Global Luxury Pet Accessories Market Size, Trades, COVID-19 Impact & Growth By Pet Type (Dogs, Cats, and Other Pet Types), By Product Type (Apparel, Collars, Harnesses, and Leashes, Beds & Furniture, Toys, Feeding Accessories, Grooming Products, and Other Product Types), By Distribution Channel (Specialty Pet Stores, Online Retail Stores, Department Stores, Supermarkets & Hypermarkets, and Other Distribution Channels), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Luxury Pet Accessories Market size is expected to be worth around USD 6.3 Billion by 2032 from USD 3.8 Billion in 2022, growing at a CAGR of 5.30% during the forecast period from 2023 to 2032.

Luxury pet accessories are high-end products designed to provide comfort, style, and indulgence for pets while reflecting the owner’s taste and lifestyle. Pet accessories go beyond the necessities and cater to pet owners who want to pamper their pet’s companions with the best quality and design.

Luxury pet accessories are a growing trend, as pet owners increasingly want to spend their furry friends with the best of the best. These accessories can range from simple to high-quality items like leather collars and leashes to more extravagant items like designer dog beds and carriers.

Actual Numbers Might Vary in the Final Report

Driving Factors

Rising Pet Ownership Surges the Demand for Luxury Pet Accessories in The Global Market

One of the primary drivers behind the growth of the global luxury pet accessories market is the rising trend of pet ownership. This phenomenon is characterized by more individuals and families choosing to bring pets into their homes, ranging from dogs and cats to birds, small mammals, and even exotic animals.

This surge in pet ownership has significant implications for the rising demand and consumption of luxury pet accessories. In the UK, around 3.2 million households have had pets since the COVID-19 pandemic, as per the UK Pet Food Manufacturers’ Association.

In the U.K., pet owners spend nearly £500 (about $620) annually on luxury products for their pets. These indulgent items encompass a range of offerings, such as designer outfits, lavish beds, enticing toys, and gourmet treats. 7 out of 10 pet owners are open to investing more in luxurious items for their pets than they would for themselves.

This trend highlights the strong desire among pet owners to ensure their beloved animals enjoy the finest comforts and pleasures, often surpassing their indulgences. Also, in today’s fast-paced life and isolated world, people are increasingly recognizing the emotional benefits of having pets as companions.

Pets provide a source of unconditional love, companionship, and emotional support. This bond prompts pet owners to invest in their pets’ comfort and happiness, driving the demand for high-quality and stylish accessories that enhance their pets’ lives.

Restraining Factors

Affordability and Competition from Alternatives Restraining the Market Growth

One of the major factors restraining the market growth is the relatively high cost of premium pet products. Luxury accessories such as designer collars, beds, and clothing tend to come with a premium price tag, limiting their affordability for many pet owners. Economic fluctuations and uncertainties in several countries also have a negative impact on consumer spending on items like luxury pet accessories.

Pet owners today have a wide range of choices when it comes to fulfilling their pets’ needs, including basic accessories such as collars, leashes, beds, and clothing. While luxury brands offer premium materials, intricate designs, and exclusive branding, there is a growing availability of alternatives that offer comparable functionality without the premium price tag. Thus rising competitive alternatives hinder the market growth.

Growth Opportunities

Emerging Opportunities in the Global Luxury Pet Accessories Market Driven by Rising Pet Ownership and Affluent Pet Owners

Across the globe, more and more people adopt pets, which is driving the demand for luxury pet accessories. According to the American Pet Products Association, there are more than 70 million pet dogs and 68 million pet cats in the US.

This number is expected to grow in the forecast period, which is expected to drive demand for luxury pet accessories in the market. Pet owners are becoming more affluent, and this allows them to spend more money on luxury items for their pets. For instance, pet owners in the United States spend an average of US$ 1,200 per year on their pets.

Pet owners are becoming more aware of pet health and wellness; thus, they are spending more on luxury pet products to maintain the health of their pets. About 60% of pet owners say that they are concerned about their pet’s health, and about 85% of pet owners consider their pets to be members of their family. Thus rising spending on pets and increasing pet ownership are expected to create lucrative growth opportunities in the global luxury pet accessories market.

Latest Trends

Rising Demand for Eco-Friendly Luxury Pet Accessories and the Influence of Online Retail and Subscription Services

Pet owners are increasingly looking for sustainable pet accessories that are made from eco-friendly materials. This is driving the demand for luxury pet accessories that are made from recycled materials or that are produced in an environmentally friendly way. More and more people are shopping online, and this includes pet accessories.

Online retailers offer a wider selection of luxury pet accessories than brick-and-mortar retailers, and they often have lower prices. Subscription services are becoming increasingly popular, as they offer a convenient way for pet owners to get the pet products they need regularly. Some of the most popular pet subscription services include BarkBox, Chewy, and PetSmart.

Pet Type Analysis

The dogs Segment Dominates the Global Luxury Pet Accessories Market with Largest Market Share

Based on pet type the global luxury pet accessories market is segmented into cats, dogs, and other pet types. The dog segment dominated the luxury pet accessories market with a market share of 60% in 2022 and is expected to remain dominant in the market during the forecast period.

This is because dogs are the most popular pets in the world, and pet owners are willing to spend money on high-quality products for their furry friends. Dogs are known for their strong companionship and loyalty to their owners.

On average, dog owners spend around $730 each year on their beloved furry companions. This emotional connection encourages owners to invest in high-end accessories for their furry friends. As of June 21, 2023, there are around 65.1 million households with dogs, making them the most popular pets.

The cat segment is also growing at a fast pace due to the rising ownership of cats across the globe. People spending more and more on cat accessories such as exquisite beds, designer collars, and sophisticated grooming tools, among others, which is propelling the growth of the segment.

Product Type Analysis

The Toys Segment is Dominant in the Market

Based on product type, the global luxury pet accessories market is classified into apparel, collars, harnesses, and leashes, beds & furniture, toys, feeding accessories, grooming products, and other product types.

Both in established and developing nations, the market for pet toys is expanding significantly. The desire of pet owners to provide their animals with ongoing activity is driving the growth in pet toy purchases. The demand for natural and organic accessories and toys is rising as pet owners prioritize their dogs’ safety.

Distribution Channel Analysis

Pet Specialty Stores Lead the Luxury Pet Accessories Market with a Dominant 40% Share in 2022

Based on distribution global luxury pet accessories market is segmented into specialty pet stores, online retail stores, department stores, supermarkets & hypermarkets, and other distribution channels. The specialty pet stores segment dominated the market with the largest market share of 40% in 2022.

Specialty pet stores are retail stores that sell a wide variety of pet products and services, including food, toys, bedding, healthcare products, and grooming services. Specialty pet stores are typically located in convenience locations, such as malls and shopping centers. Also, specialty pet stores offer a wide variety of products and attractive discounts on pet products which drives the growth of this segment.

The online retail store segment is anticipated to grow at the fastest CAGR during the forecast period due to the rising adoption of smartphones across the globe and the emergence of online shopping platforms such as Amazon and Flipkart.  Also, online shopping provides a wide variety of products and doorstep services that propel the sale of luxury pet products through online platforms.

Global Luxury Pet Accessories Market Segments Includes:

By Pet Type

• Dogs
• Cats
• Other Pet Types

By Product Type

• Apparel
• Collars, Harnesses, and Leashes
• Beds & Furniture
• Toys
• Feeding Accessories
• Grooming Products
• Other Product Types

By Distribution Channel

• Specialty Pet Stores
• Online Retail Stores
• Department Stores
• Supermarkets & Hypermarkets
• Other Distribution Channels

Regional Analysis

North America Dominates the Global Luxury Pet Accessories Market Propelled by Rising Pet Ownership and Growing Affluence

North America is the largest market for luxury pet accessories, accounting for a 35% share of 2022 of the global market, and is expected to remain dominant in the market during the forecast period. The growth of the region is propelled by the increasing number of pet owners in the region, the growing affluence of pet owners, and the increasing demand for personalized and sustainable pet accessories.

In the United States, dogs are the most preferred pets, with 65.1 million households owning them, followed by cats with 46.5 million households, and freshwater fish with 11.1 million households. Among the generations, millennials constitute the highest percentage of pet owners at 33%, followed by Gen X at 25% and baby boomers at 24%. Pet-related spending in the United States was approximately $136.8 billion, steadily rising over the years.

Europe region is the second largest market for luxury pet accessories with a significant market share. There are more than 250 million pet dogs and cats in Europe. Pet owners in Europe spent more money on luxury items. Pet owners in Europe spend an average €1,000 per year on their pets. Asia Pacific, Latin America, and the Middle East & Africa region will show remarkable growth in the global market during the forecast period.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Italy
  • Spain
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASIAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • United Arab Emirates
  • Rest of the Middle East & Africa

Market Share & Key Players Analysis

The global luxury pet accessories market is becoming more and more competitive due to the penetration of new key companies in the market. Key players in the global market are focusing on product innovation to meet rising consumer needs.

Several key players are focusing on market strategies such as merging, acquisition, and collaboration to obtain a competitive edge in the market. Ruffwear is the leading company in the global luxury pet accessories market with the largest market share.

Market Key Players:

• K&H Pet Products
• Puppia
• Moshiqa
• Buddy Belts
• FitFurLife
• Wild One
• Hartman & Rose
• Mungo & Maud
• Pet Interiors
• Ruffwear
• Wolfgang Man & Beast
• For The Furry
• LoveThyBeast
• Canine Styles
• Furbo
• Other Key Players

Recent Developments:

• In January 2023, Ruffwear launched a new line of dog beds made from recycled materials. The beds are made from 100% recycled polyester and are designed to be comfortable and durable.
• In February 2023, Whisker City launched a new line of pet carriers made from sustainable materials. The carriers are made from recycled plastic and are designed to be lightweight and easy to carry.

Report Scope: