Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

China’s Love for Pets Fuels Multi-Billion Dollar Industry

theguru Views  

Despite economic downturns, China’s pet market (petconomy) has a high growth rate. In particular, the market is flourishing in first and second-tier cities, signaling a need for targeted strategies for companies looking to enter the Chinese market.

On the 16th, the KOTRA Chengdu Trade Center introduced the growth status of China’s petconomy through a report titled “China: A Rising Market in the Pet Industry?”

Recently, in China, as living standards improved and the population of singles and elderly people living alone increased, the concept of emotional companionship through pets is spreading. This is leading to a high growth rate in the petconomy.

According to the 2023-2024 China Pet Industry Status and Monitoring Report released by market research institute iiMedia Research, the size of China’s pet industry reached 592.8 billion yuan (about $93 billion) in 2023 and is expected to grow at an annual rate exceeding 20%, reaching 811.4 billion yuan (about $127 billion) by 2025.

The primary consumers in China’s pet market are young people, with first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen leading the trend, followed by new first-tier cities such as Chengdu, Chongqing, Hangzhou, Wuhan, Suzhou, Xi’an, and Nanjing.

The petconomy in Chengdu, a new first-tier city, is proliferating. In 2017, the number of pets in Chengdu was recorded at 1.5 million, but by 2023, it is estimated to have exceeded 5 million.

Chengdu’s petconomy is primarily centered on food. In addition, the number of pet-friendly places is increasing, and service industries such as pet theme parks, medical care, entrusted childcare, entertainment, and funerals are showing rapid growth.

The KOTRA Chengdu Trade Center stated, “The purchasing power for animal welfare is showing a continuous upward trend, and the demand for various pet industries is diversifying. When considering entering the Chinese market, it would be desirable to target the market with high-value products and services centered on major first and second-tier cities.”

theguru
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    Veggies vs. IBD: New Research Says the Right Diet Might Be a Game-Changer

    LIFESTYLE 

  • 2
    Eli Lilly Moves First in India, Beats Novo in Obesity Drug Showdown

    LIFESTYLE 

  • 3
    Trump’s Soda Button and 12-Can Habit: A Recipe for Trouble?

    LIFESTYLE 

  • 4
    New FDA-Approved Pill Targets Constant Hunger in Children with PWS

    LIFESTYLE 

  • 5
    Too Much Exercise Might Not Help You Live Longer, Says New Study

    LIFESTYLE 

Popular Now

  • 1
    Novo Nordisk Just Bought the Next Big Thing in Weight Loss

    LIFESTYLE&nbsp

  • 2
    Strawberries + Nuts, Salmon & More: The Best Pairings for Your Wellness

    LIFESTYLE&nbsp

  • 3
    Truth About Narcolepsy: Symptoms, Causes, and How to Manage It

    LIFESTYLE&nbsp

  • 4
    Avoid These 10 Habits to Keep Your Brain in Top Shape

    LIFESTYLE&nbsp

  • 5
    Dining Out While Dieting: 10 Healthy Restaurant Meals You Can Enjoy

    LIFESTYLE&nbsp

Must-Reads

  • 1
    Veggies vs. IBD: New Research Says the Right Diet Might Be a Game-Changer

    LIFESTYLE 

  • 2
    Eli Lilly Moves First in India, Beats Novo in Obesity Drug Showdown

    LIFESTYLE 

  • 3
    Trump’s Soda Button and 12-Can Habit: A Recipe for Trouble?

    LIFESTYLE 

  • 4
    New FDA-Approved Pill Targets Constant Hunger in Children with PWS

    LIFESTYLE 

  • 5
    Too Much Exercise Might Not Help You Live Longer, Says New Study

    LIFESTYLE 

Popular Now

  • 1
    Novo Nordisk Just Bought the Next Big Thing in Weight Loss

    LIFESTYLE 

  • 2
    Strawberries + Nuts, Salmon & More: The Best Pairings for Your Wellness

    LIFESTYLE 

  • 3
    Truth About Narcolepsy: Symptoms, Causes, and How to Manage It

    LIFESTYLE 

  • 4
    Avoid These 10 Habits to Keep Your Brain in Top Shape

    LIFESTYLE 

  • 5
    Dining Out While Dieting: 10 Healthy Restaurant Meals You Can Enjoy

    LIFESTYLE