Economic Watch : Businesses sniff out success in China growing pet industry – Xinhua News Agency

You are currently viewing Economic Watch : Businesses sniff out success in China growing pet industry – Xinhua News Agency
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80 U.S. dollars) each month on my dog,” Shen Jing shared with Xinhua. “I buy food, toys, accessories, and even take her to the vet for checkups.”

Shen Jing’s story is not unique.

This growth is fueled by several factors, including rising disposable incomes, increased urbanization, and a growing awareness of pet health and wellness. **Key Drivers of Growth:**

* **Rising Disposable Incomes:** As China’s economy continues to grow, so does the purchasing power of its citizens. This allows for greater spending on pet products, services, and experiences.

This surge in demand highlights the growing trend of pet ownership in China, fueled by factors like urbanization, rising disposable incomes, and changing social attitudes towards pets. The rise of pet ownership in China is not a recent phenomenon. It has been steadily increasing for several years, with the number of pet owners in China exceeding 100 million in 2019.

Pet hotels are also in abundant supply. Shanghai resident Zhao Congyan often spends holidays with her dog at Blossom House, a pet-friendly hotel in Suzhou City. The hotel offers facilities such as a vast lawn, pet-friendly dining areas and grooming services. “It allows owners to relax with their pets,” Zhao said. Beyond pet services, pet health and wellness are gaining attention. Pet owners are increasingly focusing on preventive health care, including balanced nutrition and weight control. Industry statistics show that the Chinese mainland pet health care market grew to approximately 70 billion yuan in 2023, accounting for roughly 24 percent of the overall pet industry.

They view it as a significant opportunity for growth and expansion. The company’s commitment to the Chinese market is evident in its significant investments in research and development, infrastructure, and marketing. They have established a dedicated team of experts in China, who are responsible for understanding the local market and developing products tailored to the specific needs of Chinese pet owners.

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