Pet Accessories Market Trends

Growth Drivers

• Increasing number of pet owners: The rising pet ownership is creating a large consumer base for the pet accessories market. Owning a pet has become an emotional need and a common trend among millennials and Gen Z. These two generations are now more inclined to spend on pet products, as they have become more included in their lives. According to the report published by the Global Animal Health Association, in September 2022, 35% of the millennials in the UK own pets or are planning to adopt. The report further states, that more than half of the global population is poised to have pets. This has further led to greater demand for products, catering to the pet’s well-being and comfort.
• Innovation and diversification in products: With the advancements in technology to manufacture and distribute new pet foods and supplies, the pet accessories market is enlarging. The ongoing development in manufacturing facilities and product designs has inflated production while increasing availability through e-commerce platforms. For instance, in August 2024, Encora partnered with PetMeds to transform the way of retailing the pet pharmacy and supplies. The company will help to modernize the technological infrastructure of PetMeds, delivering a user-friendly online ecosystem for pet owners. These activities inspire other leaders to invest more in developing innovative products in this sector.

Challenges

• Concerns about product safety: Establishing trust in the new products is crucial to garner profit margin in the pet accessories market. Many companies often fail to qualify or comply with the safety standards and regulations, damaging brand reputation. Launching complex products such as smart collars and pet tech can be challenging for companies due to such strict industry standards. This may further refrain companies from bringing innovation in this sector.
• Expensive pet-care supplies and services: Managing the high cost of pet care can be difficult for many middle-class families who own or are planning to own a pet. This price sensitivity may limit the growth potential of the pet accessories market, particularly in the higher-end product lines. On the other hand, maintaining quality while keeping affordability is still a challenge for manufacturers, which may force customers to switch to other affordable options.