Smart Pet Toys Market - Forecast(2024 - 2030)

Smart Pet Toys Market size is estimated to reach $830.5 million by 2030, growing at a CAGR of 15% over the forecast period 2024–2030. Consumer demand for pets is rising due to the growing trend of nuclear households, which is also driving up demand for pet toys. These days, pet owners are also searching for toys that are more resilient and safer for their furry friends. This trend is expected to boost the growth of the Smart Pet Toys Market over the forecast period.

Additionally, customers' preferences for eco-friendly materials in pet toys are changing, and the availability of a large range of intelligent pet toys may cause them to spend more money on pet care.  Demand for pet care items has increased recently as people have been more conscious of the security and comfort of their animals. Additionally, it is anticipated that throughout the forecast period, the global pet humanization trend would support the expansion of the pet animal toys market. These factors positively influence the Smart Pet Toys industry outlook over the forecast period.

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The “Smart Pet Toys Market Report - Forecast (2024–2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Smart Pet Toys Market.

 

● The COVID-19 pandemic brought about significant changes in the smart pet toys market. As lockdowns and stay-at-home orders were implemented, there was a surge in pet adoption, with many individuals seeking companionship during uncertain times. This boost in pet ownership led to an increased demand for pet-related products, including smart pet toys, as people wanted to keep their furry friends engaged and entertained while spending more time at home. The pandemic also accelerated the shift to online shopping due to the closure or limited access to physical stores. This change in consumer behavior presented a unique opportunity for companies in the smart pet toy market to expand their online presence and reach a broader customer base.

● The ongoing crisis between Russia and Ukraine has had ripple effects on the smart pet toys market. The crisis has brought about unpredictability and economic volatility in the area. International business partnerships may be impacted by trade disruptions and changes in currency exchange rates brought on by economic instability. These economic uncertainties might result in supply chain issues and higher prices for enterprises in the smart pet toy market who source materials or components from the impacted area or have connections to businesses in Russia or Ukraine.

● North America is Dominated Region 

Geographically, in the global Smart Pet Toys market share, North America is analyzed to remain the largest region over the forecast period and it is expected to grow with a CAGR of 13% over the forecast period 2024–2030 as there is a rise in the adoption of pets in U.S. and Canada. The market expansion of pet animal toys in the region is driven by consumers' increasing need for handy and plush pet toys over the course of the forecast period. Furthermore, the abundance of pets in the United States and Canada is driving up demand for these toys, which in turn drives up demand for the product as a whole in the area.

In the Smart Pet Toys Market analysis, the balls segment is estimated to grow with the fastest over the forecast period. Because they are flexible and simple to play with, pets are more likely to play with these kinds of toys. Because balls have a versatile use and are appropriate for dogs, most bet owners choose to get them. Additionally, the demand for interactive toys is expected to rise as more people get accessible to them.

According to the Smart Pet Toys Market forecast, the offline is estimated to dominate the market over the forecast period. Since there are many products available to customers in physical locations. Additionally, offline retailers like megastores and specialty shops assist customers in making informed product choices based on their needs, which in turn increases demand in the market.

The idea that getting a pet might help you get ready for parenthood has become more and more popular in recent years. In these situations, the pet receives all the needs that the youngster is capable of receiving. The most luxurious comforts, much like they would for their children or any other family member, are now usual for pet owners owing to the pet parenting movement. Because people and their pets have such a strong bond, pet owners are now spending more money on luxuries. Such a drift's frequency anticipates a positive increase in market sales in the upcoming years. Furthermore, millions of people worldwide increasingly view pets as members of the family due to the growing trend of pet humanization. As a result, the growing demand for these toys and the expansion of the market have been driven by the rising popularity of pet adoption among people across various countries. This leads to the growth of the market over the forecast period.

Many smart pet toys can be relatively expensive, making them less accessible to budget-conscious pet owners. Cost can be a barrier to adoption for some consumers. Smart pet toys are made to improve the mental and physical health of animals, to stimulate and interact with them, and to aid with problems like separation anxiety and pet weight. For many pet owners, though, the initial cost of these toys can be an obstacle. Some customers are unable or unwilling to give a sizable amount of their pet-related budget to smart toys in a market where prices are crucial. Although pet owners and their furry friends can benefit from these modern gadgets in many ways, the comparatively high cost may discourage buyers on low incomes from purchasing these items. A major barrier to market growth may be cost, which can reduce the pool of possible customers and impede the rate of adoption in total. The high cost of smart pet toys poses a significant challenge to the growth of this market.

Dogs and cats frequently have skin issues, which is one of the main causes of pet owner visits to the veterinarian. The most common illnesses that affect pets are allergies, skin parasites, and infections that are brought on by chemical use. Pets may experience allergies to plastic toys and materials, just like people do. Instead of sneezing and hay fever, pets typically show signs of skin allergies. They might also get chronic ear, skin, and even paw infections. Thus, it is anticipated that the use of toys containing chemicals will contribute to an increase in the incidence of skin rashes in pets, which would hinder market expansion.

 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Smart Pet Toys Market. The top 10 companies in this industry are listed below: