We’ve all heard the expression that dogs are “man’s best friend”. Well, now, they can be treated like a king.Recently, luxury Italian brand Dolce & Gabbana went viral with the release of a new perfume product dubbed Fefè.Fefè “marks the brand’s inaugural alcohol-free fragrance mist tailored specifically for dogs,” Dolce & Gabbana stated about the launch.It describes the scent as “an olfactory masterpiece featuring the cocooning and warm notes of ylang, the clean and enveloping touch of musk, and the woody creamy undertones of sandalwood”. The $99 perfume, which is “housed in a sleek green lacquered glass bottle, adorned with a vibrant red metal cap and a precious 24-carat gold-plated paw”, is available on the brand’s direct-to-consumer site and comes with an exclusive dog collar with a similarly designed gold paw as the tag.While some pet associations are dismissing the perfume as unnecessary and potentially unpleasant in a dog’s grooming routine, the brand assured would-be buyers that the fragrance is certified by Safe Pet Cosmetics, an independent veterinary organization in Italy that validates the safety of products for animals, and has been “approved by vets”.While the product is a first for the premium Italian brand, its release is part of a growing trend in the pet industry for luxury goods. The growing luxury pet market There has been notable growth in the pet retail industry in recent years, largely thanks to mass adoption rates post-pandemic and the ever-growing humanization of pets. According to a report released by Bloomberg Intelligence, the value of the global pet industry, encompassing veterinary care, pet food, and other pet-related categories, is projected to soar to $500 billion, from its 2023 appraisal of $320 billion.  A different report released by retail research firm Market.us confirmed that the global luxury pet accessories market alone was worth around $3.8 billion in 2022. The market size is expected to grow at a compound annual growth rate of 5.3 per cent from 2023 to 2032 to reach $6.3 billion. Luxury for both pet and ownerMarie Driscoll, a chartered financial analyst and a professor at Parsons, The New School and the Fashion Institute of Technology, noted that the appeal of a product like Fefè depends more so on the owner’s interest in “accessible” luxury products, versus the desire to spoil a pet.As the retail expert pointed out, “Fragrances for dogs are not a new thing.” Several other petcare brands, like Preshies and Les Poochies, have previously released dog-friendly fragrances, at price points that are similar to Dolce & Gabbana’s Fefè. Where products like Fefè, or other fancy pet items like a $130 dog bowl from Alessi or a $200 dog collar from Moschino, stand out is that they give human consumers a “much more accessible price point” into the world of luxury brands like Dolce & Gabbana. Driscoll noted that Fefè is an impulse purchase, a cute house gift to bring along on a trip to your friend’s summer home (who has a dog naturally!), or the ideal gift “for someone who has everything.”Areas of growth in the luxury pet market The report from Market.us noted three major expectations for the global luxury pet accessories market during the forecast period of 2023 to 2032, including:Pet typeThe dog segment dominates in the global luxury pet accessories market with a market share of 60 per cent in 2022 and is expected to remain dominant in the market during the forecast period. Product typeThe luxury pet accessories market is classified into six main product types, including apparel; collars, harnesses, and leashes; beds and furniture; toys; feeding accessories; and grooming products.During the forecast period, the toys segment is expected to be dominant in the market as the desire for pet owners to provide their animals with safe and engaging activities continues to grow. Distribution channelBased on distribution, the global luxury pet accessories market is segmented into specialty pet stores, online retail stores, department stores, supermarkets and hypermarkets.In 2022, the specialty pet stores segment dominated the market with the largest market share of 40 per cent and is expected to remain the leading distribution channel. Online retailer stores are anticipated to grow at the fastest CAGR during the forecast period, thanks to factors such as the rising adoption of smartphones and the emergence of online shopping platforms like Amazon and Flipkart.