Folding Furniture Market Size Worth $4.8 Billion By 2025

The global folding furniture market size is anticipated to reach USD 4.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% over the forecast period. Increasing demand for space saving and flexible furniture and growing inclination towards compact and multi-purpose products by the millennials are some of the factors driving the demand for the global market.

Shifting trend towards shrinking apartment size as a result of increasing population and rapid urbanization has resulted in significant acceptance of these furniture. Therefore, increasing preference for portable and folding furniture has increased the demand for such products in the market. According to Tokyo Kantei, in 2017, the average size of a new apartment in Tokyo was 680 sq.ft and a size of 647 sq. ft. for an existing apartment. Whereas, the average size of new apartments in U.S. is 941 sq. ft., which has reduced by 5% in ten years.

Moreover, manufacturers put constant efforts in introducing new products incorporating advanced technology with the help of mergers and acquisitions pertaining to folding furniture catering to the growing demand. For instance, in February 2019, Inter IKEA Systems B.V. has launched space saving shelving units with foldable table, which can be easily used as a desk as well as a dining table.

In terms of product, table and chair held a dominant market share in 2018. These products are largely made of plastic, however consumers’ preference for wooden furniture to enhance the appearance has increased the production of wooden folding chairs. For instance, Flash Furniture in USA sells folding chairs made of bamboo wood, which can be used indoor as well as in outdoor environment.

Offline retail stores held the largest share of more than 75.0% in 2018. Dominance of retail stores has created intense competition in the market with major producers such as Inter IKEA Systems B.V., Raymour & Flanigan, and Ashley Home Stores, Ltd. across the globe. These stores help consumers to avail the features of customization for home furniture as per the demands of consumer. Space availability of different houses is also acting as a key factor driving the segment.

Asia Pacific dominated the folding furniture market with a share of about 40.0% in 2018. This region comprises countries with the smallest living space apartments, which ideally drives the market for foldable furniture in the region. For instance, in 2-17, Hong Kong had the smallest flat size across the globe with an average living space of 470 sq. ft. and China constituted an average living space of 646 sq. ft. Therefore, increasing demand for space saving furniture in the region acts as a key factor driving the market in Asia Pacific.

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

Further key findings from the report suggest:

By product, table and chair is expected to reach USD 2.5 billion by 2025. Folding sofa was valued at USD 788.2 million in 2018
North America is expected to expand at the fastest CAGR of 7.2% from 2019 to 2025
Top players operating in the folding furniture market include Flexsteel Industries, Inc.; Haworth Inc.; Meco Corporation; Dorel Industries Inc.;Murphy Wall Beds Hardware Inc.; Ashley Furniture Industries; and La-Z-Boy Inc.

RTA Furniture Market Size Worth $18.4 Billion By 2025

The global RTA furniture market size is anticipated to reach USD 18.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. Growing preference for low priced, flexible, and portable fixtures owing to rising inclination towards space saving furniture is driving the market. In addition, increasing popularity of high rise buildings, which creates obstruction for large sized furniture, is expected to drive the market in the forecast period.

RTA (Ready-to-assemble) furniture optimizes small spaces in houses due to its dismantling properties and thus is effective for small space dwellers in the market. Growing preference for customization feature in home furnishing drive the manufacturers to develop these products. For instance, Hem, the e-commerce giant, provides RTA products with sleek pieces, featuring Scandinavian designs and online customization options. In addition, growing trend of shifting to new places for job or business purposes, particularly by millennials, has influenced the market growth.

According to statistics, 83% of millennials have purchased different RTA products. The RTA (Ready-to-assemble) furniture market witnesses increasing preference for book shelves and cabinets on account of large space storage facility and thus, companies are introducing new products in this category. For instance, in 2018, Nitori Co., Ltd. in collaboration with Välinge Innovation AB, has produced a new range of RTA fixtures with a Threespine click furniture technology. This product, N-Click, cuts down the involvement of nuts and bolts when assembling the product, while it is easily connected with clicks.

In terms of material, wood dominated the market with a share of 54.9% in 2018. RTA wooden fixture showcases style with utility and is produced with different wooden materials such as engineered wood, sheesham wood, and solid wood. For instance, Decor Furniture and Mattress Showplace produces different RTA furniture in the unfinished fixtures segment showcasing different products pertaining to bedroom, living room, and kitchen and dining space.

The home application segment accounted for the largest share of 66.7% in 2018. Increasing preference for RTA cabinets to ensure mass storage at affordable rates has also increased the demand for kitchen cabinets in the industry. In addition, ease of transport of such furniture to customer’s home acts as a key factor driving the household application segment owing to increasing construction of high rise buildings.

Europe dominated in the global market with a share of 34.8% in 2018. Shifting preference of consumers towards the trend of corner kitchen, which helps in utilizing space more efficiently, acts as a key factor driving the market in the region. Germany is the leading country boosting the market growth in Europe on account of increasing importance of space saving furniture.

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https://www.grandviewresearch.com/industry-analysis/rta-furniture-market

Further key findings from the report suggest:

By material, wood is expected to reach USD 10.0 billion by 2025
The home application segment is expected to reach USD 12.3 billion by 2025
Asia Pacific is expected to expand at the fastest CAGR of 6.9% from 2019 to 2025
Top players operating in the RTA furniture market include IKEA Systems B.V.; Dorel Industries Inc.; Ashley Home Stores, Ltd.; Steinhoff International; Tvilum A/S; Simplicity Sofas; Home Reserve; Sauder Woodworking Company; and Bush Industries, Inc.

Faucets Market Size Worth $28.7 Billion By 2025

The global faucet market size is expected to reach USD 28.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Continuously changing preferences of consumers, along with improving lifestyles, has been increasing the investments on luxury homes and remodeling. This, in turn, is anticipated to contribute to the demand of the market.

Rapidly expanding residential sector in regions such as North America and Asia Pacific, along with consumers demand for advanced technology driven plumbing fixtures, is a key factor fueling the adoption of modern faucets. Moreover, repairing and remodeling of home utility areas such as kitchens and bathrooms have generated a fair demand for faucets in the recent years.

Manufacturers are focusing on expanding their product portfolios by providing end number of combinations with respect to material and designs to cater to the consumer demand for customized faucets. For instance, Kohler offers Sensate Touchless Kitchen Faucet and has been honored as the best of innovations in 2019 for smart home products. Companies are developing smart products for smart user experience, which is also driving innovations in the global market.

The residential sector is expected to witness significant growth during the forecast period. The market will witness stable growth due to increasing number of households and consumer demand for premium kitchen and bathroom fixture products that serve the purpose as well as compliment the interiors. The residential sector is expected to account for a share of more than 40.0% by 2025. Delta offers kitchen faucets integrated with advanced technology and relevant finishes, such as Delta ShieldSpray.

Kitchen is expected to register the fastest CAGR of 6.0% from 2019 to 2025. This growth is attributed to rising demand for elegant, multifunctional, and sophisticated kitchen faucets. Modern lifestyle has renovated kitchen from a place to cook food to a place for family gathering and friends spending time together. Companies such as Franke Kitchen Systems offer faucets equipped with the ability to swivel 360 degrees and switch between full and needle water spray.

Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of 6.4% from 2019 to 2025. The growth is attributed to increasing construction projects across the residential and commercial sectors. In the year 2018, over ten thousand projects were going on including the construction of malls and shopping complex, restaurant and hotels, hospitals, schools and educational institutions, factories, offices, trains, flights, airports, railway stations, and other similar venues. This scenario is expected to drive the demand for faucets in the next few years.

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https://www.grandviewresearch.com/industry-analysis/faucet-market

Further key findings from the report suggest:

North America accounted for the largest share of more than 25.0% in 2018, whereas APAC is expected to expand at the fastest CAGR of 6.4% from 2019 to 2025
Online distribution channel is expected to witness expand at a CAGR of 6.0% from 2019 to 2025
The bathroom application segment held the largest share of over 40.0% in 2018. Kitchen is expected to expand at the fastest CAGR of 6.0% from 2019 to 2025 due to rising demand for elegant, multifunctional, and sophisticated kitchen faucets
The commercial sector held the largest share of over 50.0% in 2018. Commercial places include hotels, restaurants, hospitals, public washrooms and toilets, malls and shopping complex, airports, railway stations, and other recreational and utility areas
Some of the key players of faucets market are Moen Incorporated; Franke Kitchen Systems; DELTA FAUCET COMPANY; American Bath Group; Gerber Plumbing Fixtures LLC; GROHE AMERICA, INC.; Jaquar; Kohler Co.; Colston Bath; PROFLO; and TOTO LTD

U.S. Hotels, Resorts & Cruise Lines Market Worth $299.3 Billion By 2025

The U.S. hotels, resorts & cruise lines market is expected to reach USD 299.3 billion by 2025, according to a new report by Grand View Research, Inc. As travel and tourism keep on growing every year, hotel and cruise line industry are recognized as an ever-blooming business. High competition is observed amongst the companies due to soaring demand for accommodation. This, in turn, is anticipated to boost the revenue inflow in this market.

Currently, majority of the population are tech-savvy and are comfortable using mobile apps and websites. Customers prefer to plan their trips and search for hotel options all via a digital interface. As a result, hotels are engaged in offerings up-to-date and user-friendly services such as online bookings, cancellation, and payment mode. This, in turn, is expected to enable company in reinforcing their presence in the space.

Effective usage of digital marketing & social media promotions is recognized as the high driving force for the market. This is mainly because it allows maintaining harmony and synergy between companies and customers, thereby driving booking rates. Moreover, usage of public forum like Yelp helps in understanding the customer’s’ expectation which further helps in devising the investment plans as per the customer’s need.

However, alternate accommodation such as Airbnb and security challenges associated with this industry is expected to slow down the market throughout the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-hotels-resorts-cruise-lines-market

Further Key Findings From the Report Suggest:

Hotel & motel dominated the market in 2016 with respect to revenue generation
Presence of a substantial number of international hotels in the U.S. has contributed to the largest share of this segment
In the crowded tourist or travel spots, it is easy to spot hotels in every locality
Cruise lines is the fastest growing segment
Understanding the growth potential of cruising travel, the cruise line industry is committed to add new capacity in its lines
The cruise lines are continuously putting efforts for improving its “cheap and fun vacation deals”
These factors are expected to lucratively enhance the segment growth throughout the forecast period
Some major hotel companies that are operating in the space are Hyatt Corporation, MARRIOTT INTERNATIONAL, INC.; and Hilton
Royal Caribbean International and Carnival Corporation & plc are some prominent cruise line in the market
These companies are observed to make significant investment to boost their service portfolio and meet the customers’ expectations

School Furniture Market Size Worth $6.2 Billion By 2025

The global school furniture market size is anticipated to reach USD 6.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Increasing focus on the educational sector across rural and urban areas and compulsory basic education schemes provided by governments around the world are affecting the growth of the market. Furthermore, increasing the construction of schools in developing regions has contributed to market growth. According to ISC Research, a prominent supplier of international school data, there were just under 10,300 English-medium international schools across the globe in January 2019, with 5.6 million students enrolled.

The growing trend of ergonomic chairs for comfortable seating has promoted the demand for flexible classroom furniture. Demand for multi-functional tables and chairs that can be used in classrooms, labs, and libraries, among others is also on the rise. The introduction of various raw materials for the production of furniture that is more stable, durable, and sustainable has played a key role in market growth. For instance, manufacturers have been making tables, chairs, and benches with materials such as molded plastic, processed or engineered wood, and high-pressure laminate. Demand for space-saving furniture with storage options in classrooms has witnessed a considerable rise. For instance, CBT Supply Dba Smartdesks creates smart chairs and tables with stackable options and multi-functional applications for classrooms and offices.

In terms of product, the seating category dominated the market with a share of 51.3% in 2018. This can be attributed to features such as wider application than other pieces of furniture, high durability, and the ability to add mobility and functionality. In addition, growing demand for chairs and tables on castors, which helps to easily rearrange furniture, has fueled segment growth. By application, classrooms accounted for the largest revenue share of 79.9% in 2018. Increasing student enrolment in schools across the globe has upped the need for chairs and tables in classrooms. The introduction of swivel chair designs with ergonomic features has been a recent addition in many schools, looking to replace traditional chairs.

Asia Pacific is expected to register the fastest growth in the market, exhibiting a CAGR of 7.1% from 2019 to 2025. The rising culture of private education in developing countries, owing to the better quality of education and facilities as well as focus on numerous extracurricular activities, is fueled by growing disposable income and improving lifestyle. This is projected to have a positive impact on the demand for classroom furniture. For instance, private schools in China accounted for more than 35.0% of total schools in the country, reaching a total of 183,500 schools in 2018.

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

Further key findings from the study suggest:

By product, the seating segment dominated the market with a share of 51.3% in 2018. This can be attributed to features such as wide application, high durability, and the ability to add mobility and functionality
By application, classrooms accounted for the largest revenue share of 79.9% in 2018. Increasing student enrolment in schools across the globe has upped product demand
Asia Pacific is expected to register the fastest growth in the market, exhibiting a CAGR of 7.1% from 2019 to 2025. The rising culture of private school education in developing countries is a key factor driving the regional market
Top players operating in the school furniture market include Fleetwood Group; Scholar Craft; VS America, Inc.; Smith System Mfg. Co; Knoll, Inc.; Haworth Inc.; VITRA INTERNATIONAL AG.; Virco; Office Line; and MOBeduc.

Cat Litter Products Market Worth $5.0 Billion By 2025

The global cat litter products market size is expected to reach USD 5.0 billion by 2025, expanding at a CAGR of 3.8%, according to a new report by Grand View Research, Inc. Substantial increase in the cat-owning households is driving the demand for cat litter. Most of the kitten owners prefer to let their kittens outside the house owing to reasons such as human hostility and adverse weather. This is why such products play an important role in the health of the pets and the people in the house, which is one of the major driving factors in the market.

Additionally, ever since cat care has become easier with the evolution of existing cat litter, along with the introduction of new ones, consumer demand for the variety in these products is increasing. However, there are certain challenges that are expected to negatively impact the market growth. High price of these products retrains the market growth, since the cat owners in the developing countries are reluctant to buy costly pet care products. This also results in a situation where the market fails to introduce premium products more, which, in turn, hampers the growth of the market.

Both the clumping and conventional or non-clumping products are expected to witness significant growth owing to the variation in the consumer needs. The clay segment is anticipated to hold the largest share in the market, owing to its highly absorbent and solid clump formation properties. The silica segment is also expected to witness healthy growth in the coming years.

North America held the largest share of 40.0% in 2018. About 87% of the cat owners in U.S. purchase cat litter in order to maintain hygiene of their pets. Central and South America and Asia Pacific are expected to considerably contribute to the market growth over the forecast period. Key players having a strong presence in the global cat litter products market are Clorox, Nestle, Church & Dwight, Mars, Oil-Dri, Pettex, Drelseys, SINCHEM, Weihai Pearl Silica Gel, and Blue.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cat-litter-products-market

Further key findings from the study suggest:

In terms of revenue, both the clumping and conventional types are projected to ascend at a CAGR of 3.8% over the forecast period
By raw material, the clay segment dominated the market with a revenue of USD 2.6 billion in 2018
North America dominated the global cat litter products market in 2018 and accounted for 40.0% share of the global revenue. This trend is projected to continue over the next few years
The industry is highly competitive in nature with the main players including Clorox and Church & Dwight
Various manufacturers are concentrating on new product launches, capacity expansion, and portfolio extension to estimate existing and future demand patterns from upcoming application segments.

Baby Safety Products Market Size Worth $132.2 Billion By 2025

The global baby safety products market size is anticipated to reach USD 132.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. Rise in government initiatives regarding infant safety has been driving the global market.

In 2017, out of 3,600 Sudden Unexpected Death Syndrome (SUID) in U.S., 38% of the deaths were due to Sudden Infant Death Syndrome (SIDS), also known as crib or cot death. Centers for Disease Control and Prevention (CDC), launched an initiative named Protect the Ones You Love to raise awareness among parents about the causes of child injury, SIDS, and SUID and how they can be prevented. These factors have been contributing to the demand for baby safety products.

Baby safety products such as monitors, cribs, and strollers provide safety and comfort to the babies either while travelling or when the parents are not around. To keep these products safe for infants, the governments around the world have taken certain initiatives. For instance, in Europe, the United Nations Economic Commission of Europe (UNECE) Regulation No. 44 and Regulation No. 129 have set standards for child restraint systems and every baby car seat must meet these standards.

In 2018, the car seats segment held the largest share of 70.6%. Rising incidents of fatal car accidents is increasing the demand for baby car seats and is one of the prime factors accountable for the large market share. For instance, in China, more than 18,500 children under the age of 14 die annually due to road accidents. To control the number of accidents, manufacturers in China are coming up with new products through online and offline stores. For instance, Alibaba.com offers more than 32,000 baby car seat products.

The offline distribution channel held the largest share of over 70.0% in 2018. The online distribution channel is anticipated to expand at the fastest CAGR of 5.3% from 2019 to 2025. Product comparison feature, detailed product overview, and easy exchange and refund options are making customers comfortable with shopping online.

Asia Pacific is expected to expand at the fastest CAGR of 5.8% from 2019 to 2025. The market in this region is primarily driven by an increase in birth rate and number of working mothers in countries such as China and India. According to EPRA International Journal of Economic and Business Review, the female labor participation rate has increased by 4.1% over the last three decades.

Rise in the number of new births in this region and large population are the major factors contributing to the baby safety products market growth in this region. For instance, according to The National Health and Family Planning Commission (NHFPC), the average number of new births in China each year is estimated to be 17 million to 20 million from 2016 to 2020.

The companies are coming up with new products to cater to consumer needs. For instance, Silver Cross Jet Ultra Compact Stroller folds down to a small size and is ultra lightweight. The industry is dominated by leading players such as Britax Child Safety, Chicco, Dorel Industries, Baby Cache, Baby’s Dream Furniture, Baby Jogger, Baby Trend, Combi, Cosatto, Graco, and Land of Nod.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/baby-safety-products-market

Further key findings from the report suggest:

Offline distribution channel held the largest baby safety products market share of more than 70.0% in 2018
The online distribution channel is expected to expand at a CAGR of 5.3% from 2019 to 2025 due to features such as product comparison, detailed product overview, and easy exchange and refund options
By product type, the monitors segment is anticipated to expand at the highest CAGR of 6.6% from 2019 to 2025
Asia Pacific is expected to witness the fastest growth over the forecast period due to increase in birth rate and number of working mothers in countries such as China and India, along with growing awareness about infant safety.

Smart Bed Market Size Worth $3.1 Billion By 2027

The global smart bed market size is anticipated to reach USD 3.1 billion by 2027, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Rising prominence for gaining a healthy sleep through the infusion of sensor-based advanced technology is the growing demand for smart beds. In addition, rising penetration of smart homes across regions is also paving way for technologically integrated household products, thereby paving the way for increased growth of the market.

The rapid development of smart home technology and their penetration across developed nations of America and Europe is positively impacting the demand for the product. According to the European Commission in 2017, Europe’s smart home revenue is expected to reach USD 19.0 billion by 2021, through its massive markets in the U.K. and Germany. Additionally, useful features compiled in the product such as customized mattress firmness that can sense and react to body temperature, tracking breathing, heart rates, and restfulness is gaining consumer’s attention.

Increasing instances of sleeping disorders among individuals particularly in the U.S. is deriving higher traction in the industry. According to American Sleep Association (ASA), insomnia is the most common sleep disorder, with short term issues reported by about 30.0% of adults and chronic insomnia by 10.0% in the country as of December 2019. In addition, 37.0% of those among 20-39-year-olds, and 40.0% of those among 40-59-year-olds expressed short sleep duration. While 35.3% of adults reported less than 7 hours of sleep during a typical day. These instances have raised the need for healthy and quality duration of sleep among consumers, thereby driving product demand in various application segments including households, hospitals, and hospitality.

In terms of application, the residential segment held a dominant position in the market in 2019. Lifestyle inflation among low, middle as well as high-income individuals are paving the way for increased spending among consumers towards relaxation and comfort, thereby scaling the demand for smart beds. Also, new innovations led by manufacturers in the industry with new product launches are likely to ramp up the sales for the product. For instance, in February 2019, Eight Sleep introduced a new biometric-monitoring smart bed.

The specialty stores segment accounted for a dominating revenue-based share of 66.5% in 2019. These stores provide training to their employees to assist customers and few of them also offer price-matching guarantees. In addition, major retail chains are focusing on establishing new stores with innovative layout, which is projected to support the growth of this segment in the coming years.

North America dominated the market with a revenue share of 60.2% in 2019. Increasing penetration of home automation in the region is also boosting the demand for smart furniture such as smart beds. According to the European Commission in 2017, smart home revenue in the U.S. is expected to grow over three-fold between 2016 and 2021, exceeding USD 32.0 billion. Additionally, various sleep-related disorders prevalent in the U.S. is triggering higher demand for quality sleep patterns among individuals. According to the American Sleep Association, 50-70 million adults in the U.S. have a sleep disorder. Also, around 25.0 million adults in the U.S. have obstructive sleep apnea.

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

Further key findings from the study suggest:

The hospital application segment is expected to reach USD 628.4 million by 2027 and is anticipated to witness a CAGR of 5.2% from 2020 to 2027
The specialty stores segment was valued at USD 1.4 billion in 2019 and is expected to reach USD 2.1 billion by 2027
In Asia Pacific, the market is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 5.6% from 2020 to 2027.

Coin-operated Laundries Market Size Worth $30.1 Billion By 2027

The global coin-operated laundries market size is anticipated to reach USD 30.1 billion by 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research, Inc. The increasing economic stability of middle-class consumers in emerging markets is driving the demand for clothes, which has spurred demand for coin-operated laundries.

Additionally, increasing population and rising tourism activities are the key factors driving demand for coin-operated laundries in the hospitality sector. The increasing number of hotels, hospitals, restaurants, and other commercial setups has led to a rise in the demand for coin-operated laundries, which, in turn, is anticipated to boost the market in the commercial sector.

Clean laundry is essential for a healthy and hygienic lifestyle. Washing dirty daily use clothes and other laundry items require an adequate amount of clean water, detergents, and soaps, washing appliances, as well as a proper washing area. Instead of spending on expensive appliances and other related products, millennials and working-class populations are adopting the laundry machines, which offer convenience and flexibility and save time.

These advanced laundry machines are available round the clock, making laundry more convenient and easier for the young and working population. Consumers’ priority in laundry care is changing in developed as well as developing countries. Laundry care is necessary, however, it is time-consuming, owing to which consumers in the urban areas are shifting toward convenient and hygienic laundry services.

Hectic working schedules and time constrain for daily house chores are the key factors fueling demand for the laundry machines among working professionals. Moreover, an increasing number of working-class women in developing countries, such as India and China, is expected to contribute to market growth.

Increasing awareness about the importance of daily laundry care and personal hygiene is expected to favor market growth in the coming years. Moreover, an increase in the penetration of broadband internet smartphones has led to a significant increase in the popularity of coin-operated services, including laundry care. Additionally, the growth of tourism and hotel industries in the region is expected to boost the demand for the market over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/coin-operated-laundries-market

Further key findings from the report suggest:

The residential application segment dominated the market with a share of 80.3% in 2019.
North America dominated the market with a share of 45.3% in 2019.
Some of the major players operating in the market include Elis SA, Aramark, Cintas Corp., UniFirst Corp., Johnson Service Group, Franz Haniel & Cie. GmbH., Spotless Group Holdings Limited., Bel and Blanc, and Champion Cleaners.

Pet Sitting Market Size Worth $5.0 Billion By 2027

The global pet sitting market size is anticipated to reach USD 5.0 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.7% from 2020 to 2027. A growing number of pet adoption across countries is helping boost the prominence of relative pet care services, such as pet sitting business. In addition, increasing spending of pet owners on various pet services owing to the high indulgence of millennial pet owners and high spending power has fueled the demand for pet sitting services.

Over the years, the pet market worldwide has been growing at a significant rate as many countries have witnessed a high rate of pet adoption and animal care spending. People are spending more on the welfare of pets as they view them as their family members and are willing to invest their money to maintain the health of the pets. This has led to an increase in the health expenditure for pet care. According to the American Pet Products Association (APPA), in the U.S., pet owners spent USD 16 million in 2016. A survey from the Consumer Expenditure (CE) estimates that from 1996 to 2012, the spending on pets has been increased by 60%.

Increased penetration of millennials in the pet parent category has fueled the demand for advanced pet care services at convenient and reliable factors. According to the American Pet Products Association, millennials represent the largest segment of pet owners for all pet types, particularly birds, small exotic animals, and saltwater fish. In addition, in June 2019, over 80% of pet owners among millennials and Generation Z own dogs, while 50% or less own cats. Moreover, the overall spending in the U.S. pet industry increased by 4.4% in 2018 from 2017. Thus, rising spending on pets and their welfare has expanded the scope of innovative and time-saving pet services for pet owners, such as pet sitting.

In terms of application, daycare visits held a dominant position in the market in 2019. Increasing the working population among both men and women across regions provides a substantial boost to market growth. For instance, according to American Pet Products Association’s National Pet Owners Survey 2019-2020, there were 42.7 million households owning a pet cat and 63.4 million households owning pet dog in the U.S. Thus, owing to the busy schedule and speedy life of individuals, daycare visits for pets and animals are gaining huge traction.

Dogs emerged as the largest pet type segment with a revenue-based share of 37.9% in 2019. There are over 470 million dogs kept as pets across the globe, thus dogs emerged as the leading type of pet in 2018. For instance, according to the Insurance Information Institute, Inc., there were 63.4 million households in the U.S. owning pet dogs in 2019.

North America dominated the market with a revenue-based share of 43.1% in 2019. Increasing the prevalence of tech-savvy millennial pet owners is resulting in technological innovation in the pet sitting business. According to Packaged Facts, millennials accounted for 35% of all U.S. pet owners in 2018.

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

Further key findings from the study suggest:

The pet transportation application segment is expected to expand at the fastest CAGR of 9.1% from 2020 to 2027
By pet type, the dog category held the largest share of 37.9%
Asia Pacific is expected to expand at the fastest CAGR of 9.2% from 2020 to 2027.