This fast growing niche market of high-end pet accessories can be attributed to multiple trends:
While the US leads the pack in spending and dog ownership statistics, the global pet products market is also very strong. The EU remains healthy, but with noticeable trends... The UK, France and Germany maintain high pet ownership statistics and steady growth in the pet accessories market, but countries like Italy are experiencing spectacular growth.
Not only has Italy seen 70% growth over the last 10 years in the pet market - more than double any EU country - but dog ownership is increasing, and the Italian economy is projected to be fairly healthy through 2005, outperforming many EU countries. At $2.9 billion in 2002, with 5% projected growth through 2005, and with new retail channels opening, the pet products market in Italy provides opportunities for US companies.
Globally, new retail channels for pet accessories are rapidly expanding, from the growth of the hypermart in Asia to the expansion of product availability for regional vendors across Italy. Large companies are taking advantage of the growing pet accessories market, creating new retail channels and potential distribution sites.
You can now purchase anything from a dog umbrella to a microfiber pet-drying towel. Dog and cat products are the most popular. However, animal/pet accessory products are also being developed for birds, rodents (i.e. mice, hamsters, etc.), and horses. Some popular pet products include: