Thepet utility products marketis driven by various factors such as the rise in pet ownership, the growing trend of nuclear families, and rising concerns regarding animal welfare. Moreover, the expansion in the e-commerce sector is also providing a boost to the market. Online shopping has made it easier for pet owners to access a wide range of pet products. In addition to this, due to their hectic lifestyles, pet owners are becoming more inclined towards products that are convenient. This coupled with the constant innovation to develop revolutionary products such as self-cleaning litter boxes by key industry participants is providing impetus to the market growth. During the study period, all these trends together are expected to unleash lucrative opportunities in the market.
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Rise in Number of Dog Owners Soars Demand for Pet Utility Products
The rise in the number of dog owners is significantly contributing to the burgeoning demand for pet utility products. More often than not, dogs are the most preferred pets in various households. These dog owners seek products that promote overall health and prevent illness and injury to their pets. Seeing the surge in the number of dog owners, market players in the global pet utility market have increasingly developing products specifically for dogs and also innovating new products for dog owners. In this context, sophisticated pet utility products such as radio-frequency identification (RFID)- enabled dog tags are gaining significant traction. Such a scenario is set to unlock revolutionary growth opportunities for the global pet utility products market.
Robust Technological Breakthroughs Create Favorable Outcomes Across Pet Utility Products Market
The incorporation of cutting-edge technology such as the Internet of Things (IoT) has led to the development of smart pet products such as automated feeders and pet trackers. These growing technological advancements have also given rise to wearable technology such as GPS-enabled collars. Such products offer convenience, improved safety, and peace of mind for pet owners. Furthermore, the expansion of the e-commerce industry and the growing adoption of mobile apps, have enabled the easy purchase and maintenance of smart pet products for pet owners. Therefore, it is predicted that the rising adoption of next-gen technology in pet utility products will improve the growth prospects for the global pet utility products market.
North America Acquires Lead Owing to Growing RD Activities for Product Innovation
North Americas pet utility products market is anticipated to maintain market lead over the forecasted period. One of the major factors driving regional market growth is increased investments in RD activities to create innovative products. Besides this, the rise in number of pet owners and increased concerns regarding pet health continue to create significant growth waves in the regional market. Furthermore, firms in the market have well-established distribution networks that allow them to efficiently reach customers across the continent.
Leading Market Players
Some of the key players in the pet utility products market include ThinkRace Technology, Bed Bath Beyond Inc., Simply Fido, PET PARENT, Honest Pet Products LLC, NITE IZE, IRIS USA, MidWest Homes for Pets, Costal Pet Products Inc., Outward Hound, Cycle Dog, Petco Animal Supplies Inc., Innovation Pet, PT Labs LLC, Hyper-Pet LLC, and K H PET PRODUCTS.
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