China's pet industry booms as consumption diversifies
China's pet industry booms as the country's consumption diversifies and consumers become significantly more willing to pay for pets.
Many new businesses emerged to cater to the market demand. Pet restaurants, which provide not only delicate food but also a comfortable environment for pets to enjoy, are a prime example.
Over 100 million pet dogs and cats live in China's urban areas and the country's number of pet-raising families exceeded 99.8 million, according to a 2020 report by Pethadoop, an analytical company.
The scale of China's pet market for dogs and cats surpassed 200 billion yuan ($31.36 billion) last year, the report said.
In the next three years, the value of China's pet industry is expected to maintain its steady growth to reach more than 400 billion yuan in 2023. Pet food will rank first among its diversified sectors followed by pet medical care, according to market research firm iResearch.
