Summary of China’s “Pet Economy” Is on the Rise

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China’s “Pet Economy” Is on the Rise summary

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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.

In this summary, you will learn

  • Why more and more Chinese families include a pet,
  • What drives the growth of China’s pet economy, and
  • What the future holds for it.
 

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.

 

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.]

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