LONDON — The worldwide pet furniture market is likely to recover from COVID-19 and grow by $4.1 billion during 2020-24, market research firm Technavio reports.
The compound annual growth rate is predicted to approach 6 percent, the company states in its new analysis.
Thirty-seven percent of the growth will originate from North America, according to Technavio. Factors such as the growing millennial population, the high number of dual-income nuclear families, and an ever-increasing trend of pet humanization will significantly drive the pet furniture market growth in this region during the forecast period.
According to the firm: “Pet furniture market is expected to be driven by the availability of a wide range of fashionable and multifunctional pet furniture. Pet furniture designs have evolved significantly over the last couple of years. Market players are exploring innovative ways to combine multiple functions and styles to cater to the demands of pet lovers. For instance, they are designing furniture that fits seamlessly in homes without compromising on aesthetic value. This is resulting in the availability of a variety of pet furniture, which is driving the overall market growth.”
The advent of smart pet beds is one of the major trends in the global pet furniture market, with significant resources going into research and development. Such beds track pets’ weight, rest and activity while providing climate control. The data collected via a mobile app provides owners with more information about their pet’s health. Smart beds also offer thermostatic control that allows owners to adjust the temperature.
The pet house segment accounted for the highest pet furniture market share in 2019.
“The growing demand for pet houses is mostly attributable to their aesthetic appeal,” according to Technavio. “Key market competitors design modern and sleek pet houses as per customers’ demands.”