Pet Toys Market Size and Trends
The global pet toys market size was valued at USD 8.88 billion in 2023 and is expected to grow a CAGR of 9.6% from 2024 to 2030. The rising demand for pet toys can be attributed to the growing awareness of pet health and well-being, leading pet owners to seek engaging and interactive toys to enrich their pets' lives. Additionally, the humanization of pets has increased, driving a desire to provide pets with stimulating and entertaining toys similar to those enjoyed by humans.
The substantial increase in pet spending, totaling USD 136.8 billion in 2022 and representing a 10% rise from the previous year and a 50% increase since 2018 according to FinMasters article published in January 2024, is a key driver behind the flourishing of the market. With the average dog owner spending USD 912 and the average cat owner spending USD 653 annually, there's a growing emphasis on providing pets with quality toys and accessories. Even those with lower incomes, spending around 1% of their earnings on pets, contribute significantly to this trend. As pet owners increasingly view their pets as family members, the demand for innovative and engaging toys continues to surge.
---From “GRAND VIEW RESEARCH” (partial)
