Pet accessories is a highly fragmented and competitive market that covers a wide range of product groups including care products, toys, housing, bedding & feeding products, and collars, leads and utility products. The sector is considered to be relatively resilient to economic downturns. There has been a period of static growth but indications are that the focus people are putting on their pets, and the products available to them is driving growth in both volume and value resulting in an anticipated buoyant market for the next few years.
Key influences within the pet accessories market are pet ownership levels, trends in the types of pet owned, a demand for more convenient products and the increasing humanisation of pets, with the latter representing one of the most important reasons for the resilience of the pet accessories market during the difficult economic climate. However, the market for pet accessories remains competitive with price and convenience having a significant impact on consumer choices.
Some sectors of the market have performed better than others in recent years. Care products are seen by pet owners as essential and have continued to underpin the market. Products for small dogs represent a growth area with rising demand for coats and grooming needs. Cat litter is a sector that has become polarised between high value high quality products and high volume, value for money products. Aquariums and other vivariums have experienced low level growth due to an increased interest in reptiles as pets.
The overall pet market is forecast to continue growing to 2023. Growth rates will be influenced by the speed of improvement of the overall UK economy and levels of disposable income, as well as the outcomes of Brexit, though indications are that UK pet owners are happy to prioritise their pets for both essential and non-essential spend.