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)
A single purchase
