Perfume Market Size Worth $40.9 Billion By 2025

The global perfume market size is expected to reach USD 40.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast period. Growing awareness about personal grooming, along with increasing demand for premium fragrances, is expected to drive the demand for global market. Furthermore, high purchasing power among the millennials is expected to spur the growth of the global market.

Soaring population and increasing consumer spending on personal and beauty care products are the key factors driving the market. Perfume suppliers are becoming more innovative and are offering better products at discounted prices as a definite marketing strategy. This, in turn, is helping the mass product segment to expand at a CAGR of 3.8% over the forecast period. Additionally, popularity of purchasing premium brands is increasing due to increase in customer spending, which could be attributed to rise in disposable income per household. This is expected to augment the demand for premium brands during the forecast period. For instance, Victoria Secret launched its body mist collection in India ranging from USD 18 to 25 such as VC Rush, Bombshell, Vanilla Lace, and Love Spell.

Women accounted for the largest share of 60.1% in 2018. It is observed that women in U.S. purchase a new perfume as often as once a month, in comparison to men who buy it on an average of 1-2 times per year, mainly for the purpose of replenishment. As per a survey, around 41.0% of the females in U.S. use perfumes everyday as compared to men.

The online channel is expected to expand at the highest CAGR of 3.9% over the forecast period. It provides a wide variety of products for the consumers all over the world, coupled with several discounts and offers for its first-time and regular users. For instance, Nykaa provides special discounts on women’s day, especially on perfumes of premium brands like Avon, to celebrate womanhood every year.

Europe, followed by North America, accounted for the largest market share in 2018. The U.S. and Europe market remain the industry trendsetters. Major countries contributing to the growth of the Europe market include Germany, France, and U.K, wherein France accounted for 25.9% share in 2018. France serves as the home of numerous leading perfumes brands such as Christian Dior, Chanel, and Guerlain. The country has been driving the Europe market with the highest production and export values.

Asia Pacific is expected to expand at a CAGR of 5.1% over the forecast period. The region is witnessing high demand, particularly in countries like China and India due to increasing disposable income that allows customers to spend more on luxury products. This, in turn, is boosting the growth of the regional market. For instance, Vini Cosmetics, an Indian company popularly known for its brand Fogg, launched its premium perfumes for both men and women.

Some of the major players in the global market are Avon Products Inc.; Natura Cosmticos SA; Chanel SA; Coty Inc.; LVMH; L’Oreal Groupe; Estee Lauder; Elizabeth Arden, Inc.; and Puig SL. Companies are focusing on offering customized products to meet the specific requirements of the customers. For instance, Lauder’s Jo Malone stores offer fragrance consultations so that shoppers can develop a customized product.

Moreover, a Tokyo location of this brand had an artist placed near checkout to outline cityscapes on packaged boxes to create a unique product packaging design. Furthermore, the company purchased the artisan perfume house By Kilian, thereby adding to its store of trendy names such as Le Labo and Editions de Parfums Frederic Malle. They offer in-store blending on customer demand with an aim to provide a premium shopping experience of hand crafted products.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/perfume-market

Further key findings from the study suggest:

  • North America is projected to generate a revenue of USD 13.2 billion by 2025
  • The men segment accounted for 39.9% share of the total revenue in 2018 and is projected to witness a slight decline in the next few years
  • Perfume Market for Asia Pacific is projected to expand at the highest CAGR of 5.1% over the next few years due to rise in disposable income of people in developing countries like India, China, and Sri Lanka.
  • Due to increased benefits of various essential oils, countries like U.K. and Germany have shown a positive trend in adapting these as a main ingredient in the production of a wide range of premium perfumes across the region.

Large Cooking Appliances Market Size Worth $39.91 Billion By 2025

The global large cooking appliance market size is expected to reach USD 39.91 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 6.5% during the forecast period. Growing standards of living and popularity of modular kitchens is anticipated to fuel the growth. Advancements in efficient and specialized equipment are anticipated to further drive the product demand.

Constantly changing household and commercial routines, access to economic electricity, and rising awareness regarding eco-friendly appliances are anticipated to drive the product demand. Expansion of e-commerce distribution channels along with the emergence of Internet of Things (IoT) and other advanced technologies are expected to augment the market growth over the forecast period.

Increasing number of meals consumed away from home due to the rise in working population is projected to further stimulate market growth, particularly in the commercial segment. In this category, developing countries like India and China are expected to offer abundant growth opportunities. For instance, Hitachi and Vulcan direct their premium offerings to leverage construction channels for product sales in India through paid partnerships with builders and developers.

The rise in disposable income has spurred the development of large cooking appliances within various business units including modular households across developed and developing economies like India and China. New advancements such as built-in hobs, modular ovens, and charbroilers have increased the demand for specialized appliances. The segment is anticipated to expand at a CAGR of 6.7 % over the forecast period, due to product efficiency. In addition, rising workforce in urban cities is expected to fuel demand for high-end products. For instance, Hitachi and Haier have emerged as the leading brands in cooktops and cooking range segment especially due to increased demand for modular kitchens in countries from Asia Pacific such as India and Singapore.

The market for cooking appliances is the parent market for all the cooking appliance segments. The large cooking appliances contribute, among other things, an essential 40% of the overall market. With profits rising and the facility to do business in the hospitality sector, demand for commercial equipment has been rising for quite some time. This factor is anticipated to fuel growth of industrial application at a CAGR of 6.6% over the forecast period. For instance, Hitachi provides hospitals and hotels with energy-efficient commercial cooking equipment, ranging from cooktops to broilers, as rising technological advancements in smart equipment are a driving consumer preference for cooking food. Commercial segment is anticipated to emerge as the fastest and the largest growing segment for the large cooking appliances market.

Samsung Electronics Co. Ltd, Morphy Richards, LG Electronics Inc., Whirlpool Corporation, Hitachi Appliances Inc., Koninklijke Philips N.V, AB Electrolux, Haier Group Corporation, GE Appliances, and Robert Bosch GmbH are some of the key market players.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/large-cooking-appliance-market

Further key findings from the report suggest:

  • In terms of regional revenue, North America is projected to have a value of USD 12.64 billion by 2025
  • Specialized appliances constitute about 28.23% of the total market share in 2018, and are projected to exhibit a significant increase in the next few years
  • Asia Pacific is anticipated to lead the global large cooking appliances market with a CAGR of 7.3% during the forecast period
  • Rise in disposable income and working women population, especially in countries like China and India is anticipated to positively influence market growth
  • The market is highly competitive in nature with the main players including Samsung Electronics Co. Ltd; Morphy Richards; LG Electronics Inc.; Whirlpool Corporation; Hitachi Appliances Inc.; Koninklijke Philips N.V.; AB Electrolux; Haier Group Corporation; GE Appliances; and Robert Bosch GmbH

Anti-reflective Coatings (AR Coatings) Market Worth $7.5 Billion By 2025

The global anti-reflective coatings market is expected to reach USD 7.50 billion by 2025, according to a new report by Grand View Research, Inc. Technological advancements in the field of fabrication and deposition techniques coupled with increasing demand for efficient optical devices from end-use applications are expected to propel demand for the coatings over the next nine years.

The market is highly dependent on the availability of efficient and cost effective deposition technologies. Advanced coating processes including ion assisted deposition, ion beam sputtering, and advanced plasma reactive sputtering are increasingly being used in order to achieve precision in deposition. These advancements have led to use of AR coatings in high-end applications including telescopes, military & defense, and aerospace, thus propelling the market.

The antireflective coatings market is characterized by the presence of numerous market players across the globe. Various manufacturers catering to the eyewear industry are integrated across the value chain wherein they manufacture antireflective coatings as well as the eyewear lens for the end-users.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/anti-reflective-coatings-market

Further key findings from the report suggest

  • Eyewear application accounted for the major share and is expected to witness a CAGR of over 7.0% from 2016 to 2025 on account of rapidly increasing demand for fashion eyewear and sunglasses
  • Electronics application is expected to witness significant growth over the forecast period on account of technological advancements in display and touchscreens of the devices such as smart phones, laptop, tablets, and smart watches
  • Sputtering technology is expected to witness a growth of over 9.0% from 2016 to 2025 on account of high utilization in ophthalmic industry
  • Asia Pacific accounted for a share of over 30% in 2015 on account of growth in the manufacturing sector and increasing consumer awareness regarding the benefits of the product in eyewear
  • In June 2015, iCoat introduced Indigo anti-reflective coating, which is a blue light filtering AR coating. It is suitable for reducing the digital eye strain and discomfort due to blue light.
  • In May 2014, HOA launched UV control which is a UV resistant coating applied on the back surface of the spectacles. The coating comes in combination with Hi-Vision Long-life anti-reflective coating.

LPG Market Size Projected To Reach $147.76 Billion By 2024

The global liquefied petroleum gas (LPG) market is expected to reach USD 147.76 billion by 2024, according to a new report by Grand View Research, Inc. Increasing government initiatives to promote the use of LPG as an auto fuel especially in emerging economies is expected to boost the global market. Also, on account of various benefits offered by the product, such as low-carbon emissions, low cost, and operational benefits, its demand is expected to witness significant growth over the forecast period.

Liquefied petroleum gas is increasing as an attractive option for commercial properties combined with renewable and low-carbon technologies to integrate a reliable year-round power supply with carbon savings.

Refinery was the biggest source of LPG and accounted for over 40% of the total volume in 2015 and is expected to exceed a total volume of 165 million tons by 2024. The source of the fuel varies with area, for instance, the majority of the product demand in North America is derived mostly from natural gas processing, whereas Asia Pacific is dependent on refineries for its production. LPG produced from non-associated gas is expected to show significant growth over the forecast period due to increase in shale gas resources specifically in the U.S. and China.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/liquefied-petroleum-gas-industry

Further key findings from the report suggest:

  • The global liquefied petroleum gas (LPG) market demand was 278 million tons in 2015 and is expected to exceed 380 million tons by 2024, growing at a CAGR of 3.6% from 2016 to 2024
  • Non-associated gas reserves are expected to witness the fastest growth over the forecast period in terms of market volume. The segment is expected to reach a total demand exceeding 118 million tons by 2024.
  • Residential & commercial application segment was valued over USD 55 billion in 2015 and is estimated to witness the fastest growth in next eight years. High demand as a chief cooking and heating fuel in residential as well as commercial sectors has been the major factor responsible for market penetration in the segment.
  • Auto fuel accounted for over 10% of the global LPG demand in 2015 and is anticipated to reach a total volume exceeding 30 million tons by 2024, growing at an estimated CAGR of 3.6% from 2016 to 2024
  • Asia Pacific liquefied petroleum gas market dominated the global consumption and accounted for over 33% of the total volume in 2015. Asia Pacific is anticipated to witness a high CAGR of over 4.9% during the forecast period. Increasing consumption of LPG in domestic usage such as cooking fuel coupled with government initiatives mainly in China, India, and Indonesia is expected to boost LPG demand in the region.
  • Key industry participants in operating in the global LPG market include Aygaz AS, Bayegan, China Gas Holdings Ltd., Chevron, Sinopec, ExxonMobil, Oman Oil Company, Petredec LPG, Phillips 66, Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Ltd.

Insulating Glass Market Size Worth $4.26 Billion By 2025

Insulated glass consists of 2 or more glass windowpanes that are separated by a gas filled space or vacuum, in order to reduce heat transfer across the building envelope. It is commonly referred as single glazing, double glazing or triple glazed glass. It belongs to the category of value addition products which not only improve the aesthetics but also play a major role in reducing the energy consumption inside the building. The thermal insulation provided by them is expected to reduce the costs spent on air conditioning by around 30%. The air spacing material, sealants, and desiccants are its important components. The choice of sealants and desiccants has a major impact on the cost of insulating glass.

The process of manufacturing insulating glass is extremely cost intensive and its installation adds up to the costs. However, the longevity of the installation is generally profitable in terms of costs saved on energy consumption and the resulting carbon emissions from this usage. Insulated glass is recyclable, which means even at the end of its lifecycle the valuable resource is never lost. Also, to be effective, the glass needs to be sealed with a silicon sealant so that air between the glass panes is not leaked. If that happens, the glass will degrade over time and will have to be completely replaced, as it cannot be repaired.

An Efficient Solution

A study was conducted a while ago about how much the European economy would be benefitted by the installation of energy efficient glass. Results showed that installation of energy efficient glass such as insulated glass would result in the rise in employment by about 70 person-years. If the energy efficiency of a residential building increases, then it directly has a positive impact on the fuel poverty.

The main purpose that the insulating glass fulfils is in insulation by reducing both the gain and loss of heat. The energy efficiency of the building rises and power consumption is reduced significantly. With the use of reflective coatings and low e-glass, the heat transfer can be further reduced. The glass provides insulation in the aural sense too, as besides cutting out outside noise, it helps in improving the acoustics of the place. UV rays from the sun are also minimized, which otherwise can cause fading of colors of different objects in the room such as paintings, curtains and photos. The window is also much more secure than a normal single-pane window, as it is much harder to break.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insulated-glass-market

Further key findings from the report suggest:

  • The new product development in the insulated glass market is the major influencing factor which is expected to boost demand for this product.
  • Rapid construction, along with the awareness about the importance of energy conservation is expected to propel market growth.
  • The heat insulating properties provided by the insulting glass is expected to boost demand for insulated glass in cooler regions.
  • LEED (Leadership in Energy and Environmental Design) is a popular certification program for green buildings used globally, and with the growing popularity of the green building concept, this certification is highly desired by organizations, which positively affects the market.
  • The non-residential construction is expected to be a major consumer of acoustic insulated glass. The insulated glass is combined with other types of flat glass such as laminated and tempered glass to obtain the necessary properties.
  • Acoustic insulating glass is highly desired in cities with space crunch, as they help to cut out noise, while also being energy efficient, and with cities becoming increasingly starved for space, it is expected that consumers will make a beeline for these glasses.
  • The industry has few big-name manufacturers such as NSG(Pilkington), Saint-Gobain, Guardian Glass and Viracon, along with some others such as Cardinal Glass, Vitro Architectural Glass, Tower Insulating Glass Inc., Strathclyde Insulating Glass, Eco Glass, JE Berkowitz, United Plate Glass Company, Fuso Glass, Bystronic Glass and Ann Arbor Glass.

Activated Carbon Market Worth $14.66 Billion by 2025

The global activated carbon market size is expected to reach USD 14.66 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 17.5% during the forecast period. Rising consumption of water and air purification in clinker cement industries and coal fired plants is anticipated to drive the demand for powdered and granular form of activated carbon.

Activated carbon has high porous structure and adsorption capacity, hence it is highly consumed in water and air purification process among numerous end-use industries. Applications in removal of toxic gases, acids, metallic particles, and mercury from coal and oil powered plants are expected to fuel the growth of the market. Changing lifestyle and increasing health awareness is expected to further drive the market in the forthcoming years.

In water treatment applications, it is consumed in municipal water treatment, domestic water purification and groundwater remediation. Pharmaceutical industry uses activated carbon as an antidote to poison caused by toxins ingestion. Applications into food and beverage industry includes removal of unwanted odor and color from the consumable products. Increasing environmental pollution due to vehicular emission and industrial gases is projected to drive the demand from air purification segment.

Various regulating authorities have made stringent regulations for environmental pollution control and have promoted activated carbon in water and air treatment plants, which in turn is estimated to propel the activated carbon market over the forecasted period. The European commission regulates water pollution and industrial wastewater discharge. The U.S. Environmental Protection Agency (EPA) governing mercury emission from coal power plants has recommended use of the product for removing chemical impurities. Implementation of these regulations is expected drive the product consumption over the forecasted period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/activated-carbon-market

Further key findings from the report suggest:

  • Air purification segment held the leading market share of over 40% in 2018. Growing awareness regarding health benefits of air filtration coupled with regulations such as the Clean Air Act is further anticipated to drive the growth
  • Water and wastewater treatment is expected to expand at an indicated CAGR of a 17.6% from 2019 to 2025. The growth can be attributed to increasing application in municipal plants, ground water remediation, and beverage industry
  • Asia Pacific continued to be the dominant region in 2018 as well as accounting for over 40% of the overall market share in the same year. Increasing usage in air and water purification and emergence of novel applications such as pharmaceutical and food and beverage industry in the region is expected to drive the product demand
  • Key players operating in the activated carbon market include Kureha Corporation; Carbon Activated Corporation; ADA-ES Inc.; Haycarb PLC; Carbotech; Carbon Resources LLC; Cabot Corporation; MeadWestvaco Corporation; and Calgon Carbon Corporation

Brain Health Supplements Market Size Worth $10.7 Billion By 2025

The global brain health supplements market size is expected to reach USD 10.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.2% over the forecast period. Growing health concerns over depression, anxiety, anti-aging, and sleep recovery issues among consumers, along with rise in the disposable income, are driving the market over the forecast period. Booming dietary supplements industry on account of health concerns mainly in developed countries is further expected to propel the market growth.

Nutritional benefits such as vitamins and minerals offered by the brain health supplements can reduce stress levels and offer protection against depression, anxiety, and dementia, thereby driving the market. Dementia can lead to anesthesia and depression in humans, therefore these products help to maintain the mental health of the consumers.

The product demand is attributed to the presence of a number of ingredients in the product such as vitamin D, bacopa monnieri, vitamin B12, vinpocetine, antioxidants, and docosahexaenoic acid (DHA). These ingredients provide brain health benefits such as concentration level, memory enhancement, focus and attention, thereby driving the demand for the product.

The market in North America is anticipated to grow due to rise in the sales of herbal products, along with increasing product launches. Growing health awareness among consumers, along with surge in the educational and promotional activities for the consumers, is anticipated to boost the growth in the region. Moreover, increase in the number of fitness clubs, fitness centers, and fitness programs and classes for mental and brain health issues is likely to augment the demand for brain health supplements over the forecast period.

Growing interest for the healthy and natural ingredients in the product among youth due to their various health benefits will fuel the demand in the market. Strategies such as expansion of geographical reach and product launches are adopted by companies to increase sales and improve product development. The market is recognized by a few initiatives, such as limited extension, mergers and acquisitions, and online sales and development endeavored by the key players in the business, including Cephalon, Inc.; Nootrobox, Inc.; Purelife Bioscience Co Ltd.; Nootrico; Peak Nootropics; and SupNootropic Biological Technology Co Ltd.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/brain-health-supplements-market

Further key findings from the study suggest:

  • In terms of revenue, the herbal extract segment is projected to expand at a CAGR of 9.7% over the forecast period
  • Based on application, memory enhancement dominated the global market with 26.1% share of the overall revenue in 2018
  • North America dominated the global market in 2018, which constituted 39.3% share in terms of revenue. This trend is projected to continue over the next few years
  • The market in Asia Pacific is anticipated to witness growth due to increasing disposable income in India, South Korea, China, and Japan
  • The industry is highly competitive in nature owing to presence of main players including Cephalon, Inc.; Nootrobox, Inc.; Purelife Bioscience Co Ltd.; Nootrico; and Peak Nootropics
  • Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.

Caviar Market Size Worth $496.3 Million By 2025

The global caviar market size is expected to reach USD 496.3 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 8.7% over the forecast period. Increasing use of caviar as seasoning or to sprinkle it on various food items such as pizza, burgers, sandwiches, ice cream, along with associated health benefits, is expected to propel the market demand over the forecast period.

Asia Pacific has been the fastest growing regional market in the world owing to increase in imports and exports, rapidly developing economies, and availability of a variety of fishes in the region. The market in Asia Pacific is anticipated to gain momentum due to high demand from developing countries like Japan and China.

The industry is witnessing rapid growth as caviar and related products have found wide applications in different sectors. The profitability aspects and rising demand from the consumers to compensate for their nutrient deficiencies are likely to attract new players and eventually benefit the market expansion.

Use of caviar in cosmetic products and health supplements is the latest trend in the market, which enables custom manufacturers to meet the desired product specifications by the customers. Restaurants has been the largest application segment for this product, wherein caviar is used in different food items, which not just improves taste but also makes them healthy.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/caviar-market

Further key findings from the study suggest:

  • Europe is expected to expand at a CAGR of 8.2% from 2019 to 2025, owing to high spending ability of the consumers and rise in health consciousness
  • In China, sevruga accounted for the largest share of 27.8% in 2018 on account of their high imports and exports. This product is used as a seasoning agent, health supplement, and consumed as a premium delicacy
  • The Caviar market in the U.S. is projected to exhibit a CAGR of 8.8% from 2019 to 2025, wherein the major share is held by The Caviar Co., California Caviar Corp., and few other companies
  • Restaurants accounted for 72.2% share in Germany with a revenue of USD 19.3 million in 2018
  • Product innovation, along with formation of alliances with distributors located in the developing economies including China and India, is projected to provide the competitive edge to the manufacturers in the near future

Ready to Drink Shakes Market Size Worth $12.1 Billion By 2025

The global ready to drink shakes market size is expected to reach USD 12.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Growing consumer awareness regarding healthy living lifestyles at the global level is a major factor boosting the market growth. Growing beverage industry on account of consumer inclination towards organic food and drinking mainly in developed countries is further expected to drive the market.

Increasing expenditure on health and wellness among the millennial population is also influencing the market significantly. A large number of health conscious millennials consume ready-to-drink (RTD) protein shakes as a part of their daily diet. Manufacturers are introducing different types of such beverages by understanding the requirement of the consumer. For instance, Nature’s Best, a U.S.-based company, offers six different types of RTD shakes. Growing vegan population is driving manufacturers to offer pure plant-based products. For instance, a U.S. based manufacturer, Zevia offers different kinds of vegan ready to drink shakes such as watermelon, milk shake, and mango ginger energy drinks.

Tetra pack is expected to be the fastest growing packaging type with a CAGR of 5.9% from 2019 to 2025. Increasing consumer awareness about the drawbacks of the plastic packaged products is a key factor contributing to the segment growth. Moreover, it is gaining popularity among consumers as it’s an on-the-go product. Manufacturers are also increasing the production of tetra packed products due to their cost effectiveness. Various governments also provide tax saving policies to tetra packed products as they are environment-friendly. Some of the key players operating in the market are Labrada; Vega (U.S.); and CytoSport, Inc.

Supermarkets and hypermarkets emerged as the largest distribution channel in 2018 and accounted for 54.3% share in the global market. Availability of a wide range of product line is a major factor driving the consumer to purchase from supermarkets and hypermarkets. It has been observed that around 37% of the consumers prefer these channels due to availability of fresh products. The online category is the fastest growing category. Consumers are shifting their preference towards online purchase due to convenience of doorstep delivery services.

North America is the largest consumer in the market and the region accounted for more than 30% share of the overall revenue in 2018. It has been observed that around 40% of the U.S. population consume RTD shakes as a replacement of their breakfast and over 55% prefer ready to drink shakes as a replacement of their meals. Asia Pacific is expected to grow at the fastest pace from 2019 to 2025. Growing consumer preference for healthy food and beverage and increasing disposable income of consumers in developing countries are driving the market in the region.

The Ready to Shakes market is competitive in nature due to the presence of many small and large players. Some of the major companies operating in this market are Nutrineo; CytoSport, Inc.; Vega (U.S.); Nature’s Best; OWYN; PREMIER PROTEIN; AMERPHARMA; Huel; and Soylent.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/ready-to-drink-rtd-shakes-market

Further key findings from the study suggest:

  • Based on packaging type, tetra packs are projected to expand at a CAGR of 5.9% over the forecast period
  • On the basis of distribution channel, supermarkets and hypermarkets dominated the market with an overall share of 54.3% in 2018
  • North America led the market in 2018 and constituted 32.2% share of the overall revenue. This trend is projected to continue over the next few years
  • The market in Asia Pacific is anticipated to witness growth due to increasing disposable income of consumers in India, South Korea, China, and Japan
  • Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.

Pet Furniture Market Size Worth $3.0 Billion By 2025

The global pet furniture market size is expected to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 5.2% over the forecast period. Rising spending on domestic animal, along with rapid expansion of multi-utility furniture product forms, is expected to remain the key driving factor.

Over the past few years, raising expensive breeds of dogs and cats has been a status symbol across the globe. In addition, rising number of nuclear families in developed economies including Germany, U.K., and France has increased the domestic animal adoption rate for the family companionship.                                                      

Asia Pacific is expected to witness the fastest growth in the pet furniture market, expanding at a CAGR of 6.4% from 2019 to 2025. China, India, Japan, Australia, and South Korea are the some of the rapidly growing markets in this region. The domestic animal population in China increased from 389 million in 2013 to 755 million in 2017, growing at a significantly high rate. To cater to this growing trend, spending in this sector was pegged at USD 24 billion in 2018.

Shanghai, Beijing, Tianjin, Chengdu, and Guangzhou are the major markets in China. Rising income of consumers in this economy is boosting the demand for the product. On the other hand, 92% of cat owners and 76% of dog owners in Australia keep their pets indoors. This trend raises the demand for furniture in this nation. Furthermore, New Zealand had the highest percentage of domestic animal ownership in the global household sector in 2018, which stood at 68%.

Local and small players in this market are playing a significant role in the industry. Over the past few years, organic and ecofriendly raw materials have gained significant popularity across the globe. Most of the animals have a habit of chewing on things, which makes natural furniture more suitable. Currently, major players in this industry are focusing on this product segment to cater to the new trend. For instance, in August 2018, Nest Bedding launched a new product line of organic beds for domestic animals.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/pet-furniture-market

Further key findings from the study suggest:

  • By product, beds and sofas are expected to witness the fastest growth, expanding at a CAGR of 5.7% from 2019 to 2025
  • On the basis of application, the dogs segment held the largest market share in 2018 and accounted for 43.2% of the overall revenue
  • Key players in the industry include Go Pet Club; North American Pet Products; PetPals Group, Inc.; MidWest Homes For Pets; Ware Pet Products; Inkgrid; Inter IKEA Systems B.V.; Nest Bedding; and Ultra Modern Pet.
  • North America held the largest share in 2018, accounting for 40.0% of the overall market
  • Asia Pacific is expected to witness the fastest growth, registering a CAGR of 6.4% from 2019 to 2025