Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
News for Outlets

Scale of China's pet industry likely to hit RMB228.9 bln in 2021, research institute

June 22, 2021


Abstract : The scale of China's pet industry is likely to hit 228.9 billion yuan in 2021, according to report by Securities Daily on Monday quoting recent data from AskCI.com, an industry intelligence sharing platform run by a Chinese industry research institute.

1.png

A visitor takes a photo for a cat during a pet expo held from April 9 to April 11 in Zhengzhou, central China's Henan Province, April 10, 2021. (Xinhua/Zhang Haoran)

BEIJING, June 22 (Xinhua) -- The scale of China's pet industry is likely to hit 228.9 billion yuan in 2021, according to report by Securities Daily on Monday quoting recent data from AskCI.com, an industry intelligence sharing platform run by a Chinese industry research institute.

China's pet market reached a scale of 206.5 billion yuan in 2020, up from 122 billion yuan in 2016 with an annual compound growth rate of over 10 percent, showed a white paper on the country's pet industry development made public at the start of the year.

The growth indicates that the pet sector in China is promising with strong certainty and huge potential, Liu Youhua, research director with simuwang.com told Securities Daily in an interview.

Analysts echoed his idea, saying that against the backdrop of domestic consumption upgrading, China's pet market has gradually formed an industrial chain covering upstream products to downstream services, including pet food, supplies, medical treatment, and beauty, among others.

With increasing income, the post-1990 generations are becoming a driving force behind the long-term boom of the pet food market, as they are more willing to spend money to ensure pets are well fed and healthy, according to Long Hao, chairman with Jinding Asset.

Looking forward, China's pet industry is expected to maintain high-speed growth, because raising pets can meet the companionship and other spiritual demands of the aging population, the single group and child-free couples, said Liu, adding that the surge in pet pampering could also be attributed to people's growing wealth that enables them to consume more pet-related items. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org) 

Scan the QR code and push it to your mobile phone

Keyword: pet industry

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial