Horse Rugs Market Report Overview
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The global horse rugs market size was USD 224.62 million in 2022, as per our research, the market is expected to reach USD 324.36 million by 2031, exhibiting a CAGR of 4.17% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with horse rugs market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Horse rugs are nothing but simple clothing for horses to save them from unfortunate weather conditions. It is important to maintain their body temperature in extreme weather conditions. It is vital to provide horses with the best fit and protection which enables them to smoothly regulate their body temperature and maintain their health. Use of horse rugs helps to horse remain completely as they are protected from cold and other extreme weather conditions.
Due to expansion of the service and welfare sectors and increasing number of riding yards and riding school the demand for horse rugs has increased proportionally. This augmented demand of the product has in terms increased the horse rugs market share and revenue resulting in proliferating market growth globally. All these factors are to keep the market growth prominent during the forecast period.
COVID-19 Impact: Covid-19 to have a Negative impact on the Horse Rugs Market Growth
Due to the COVID-19 Outbreak, the benefits of e-commerce businesses have risen to prominence and offline passenger flow has decreased. Some horse rug businesses didn't use internet marketing and promotion throughout the period of epidemic prevention and control, which caused them to face a lot of opposition when trying to do business. The original offline market development plan is disrupted for businesses that do not effectively utilize network promotion tools, and the epidemic will face fierce market homogenization competition. This is anticipated to have a significant impact on the company's business throughout the year.
Latest Trends
"Perfection of Fit to be the Priority for Buyers"
The key players of the horse rugs market are working for the betterment of their product according to consumer needs so as to stay consistent in the competition. They are practically working on the fit of their rug models as they are a vital feature for the horse to stay comfortable and be able to move around freely. These factors have in fact are seen to fuel the horse rugs market growth.
Horse Rugs Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into canvas, nylon, polyester and cotton amongst which nylon is expected to be the largest shareholder of the market.
- By Application Analysis
Based on application, the market can be divided into Online and Offline amongst which offline is anticipated to be the largest market share holder.
Driving Factors
"Rising Welfare and Service Sector to Augment the Market Growth"
It is anticipated that increasing consumer spending on recreational sports will fuel market expansion for horse rugs. These welfare services are investing in the firms which work for the betterment of stable and herds. Demand for the horse rugs has increased due to this as these firms order best quality products for the horses looking out for their comfort and protection. These factors have altogether increased the global horse rugs market share and revenue resulting in augmented market growth.
"Rise in the Number of Riding School and Riding Yards to Boost Market Growth"
The market for horse rugs is expanding as a result of the increase in equine riding training facilities such riding schools and riding yards. Additional safety standards for the equipment used for this sport have also been created due to the rise in the participation of men and women in this activity. As a result, the market is further stimulated by growing demand for equipment like horse rugs.
Restraining Factors
"Cost Oscillation to Restrain the Market Growth"
Fluctuations in the cost, availability, and quality of the goods, raw materials, and parts used to make horse rugs items could negatively affect sales expenses, profitability, and the capacity to satisfy consumer demand. The cost, quality, and availability of such commodities have been significantly impacted in recent years by, among other things, changes in global supply and demand, changes in laws and regulations (including tariffs and duties), changes in exchange rates and worldwide price levels, labor disputes, and other factors. Canvas, Nylon, Polyester, and Cotton are the largest raw material categories, and their prices have historically been volatile. Future price rises or supply disruptions may result from these variables.
Horse Rugs Market Regional Insights
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"North America to Showcase Dominance in the Global Market"
This region is the largest region to contribute to the global horse rugs market share and is also anticipated to remain dominant over the forecast period. As this region is providing large scale funds in animal welfare and services it is accounted to hold the leading position in the market. This factor of the region has attributed the horse rugs market growth worldwide.
Europe and Asia Pacific are to be the following largest market share holders as they are developing at a quite faster pace. These regions hold the most number of Horse herds population resulting in increased demand for the product. All these factors make these regions the consistent in growth.
Key Industry Players
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Hööks Hästsport (Sweden)
- HILASON (U.S.)
- Horseware (Ireland)
- Shires (Ireland)
- Kentucky Horsewear (Belgium)
- Nehal Leather Work (India)
- WeatherBeeta (U.S.)
- Circle Y (U.S)
- Dover Saddlery Inc. (U.S.)
- Back on Track (Sweden)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 224.62 Million in 2022 |
Market Size Value By |
US$ 324.36 Million by 2031 |
Growth Rate |
CAGR of 4.17% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global horse rugs market expected to touch by 2031?
The global horse rugs market is expected to touch USD 324.36 million by 2031.
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What CAGR is the horse rugs market expected to exhibit during 2022-2031?
The horse rugs market is expected to exhibit a CAGR of 4.17% over 2022-2031.
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Which are the driving factors of the horse rugs market?
Rise in number of service and welfare sectors and riding school, yards to be the major driving factors for the horse rugs market growth.
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Which are the top companies operating in the horse rugs market?
Hööks Hästsport (Sweden), HILASON (U.S.), Horseware (Ireland), Shires (Ireland), Kentucky Horsewear (Belgium) are the top operating companies in the market and are accounted to hold the most of amount of global horse rugs market share.
