The Total Addressable Market (TAM) for Pet Furniture was valued at USD 3.60 billion in 2021. It is projected to reach USD 6.13 billion by 2030, growing at a CAGR of 6.1% during the forecast period (2022-2030). A pet also called a companion animal, is usually kept primarily for a person's company or entertainment, apart from working animals, livestock, or laboratory animal. Dogs and cats are two of the most well-known species of animals kept as pets all over the world. A popular trend that emerged in the early 21st century was the production of furniture that was intended for use by animals. Pet beds, doghouses, hammocks, dog coolers, cat trees, parrot tents, and extravagant play equipment are some everyday items available.
Manufacturers in this sector concentrate on developing fashionable, multifunctional products that meet pet owners' needs. They have been taking a design-driven approach, which can go well with the pet owner's home furnishings. Producers are also using designer prints, high-end fabrics, faux furs, and wickers for their products. Banana leaves and jute are two examples of natural raw materials that are becoming more and more well-liked by consumers.
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Availability of a Wide Range of Fashionable and Multifunctional Pet Furniture
The availability of a broad selection of stylish and multipurpose pet furniture drives the market for pet furniture. The styles of pet furniture have changed noticeably over the last few years. To meet the needs of pet lovers, market participants are looking for creative ways to integrate various functions and styles. Market players are creating furniture that fits homes without sacrificing aesthetic value. This causes a range of pet furniture available, accelerating the market's expansion.
Customers receive more value from customization since it gives them more creative freedom. Younger customers are drawn to customizable pet furniture because it gives them the means to personalize items or change the function of a piece's design. Many prefer pet furniture made of recycled materials or more environmentally friendly woods like acacia, bamboo, or reclaimed wood to lessen their environmental impact. Products enabling consumers to make their own decisions by convenience fuel market expansion.
High Costs of Smart Pet Furniture
Smart pet furniture has become a blessing for both pets and their owners because it provides climate control and helps track pets' weight, rest, and activity. The temperature can be changed by owners using the thermostatic control. Pet furniture designers are investing significantly in R&D and materials, making these products highly expensive. Consumers in underdeveloped countries like Bangladesh, Sri Lanka, Somalia, and others cannot purchase expensive goods. Therefore, the market's total expansion is constrained by the high price of smart pet furniture.
Development and Innovations in Smart Pet Furniture
Players in the global pet furniture market invest significantly in R&D to create innovative pet furniture for their clients. These climate-controlled smart pet beds track the pet's movement, rest, and weight. Therefore, there is room for future innovations, given the current popularity of smart pet furniture and the extensive research in this field. The owners' needs are met while also providing room for advancement in pet furniture through collaboration with new technology, which opens up a wide range of possibilities for the pet furniture business.
The global pet furniture market is segmented by pet type, product type, and distribution channel.
Based on pet type, the global market is bifurcated into dogs, cats, and others.
The dog segment is the highest contributor to the market and is expected to grow at a CAGR of 6.6% during the forecast period. One of the critical trends in the market for dog furniture is smart pet beds. These climate-controlled smart pet beds keep tabs on your pet's movement, rest, and weight. Thermostatic control on smart beds allows owners to regulate the temperature. K&H Manufacturing, Sherpa Pet, Quaker Pet Group, Gen7Pets, Snoozer, Sherpa's Pet Trading Company, LePet, and Coastal Pet Products are significant companies in this market. The materials used to make dog-related pet furniture are mostly wood and fabric.
The beds, sofas, cushions, and houses, including tree houses, dominate the market for contemporary cat furniture. Due to the availability of numerous variants, beds and sofas account for most of the market. Orthopedic beds, outdoor cots, bolster beds, temperature-controlled beds, and donut beds are a few examples of the many different types of beds and sofas. Modern cat furniture is mostly wood, iron, plastic, and stainless steel. Market participants in this niche are searching for novel ways to mix various features and aesthetics to meet cat lovers' needs.
Based on product type, the global market is bifurcated into houses, beds and sofas, and trees and condos.
The houses segment owns the highest market share and is expected to grow at a CAGR of 6.1% during the forecast period. This segment uses polyester, wood, FRP/steel, fiber, and composite concrete as materials. Future developments are possible, given the segment's present direction and research volume in this field. In addition to presenting significant improvements in pet furniture, working with modern technologies also meets owner needs and opens up a wide range of prospects in this market.
The supremacy can be attributed to elements like the accessibility of a large selection of pet sofas and beds that fit the animal's size, weight, and shape. This category uses materials like wicker, faux furs, and designer fabric designs. One of the critical trends in the market for dog furniture is smart pet beds. These climate-controlled smart pet beds keep tabs on your pet's movement, rest, and weight. Thermostatic controls on smart beds allow owners to regulate the temperature.
Based on distribution channels, the global market is bifurcated into specialty stores, supermarkets/hypermarkets, e-commerce, and others.
The specialty stores segment is the highest contributor to the market and is expected to grow at a CAGR of 6.1% during the forecast period. Small retail establishments, known as specialty stores, specialize in selling a particular product line and related goods. In addition to offering customers superior service quality and professional advice, most specialty store business operators maintain considerable depth in the type of goods they specialize in selling, typically at premium pricing. Manufacturers continually work to improve the visibility of their items on store shelves, and as a result, they primarily target specialized retailers. As a result, specialty shops provide a greater selection of pet furniture. Specialty shops also offer choices like discounts and the advantage of instant gratification, which contributes to the expansion of the pet furniture business.
Hypermarkets and supermarkets carry various products from different food and beverage industries, making them conveniently accessible to customers. A hypermarket or supermarket is a well-organized store with a presence domestically and abroad. These kinds of stores provide customers with access to niche products that are available on the market. Therefore, constructing superstores and hypermarkets in strategic locations creates profitable opportunities for expanding the pet furniture sector. Manufacturers encourage chains of supermarkets and hypermarkets to sell their items primarily by providing special discounts through these hypermarkets.
The global pet furniture market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
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North America is the most significant shareholder in the global pet furniture market and is expected to grow at a CAGR of 5.6% during the forecast period. The market for products in North America is fueled by pet furniture innovation. A significant portion of the global pet furniture market is expected to be dominated by North America, thanks to rising healthcare costs and the presence of well-established medical facilities for pets. Due to the comfort and accompanying health benefits these beds provide, the demand for temperature-controlled, orthopedic, and electrically heated beds has increased. PetPals Group, Inc., Go Pet Club, MidWest Homes for Pets, North American Pet Products, and Ware Pet Products are some of the major companies active in this industry for pet furniture.
Europe is expected to grow at a CAGR of 6.4%, generating USD 2,087.14 million during the forecast period. In Europe, people of all ages and demographic groups value having dogs in their social lives. Pets are status symbols for specific affluent social groupings. As a direct consequence, pet furniture is currently experiencing a surge in demand. The end-users in this region are drawn to expensive materials, striking finishes, limited-edition positioning, and branding. Additionally, the rise in disposable income drives up pet expenditure for comfort, fitness, and health, increasing consumer demand for pet furniture. Ferranti, Suzy's Creations, Dog Sofa, Berkeley Dog Beds Limited, Petcraft, Lulu's Pet Couture, and other prominent businesses are active in this region.
Asia-Pacific is expected to grow significantly over the forecast period. Due to the prevalence of stringent pet safety rules, the pet furniture sector has grown rapidly throughout the Asia-Pacific region. Another significant trend in this region is the rise in demand for multipurpose beds. Additionally, for customers with limited space, furniture combines a pet bed with the owner's furniture, such as a coffee table, bedside table, and chair, increasing demand for such products. Customers in this region are also becoming increasingly interested in pet furniture made from natural and eco-friendly materials like jute and banana leaves, designer designs, high-end textiles, faux furs, and wickers. Cathars, Hangzhou Tianyuan Pet Products Co., Catsup, and Catsup, are essential participants in this region.
Brazil, South Africa, Argentina, and the rest of LAMEA are all included in the LAMEA pet furniture market. Bringing and maintaining dogs while commuting in cars and offices has become more popular. The demand for pet-friendly offices and travel-related pet furniture is anticipated to rise over the forecast period. Due to the comfort and health advantages offered, there is also an increase in demand for temperature-controlled, orthopedic, and electrically heated beds. The demand for outdoor cots, donut beds, bolster beds, pillow or cushion beds, and these other items have grown over time, fueling the local pet furniture market's expansion. Casper, IRIS, Big Barker, K&H Pet Products, PetFusion, Milliard, Gorilla Dog Beds, Armarkat, Luca for Dogs, Pussycat Cat Furniture Company, and Snoozer are essential participants in this market.
The global pet furniture market’s major key players are Furhaven Pet Products, Go Pet Club, Midwest Homes for Pets, Nest Bedding, North American Pet Products, Petpals Group, Inc, Prevue Pet Products, Taizhou Huamao Handicraft Article Co., Ltd, Ultra Modern Pet, and Ware Pet Products.