Global Pet Toys Market to Reach $3.7 Billion by 2027
Amid the COVID-19 crisis, the global market for Pet Toys estimated at US$ 2.5 Billion in the year 2020, is projected to reach a revised size of US$ 3.7 Billion by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027.
Plush Toys, one of the segments analyzed in the report, is projected to record a 6.3% CAGR and reach US$ 1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Rope & Tug Toys segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $668.2 Million, While China is Forecast to Grow at 8.9% CAGR
The Pet Toys market in the U.S. is estimated at US$ 668.2 Million in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$ 776.3 Million by the year 2027 trailing a CAGR of 8.9% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
Balls Segment to Record 6.3% CAGR
In the global Balls segment, USA, Canada, Japan, China and Europe will drive…