Technavio’s research report on the global pet accessories market forecast a CAGR of around 7% through 2023 for the market and its growth momentum is expected to accelerate during the forecast period 2019-2023. The year-over-year growth rate for 2019 has been estimated at around 6%. The report also analyses the pet accessories market to register an incremental growth of nearly USD 11 billion between 2018 and 2023, with 44% of the incremental growth to originate from the Americas.
Market research experts highlight that product premiumization plays a crucial role in driving the pet accessories market growth. Of late, consumers are willing to splurge on premium products due to the factors such as superior quality and durability. The growing number of dual-income households has led to the demand for such products as pet owners are now investing in premium pet products. Some of these products include smart pet accessories. Seeing this drive towards high-quality products, manufacturers are introducing niche pet products in the market. For instance, Ancol Pet Products offers premium pet accessories such as Jumbo Brown Waterproof Domino Dog Bed, which cost almost USD 100.
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As the craze for smart pet accessories increases, vendors are heavily investing in R&D and introducing products such as smart bed, smart pet feeder, connected pet collars, and many more. The Consumer Electronics Show (CES) 2018 in January showcased a variety of smart pet accessories by vendors. Climate Controlled Smart Pet Bed and Activity Tracker collar were some of the products exhibited by Petrics Smart Pet Bed & Activity Tracker, a pet health technology company.
Learn more about the leading pet accessories companies and their market positioning:View global pet accessories market 2019-2023 report
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