Pet Clothing Market Size to Worth USD 7 Billion by 2028 | At 4. 4% CAGR – GlobeNewswire
Pune, India, Sept. 01, 2022 (GLOBE NEWSWIRE) — The global pet clothing market size is expected to gain momentum by reaching USD 7 billion by 2028 while exhibiting a CAGR of 4. 4% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Pet Clothing Market, 2021-2028. ”, observes that the market stood at USD 5. 01 billion in 2020.
Several companies have been running campaigns to promote and create awareness regarding innovative pet clothing present in the market. They have been actively focusing on expanding their reach and facilities that is driving the product’s demand worldwide.
- For instance, in July 2020 , PetSmart, the American pet store products supplier, announced the particular expansion of its business simply by launching a new store in Canada. The store offers several types of products such as animal toys, bandanas, and shirts.
The seismic effect of the pandemic, COVID-19, has been felt across several economies globally that are facing unprecedented economic loss. Owing to the lockdown announced by the government, several industries have been on a standstill with limited operational activities. However , combined efforts from the government and industries are required that is likely to bring the economy back on track post-pandemic.
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Pet Clothing Marketplace Report Scope & Segmentation:
|Forecast CAGR||4. 4%|
|2028 Value Projection||USD 7. 0 Billion dollars|
|Pet Clothing Market Size in 2020||USD 5. 01 Billion|
|No . of Pages||170|
|Segments Covered||By Product Type, By Pet Type, By Region|
|Pet Clothing Market Growth Drivers||Increasing Focus on Pet Clothing Campaign|
|Growing Demand for Dog Subscription Box Services|
Fortune Business Insights™ lists out all the pet clothing market companies that are presently striving to reduce the impact associated with Covid-19 pandemic on the market:
- L. Shareholding Company Ltd. (Oxford, U. K. )
- MEDICAL PET SHIRTS INTERNATIONAL B. V. (Bleiswijk, Netherland)
- Bitch New York (New York, U. S. )
- Moshiqa (Los Angeles, U. S. )
- PetRageous Designs LLC. (Massachusetts, U. S. )
- MILK& PEPPER (Cholet, France)
- TRIXIE Heimtierbedarf GmbH & Co. KG (Tarp, Germany)
- PETstock (South Melbourne, Australia)
- CANADA POOCH (Toronto, Canada)
- BedheadPajamas Inc. (California, U. H. )
What does the Report Provide?
The global market report provides effective analysis on several factors such as the key drivers plus restraints that will impact growth. Additionally , the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the particular growth of the market in the forthcoming years. Moreover, the research analyst has adopted a number of research methodologies such as PORTER’s Five Point and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Sales through Online Medium to Augment Development
In January 2020, Alibaba. com, a prominent Chinese online platform, reported a ten-fold rise in cat hanfu sales between December 2018 to December 2019. The rising sales through online medium and the growing presence of major businesses selling their merchandise are some of the factors expected to boost the product’s demand during the forecast period. Additionally , the surging demand for pet subscription box services that consists of an extensive variety of treats, playthings, and other goodies is likely to contribute to the global pet clothing market growth in the forthcoming years.
- For instance, in 2020, CouponFollow, an online hub for an array of coupon codes and promotions, reported that over 51% of the U. T. pet owners availed subscription box-related services.
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Based on the product type, the market is divided into:
- Coats & Jackets
- Sweaters & Hoodies
- Shirts & Tops
On the basis of pet type, the market is segregated into:
Based on region, the market is segmented into:
- North America
- 2019 – USD 1 . 58 Billion
- 2020 – USD 1 . 70 Billion
- South America
- The Middle East and Africa
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic plus non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest plus dominate the market.
- The consumption of the product/service inside each region is highlighted, as are the factors affecting the market within each region.
- The competing landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Further Report Finding:
- North America is expected to remain at the forefront and hold the highest position in the global market place for in the forthcoming years. This is attributable to the rising trend for purchasing premium quality clothes for pet animals within countries such as the U. S i9000. in the region. North America stood at USD 1 . 70 billion in 2020.
- The market in Europe will be expected to showcase considerable development backed by the increasing focus on styling and grooming of pet cats in countries such as Germany and Italy that will boost the adoption associated with innovative pet clothing between 2021 and 2028.
- Based on the product type, the coats and jackets segment held a global market share of about 22. 65% in 2020. The segment is usually expected to experience considerable growth due to the wide availability of multi-colored coats and jackets preferred by consumers for their pets worldwide.
Collaboration between Prominent Companies in order to Expand Their Product Portfolio and Boost Sales
The market is consolidated by the presence of major companies that are striving to maintain their presence by collaborating with other companies. Moreover, other key players are focusing on adopting an organic and inorganic approach in their strategies to gain the competitive edge over their own rivals that will bode well for the growth of the marketplace in the forthcoming years.
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Detailed Table of Content:
- Study Scope
- Marketplace Segmentation
- Analysis Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Emerging Trends
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Pet Clothing Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Coats and Jackets
- Sweaters and Hoodies
- Shirts and Covers
- By Pet Type (Value)
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & The african continent
- By Product Type (Value)
Important Industry Development:
- September 2020– Little Beast, a leading dog clothing products provider, introduced a new fashionable line of dog clothing such as hoodies, turtlenecks, and onesies. The company aims to leverage the opportunities provided by the growing demand for innovative clothing for pets.
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Frequently Asked Questions (FAQs):
1 . How much is the pet clothing market worth?
Answer: Fortune Business Insights says that the global market size was USD 5. 01 billion dollars in 2020 and is projected to reach USD 7. 0 billion by 2028.
2 . What was the value of the marketplace in North America in 2020?
Answer: In 2020, The united states stood at USD 1 . 70 billion.
3. At what CAGR is the market projected to grow during the forecast period (2021-2028)?
Answer: Registering a CAGR of 4. 4%, the market will exhibit steady growth throughout the forecast period (2021-2028).
4. Which is the leading segment based on product type?
Answer: Based on product type, the particular shirts and tops segment is set to lead the market.
5. What is the key factor driving the worldwide market?
Answer: The recent introduction of campaigns related to animal apparel by prominent companies is a key driver for the growth of the market.
6. Who are the major players in this market?
Answer: W. L. shareholding Company Ltd., Medical Pet Shirts International B. V., and Bitch New York are the global marketplace players.
7. Which area held the highest share in the market?
Answer: North America dominated the global market in terms of share in 2020.
8. Which factor is expected to drive the adoption of these products?
Answer: The rising need for an animal subscription box is expected to drive the adoption of these products.
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