Smart Pet Toys Market Size is Expected to Reach Worth $X.X Billion By 2030 : IndustryARC

 

The Global Smart Pet Toys Market size is predicted to reach $830.5 million by 2030, growing at a CAGR of 15% over the forecast period 2024–2030 according to the latest market research report published by IndustryARC. Increasing Pet Ownership Popularity To Increase Product Demand and rising demand for pet subscription Boxes are fueling the growth of the Smart Pet Toys Market over the forecast period, finds IndustryARC in its recent report, titled “Smart Pet Toys Market Size, Share & Trends Analysis Report, By Type (Plush, Rope, Balls, Others), By Pet Type (Dogs, Cats, Others), By Distribution Channel(Online, Offline), By Toys Type (App-Controlled Toys, Interactive Puzzle Toys, Voice-Activated Toys, Remote Control Toys, Tracking and Monitoring Devices, Smart Collars and Tags, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024–2030.”

Over the forecast period of 2024–2030, the North American region is expected to remain the largest region over the forecast period and it is expected to grow with annual growth rate (CAGR) of 13% in the global Smart Pet Toys market  as there is a rise in the adoption of pets in U.S. and Canada. The market expansion of pet animal toys in the region is driven by consumers' increasing need for handy and plush pet toys over the course of the forecast period. Furthermore, the abundance of pets in the United States and Canada is driving up demand for these toys, which in turn drives up demand for the product as a whole in the area.

For instance, in November 2022, Nylabone, a popular brand of Central Garden & Pet Company, announced the launch of its new range of play toys for creative fun activities.

 

As per the Smart Pet Toys Market forecast, the Offline sector will remain the largest segment over the forecast period in terms of distribution channel. Since there are many products available to customers in physical locations. Additionally, offline retailers like megastores and specialty shops assist customers in making informed product choices based on their needs, which in turn increases demand in the market.

As per the Smart Pet Toys Market analysis, the balls segment is projected to exhibit the highest growth over the forecast period in terms of type. Because they are flexible and simple to play with, pets are more likely to play with these kinds of toys. Because balls have a versatile use and are appropriate for dogs, most bet owners choose to get them. Additionally, the demand for interactive toys is expected to rise as more people get accessible to them.

The idea that getting a pet might help you get ready for parenthood has become more and more popular in recent years. In these situations, the pet receives all the needs that the youngster is capable of receiving. The most luxurious comforts, much like they would for their children or any other family member, are now usual for pet owners owing to the pet parenting movement. Because people and their pets have such a strong bond, pet owners are now spending more money on luxuries. Such a drift's frequency anticipates a positive increase in market sales in the upcoming years. This leads to the growth of the market over the forecast period.

Dogs and cats frequently have skin issues, which is one of the main causes of pet owner visits to the veterinarian. The most common illnesses that affect pets are allergies, skin parasites, and infections that are brought on by chemical use. Pets may experience allergies to plastic toys and materials, just like people do. Instead of sneezing and hay fever, pets typically show signs of skin allergies. They might also get chronic ear, skin, and even paw infections. Thus, it is anticipated that the use of toys containing chemicals will contribute to an increase in the incidence of skin rashes in pets, which would hinder market expansion.

The focus on pet health and wellness has opened up opportunities for smart pet toys designed to address physical and mental health issues in pets. These toys can aid in exercise, weight management, and stress reduction. The focus on pet health and wellness serves as a driving force for the growth of the smart pet toys market. As a result, they seek innovative solutions to enhance the health and happiness of their furry companions. Smart pet toys play a pivotal role in this pursuit of pet wellness.

The rising number of pet owners worldwide presents a significant opportunity for the smart pet toys market. As more people bring pets into their homes, the demand for innovative and interactive toys to entertain and engage pets is expected to increase. The most luxurious comforts, much like they would for their children or any other family member, are now usual for pet owners owing to the pet parenting movement. Because people and their pets have such a strong bond, pet owners are now spending more money on luxuries.

Ongoing advancements in technology, such as artificial intelligence, machine learning, and Internet of Things (IoT) connectivity, provide opportunities to create more sophisticated and interactive smart pet toys. Technological advancements play a pivotal role in driving the growth of the smart pet toys market. These advancements are instrumental in creating increasingly innovative and sophisticated pet toys that cater to the evolving needs and preferences of pet owners. The integration of cutting-edge technology not only enhances the play experience for pets but also offers numerous benefits for pet owners.

 

The COVID-19 pandemic brought about significant changes in the smart pet toys market. As lockdowns and stay-at-home orders were implemented, there was a surge in pet adoption, with many individuals seeking companionship during uncertain times. This boost in pet ownership led to an increased demand for pet-related products, including smart pet toys, as people wanted to keep their furry friends engaged and entertained while spending more time at home. The pandemic also accelerated the shift to online shopping due to the closure or limited access to physical stores. This change in consumer behavior presented a unique opportunity for companies in the smart pet toy market to expand their online presence and reach a broader customer base.

The ongoing crisis between Russia and Ukraine has had ripple effects on the smart pet toys market. The crisis has brought about unpredictability and economic volatility in the area. International business partnerships may be impacted by trade disruptions and changes in currency exchange rates brought on by economic instability. These economic uncertainties might result in supply chain issues and higher prices for enterprises in the smart pet toy market who source materials or components from the impacted area or have connections to businesses in Russia or Ukraine.

 

List of Key Market Players in Smart Pet Toys Market:

Pet Care Market Size, Share | Future Trends and Growth by 2030 (industryarc.com) - The Pet Care Market size is estimated to reach $253 billion by 2030, growing at a CAGR of 8% over the forecast period 2024–2030. Pet care encompasses a vast range of services and products, ranging from pet essentials like canned Pet Food and pet care clinics to luxury pet grooming visits and pet accessories.

Pet Food Market | IndustryARC- As per the pet food industry analysis by IndustryARC, the pet food market size is expected to reach $90 billion by 2030. It is estimated to grow at a CAGR of 8.4% for the forecast period 2024-2030.

Germany Pet Food Market | IndustryARC- The Germany Pet Food Market grew at a significant rate owing to the increased adoption of pets among the population that gave rise to the demand for pet food. Pet food is considered a proper diet for domesticated animals that meets their nutritional needs. Pet food commonly contains meat, meat by-products, grains, vitamins, and minerals.

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Mr. Venkat Reddy

IndustryARC

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