Pet beds, pet houses, crates & kennels, and pet furniture are all widely available in the US market. Pet furniture gives animals a dedicated, cozy space in homes where they can sleep or play. There is a growing need for specialty pet furniture due to the increased adoption of pets and their humanization as part of the family, which has increased spending on pet accessories. In order to give comfort and relaxation for pets, manufacturers offer creative and designer pet furniture goods in a range of sizes, colors, and materials that cater to particular pet features.
The U.S. pet furniture market is estimated to be valued at US$ 3.41 billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period between 2024 to 2031.
Market Drivers
The growing humanization of pets is one of the main factors propelling the pet furniture market in the United States. American pet owners spend more money on high-end pet supplies like specialized furniture made of premium fabrics that offer comfort and style because they see their animals as members of the family and companions. Demand for multipurpose and space-saving pet furniture is also being driven by growing tiny-house trends and rising disposable incomes. The rise in nuclear households as a result of busy lives has also increased pet adoption and expenditure.
Key Takeaways
Key players operating in the U.S. Pet Furniture Market Size are Go Pet Club, Ware Pet Products, PetPals Group, MidWest Homes for Pets, North American Pet Products, Aosom LLC, Fable Pets, Inc., Critter Couch Company, Furhaven Pet Products, Kuranda USA, Ware Manufacturing, Inc., Richell USA, Inc., FURminator, Inc., Petmate, Pawnotch, North American Pet Products, Molly And Friends, and Armarkat. Go Pet Club and Ware Pet Products collectively account for over 30% market share owing to their diverse product portfolio and widespread distribution channels.
The demand for pet furniture is expected to grow significantly over the forecast period driven by increasing pet adoption and humanization of pets in the country. According to the American Pet Products Association, U.S. pet industry sales totaled more than $99 billion in 2020 and is projected to surpass $125 billion by 2025 indicating rising spending on pets.
Global pet furniture manufacturers are expanding their presence in the U.S. market through partnerships with leading retailers and e-commerce platforms as well as launching new collections specially designed for the U.S. market preferences. Europe based pet furniture brands like K&H Pet Products and PetPals Group have established strong hold in the U.S. market through strategic retail partnerships in last few years.
Geopolitical Impact on the U.S. Pet Furniture Market Growth
The current geopolitical tensions and rising inflation rates across major economies are impacting the growth of the U.S. pet furniture market. As economic uncertainties rise due to the ongoing geopolitical conflicts and rising inflationary pressures, consumers are tightening their discretionary spending budgets. This is negatively impacting the demand for premium pet furniture products in 2022 and it is projected that the market will face supply chain challenges due to raw material shortages and price hikes. However, growing pet humanization trends and increasing awareness about pets' well-being continue to drive the overall market. Looking at the uncertain macroeconomic environment, companies need to focus on strategic pricing, efficient supply chain management and innovating affordable product lines to sustain market growth over the forecast period from 2024 to 2031.
Key Regional Markets
In terms of value, the western U.S. particularly California represents the largest regional market for pet furniture currently accounting for over 30% of the national market share in 2022. This can be attributed to rising pet adoption and high disposable incomes in major cities like Los Angeles and San Francisco. Meanwhile, the southern U.S. region led by states like Texas and Florida is emerging as the fastest growing regional market and is projected to surpass the western region by 2026 driven by urbanization and expansion of pet-centric communities in these states.
Northeastern U.S.- Fastest Growing Geographical Region
While the western and southern regions lead the U.S. pet furniture industry currently, it is the northeastern region comprising of New York, New Jersey, Pennsylvania and New England states that is forecasted to witness the highest CAGR of over 7% during the forecast period. This fast-paced growth can be credited to high population density, rising millennial pet owners and growing innovations in premium pet housing solutions targeted towards this demography. Moreover, the presence of major pet retailers and innovators in states like New York and Massachusetts is further strengthening the northeastern region's position as the fastest growing market for pet furniture in the United States by 2031.
Get more insights on U.S. Pet Furniture Market
Also read related article on U.S. Pet Furniture Market
Comments
0 comment