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China’s “Pet Economy” Is on the Rise

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China’s “Pet Economy” Is on the Rise

Different Industries Are Seeking Business Opportunities in the Pets Market

ZGSWCN,

5 min read
5 take-aways
Audio & text

What's inside?

Businesses are tapping into the love affair between Chinese people and their furry friends.

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Editorial Rating

8

Qualities

  • Innovative
  • Applicable
  • Engaging

Recommendation

China has witnessed a marked increase in the number of pets over the past few years, and Chinese people do dote on them in every manner imaginable. This creates a sizable market and, of course, attracts investment. Using entertaining stories, Lv Tu and Tang Weiyi – reporters for China Business Web – zoom in on China’s thriving pet economy, explain the factors that drove its growth and continue to expand it, and point out some obstacles as well. Although some readers might wish for a more coherent structure, this article offers an intriguing, informative and valuable insight into China’s pet market. getAbstract recommends it to animal lovers, managers of pet companies and those in charge of business development at organizations that could – with a little bit of creative innovation – cater to pets as well.

Summary

Chinese pets are having it all: food and shelter for basic care, training, photography, spa visits, health insurance and fancy funerals. And their number is skyrocketing. Statistics show that the number of pets in China tripled between 2008 and 2012. By 2017, it almost doubled again, reaching – by some estimates – 250 million. Over the past decade, China’s pet market has grown by leaps and bounds, reaching ¥122 billion ($18.77 billion) in 2016. [Editor’s note: Other sources estimate the size of the 2016 pet-related market at a more modest ¥12.2 billion.]

Meanwhile, their owners regard their...

About the Authors

Lv Tu and Tang Weiyi are reporters for China Business Web, the online representation of the weekly newspaper China Business Herald, which observes China’s economic activities from various angles.

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