The pet market rose to 46.3 billion people In 2022

 

The pet market in China is experiencing tremendous changes. The demographic transition in the middle class, rapid urbanization, population aging and late marriage and late childbirth are the main reasons for the pet boom.

According to Euromonitor, Chinese consumers will spend about 17.5 billion yuan on pet products this year, rising to 46.3 billion yuan in 2022 from 20%. Meanwhile, U.S. sales of the pet industry this year are about 44.4 billion U.S. dollars, but the annual growth rate is only 2%.

The rapid rise of China's pet market is not only good news for pet food giants such as Mars Inc and Nestle SA, but also for the fast-growing Chinese pet food and supplies company - full expansion of entrepreneurs And enrich the market, build dog salon, Pet Supplies Coupons hotel and other services and facilities.

Recently, China New Hope Group led a consortium consisting of Hosen Capital and Singapore's state-owned fund Temasek to acquire Real Pet Food Co, a Australian pet food producer, for $ 1 billion to introduce the latter's brand to the Chinese market . Liu Yonghao, chairman of the board of New Hope Group, recently said in Beijing that there is great potential for growth in the Chinese market, especially the relationship between young people and pets. "Pets have become a part of their family (young people) and are more willing to spend a lot of money on pets." Zhang Tianli, a founding partner at Fosun Investment, pointed out: Chinese society is aging, the birth rate is declining, pets are given Empty nesters and young people with a spiritual sustenance.

A 26-year-old pet owner in China said he spends 2,000 yuan a month on his two pet dogs, mainly buying food. Although the cost is not low, but every time you go home will feel worth it. "Without dogs, it's all empty when you get home, and now they're happy to fly in."

The prosperity of the pet market is also conducive to promoting imports and improving the local economy. Shanghai Bi Ruiji, Sensen Group, Shanghai Nvw and other Chinese pet products companies have begun to challenge the global industry giants. Since its listing on the Shenzhen Stock Exchange in August this year, the share price of Yantai Zhongpin Food Co., Ltd. has increased by nearly 60%.

Thomas Kwan, chief investment officer at Harvest Global, a Hong Kong-based fund management company, pointed out that China's pet market is one of his personal priorities in 2018 given the consumer spending escalation. He also pointed out that pet owners are now most concerned about the question is: whether to buy healthy pet food? Can pets provide a quality lifestyle?

Small petty startups such as PetSpare, Pekingese, which operates a boutique pet hotel, have been set up one after another. The company's pet hotel is equipped with facilities such as a Coupons swimming pool, pet-sized bedrooms and a photo studio, charging up to several hundred dollars a night . The platform's marketing manager, Dynasty, said: "There was once a dog who stayed at our hotel for 47 nights and spent a total of 17,000 yuan."

November 24 this year, "Gorgeous" hosted the "InnoBrand 2017 gorgeous brand innovation contest" Finals held in Yiou to Shanghai Shopping Village, targeting the pet market spending upgrade, specializing in the design of both beauty and functionality of pet supplies pidan Win the championship. Launched in 2016, the brand's first star product, the Snow House Litter Sands, is a hit on the web thanks to its outstanding looks and great word-of-mouth. In July of the same year, the Snow House litter box became the first cat product to receive the German Red Dot Award.

Despite the rapid growth, China's pet breeding industry is still in its infancy. After the founding of China, it was forbidden to keep pets at all and Guangxi Yulin was PetCareSupplies Coupons still holding a festival of dog meat. There are still many cases of abuse of pets, there are many pet owners lack the appropriate awareness of vaccination and sterilization of pets, strict pet food import regulations also breed prosperous gray market trade.

Source: https://dacozcoupons.livejournal.com/3278.html