Modern Cat Furniture Market Size is Projected to Expand to a Valuation of US$ 3.7 Billion in 2023
The modern cat furniture market size is projected to expand to a valuation of US$ 3.7 billion in 2023 and is projected to exhibit a CAGR of 5.9% from 2023 to 2033 and reach US$ 6.69 billion in 2033.
The modern cat furniture market is the second largest segment in the pet furniture market, preceded by the dog furniture market. The market has witnessed a steady growth around the globe since more people, especially millennials, are adopting cats as domestic pets.
The report offers detailed insights on the Modern Cat Furniture Market through an extensive analysis of key growth drivers, latest trends, potential challenges, and revenue growth prospects based on historical data.
Crucial information and forecast statistics, in terms of value and volume, covered in the Modern Cat Furniture Market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
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Modern Cat Furniture Market Scenario During the COVID-19 Pandemic
The recent outbreak of the COVID-19 has adversely affected various markets in the retail & consumer products industry. The Modern Cat Furniture Market is no different. Products which are deemed ‘essential’ continue to experience significant sales, while non-essential items faced a sharp decline in demand.
Following government’s measures, particularly social distancing norms and stay-at-home orders, companies operating in the Modern Cat Furniture Market have put their production on a halt.
Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on preliminary impact of the COVID-19 on the Modern Cat Furniture Market.
This allows both leading and emerging market players to understand