WILMINGTON, DE / ACCESSWIRE / March 3, 2023 / Transparency Market Research Inc. – According to a TMR study, pet travel accessories market was valued at USD 5.6 billion in 2022 and is projected to grow at a CAGR of 5.8% during the forecast period from 2023 to 2031.
Pet travel accessories are products purchased to provide safety for pets on long trips. These accessories are available in low, medium and high price categories. These are also available in different shapes and sizes such as soft side braces, back braces and hard side braces.
Common pet travel accessories that have seen significant demand are foldable and portable carriers, tracking collars with built-in GPS devices, and car seats with built-in heating and cooling functions.
For many years, consumers have shown a preference to purchase pet travel accessories from offline distribution channels such as specialty stores, hypermarkets, and supermarkets, as they want to personally inspect the product before purchase. However, the growth of the e-commerce industry has driven customers to purchase pet travel accessories from online distribution channels such as e-commerce websites and company-owned websites. Increasing demand from online distribution channels is likely to boost market growth over the forecast period.
The launch of new pet travel accessories is helping prominent players gain an edge over other players and increase revenue. In 2021, Sleeko announced the launch of new pet carrier bags that provide comfort for pets while traveling. The bags provide excellent ventilation from all sides and from the top for air flow, and have soft sides for improved comfort.
Companies are signing collaboration agreements with other players to expand presence and increase revenue share.
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Key Findings of the Market Study
- Increasing pet adoption worldwide: The adoption of pets as companion animals has grown at a steady rate in recent years. Pets have helped improve mental health and have also played a key role in reducing stress levels, improving confidence and lowering blood pressure and cholesterol levels. Increasing adoption of pets has increased the demand for pet travel accessories, which in turn is accelerating the market development.
- Increasing adoption of dogs as pets worldwide: On the basis of application, the market is classified into dogs, cats, and others such as fish and birds. The dog segment is expected to account for the dominant market share during the forecast period. The growing popularity and increasing adoption of dogs as pets globally is likely to drive the demand for pet travel accessories in the coming years.
- Growing demand for pet travel leashes and harnesses: In terms of type, the market has been segmented into pet car seat, pet travel leash and harness, pet carrier harness, and others. The pet travel leashes and harness segment held the major market share in 2022. The growing need to protect pets and help owners control animals in public places is driving the demand for pet travel accessories.
Pet Travel Accessories Market – Key Driving Factors
- The growing trend of pet owners treating pets as part of the family is driving the global pet travel accessories market
- Increasing government pet safety initiatives are driving the demand for pet travel accessories
- Increasing consumer awareness regarding the risks associated with traveling with pets is expected to drive the demand for pet travel accessories in the coming years
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Pet Travel Accessories Market – Regional Insights
North America accounted for the dominant market share in 2022. The trend is likely to continue during the forecast period. This is attributed to increased spending on animal health care and increased adoption of pets as companion animals in countries such as the US and Canada. The presence of major players in both countries is expected to drive market development in the region.
Pet Travel Accessories Market – Key Players
The global pet travel accessories market is consolidated, with the presence of a small number of international and domestic players. Entry of new players is likely to intensify competition during the forecast period.
Prominent manufacturers are investing in Research and Development to produce improved accessories that meet consumer demands. Increasing demand for improved products is likely to create business opportunities in the coming years.
Major players operating in the market are Cargill, Inc., Sleeko, Darling Ingredients, Inc., BASF SE, ADM, and Omega Protein Corp.
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The global market is segmented as follows:
- Business
- Pet car seat
- Pet travel ring and harness
- Backpack for transporting pets
- Others
- PRICE
- Low
- Medium
- Up
- Application
- Dogs
- cats
- Others
- Distribution Channels
- Online
- E-commerce websites
- Websites owned by the company
- Offline
- Hypermarkets/Supermarkets
- Specialized stores
- Others
- region
- North America
- Europe
- Asia Pacific
- Latin America
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