 2023 and is anticipated to reach USD 16.81 billion by 2030, expanding at a CAGR of 9.6% from 2024 to 2030. The market's growth is primarily driven by rising awareness of pet health and well-being, encouraging pet owners to invest in engaging and interactive toys that enhance the quality of life for their pets.

The growing trend of pet humanization has also significantly contributed to the market expansion, as pet owners increasingly treat pets like family members and seek toys that offer entertainment and stimulation. A notable factor fueling demand is the surge in pet adoptions. According to a Forbes article published in January 2024, approximately 4.1 million animals are adopted annually, further elevating the need for toys that keep pets active and mentally enriched. Millennials, who comprise 33% of all pet owners, are particularly influential in this trend, demonstrating a strong willingness to spend on pet wellness products.

In addition to increased pet adoption, the decline in euthanasia rates and the higher rate of cat adoptions compared to dogs reflect a growing commitment to animal welfare, necessitating a range of products including toys to support the adjustment and enrichment of adopted pets in their new homes.

Spending on pets has witnessed a sharp rise, reaching USD 136.8 billion in 2022, a 10% increase from the previous year and a 50% surge since 2018, as reported by FinMasters in January 2024. The average dog owner spends USD 912 annually, while cat owners spend USD 653, highlighting a robust market for pet toys. Even pet owners in lower income brackets, spending around 1% of their income on pets, contribute meaningfully to this growing trend. This reflects a broader cultural shift where pets are increasingly regarded as essential members of the family.

Millennials, particularly in China, are reshaping the pet industry landscape. Choosing pet ownership over traditional life paths, they are fueling market growth. According to a South China Morning Post article published in February 2022, urban China had over 100.8 million pet dogs and cats in 2020, up 10.2% from 2018. The urban pet market reached USD 46 billion, indicating millennials' willingness to invest in pet wellness, including quality and innovative toys.

The emergence of luxury pet brands is also driving market growth. As pets are increasingly seen as family members, premium brands are entering the space with fashionable, high-end products. In November 2023, True Religion, in collaboration with Wiesner Pet Types Inc., launched a premium pet collection that includes toys, beds, leashes, and other accessories, illustrating the growing demand for upscale pet products.

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Key Market Trends & Insights:

• North America accounted for 31.86% of global pet toy market revenue in 2023.

• The U.S. market is forecast to grow at a CAGR of 8.5% from 2024 to 2030.

• The dog toys segment dominated with a 51.94% market share in 2023.

• Hypermarkets and supermarkets were the leading distribution channel in 2023.

• Chew toys represented the highest product segment share in 2023.

Market Size & Forecast:

• 2023 Market Size: USD 8.88 Billion

• 2030 Projected Market Size: USD 16.81 Billion

• CAGR (2024–2030): 9.6%

• Largest Market: North America (2023)

Key Pet Toys Company Insights:

The pet toys industry is highly competitive, characterized by both large-scale and niche manufacturers. Key players are leveraging strategies such as mergers, partnerships, product innovations, and aggressive marketing to strengthen their position in the market.

Leading Companies in the Pet Toys Market:

• Fluff and Tuff, Inc.
• Petsport USA, Inc.
• Cosmic Pet
• ZyppyPaws
• Ethical Products, Inc.
• Benebone LLC
• Jolly Pets
• Honest Pet Products
• Petmate
• Coastal Pet Products, Inc.

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Conclusion:

The global pet toys market is witnessing robust growth, underpinned by rising pet adoption rates, increasing pet spending, and the growing humanization of pets. With millennials driving demand for innovative and premium pet products, and major brands entering the space with high-end offerings, the market is expected to continue expanding. As consumers place greater emphasis on their pets’ well-being and entertainment, the demand for interactive, high-quality pet toys is set to remain strong throughout the forecast period.