The Pet Industry May See an Outbreak in the Next Decade, with a Market Size Reaching Hundreds of Billions
The Pet Industry May See an Outbreak in the Next Decade, with a Market Size Reaching Hundreds of Billions

Pet cats and pet dogs are human beings' good friends, adding a great deal of fun to people's lives. Precisely because of this, more and more people are starting to keep pets, and the pet supplies market has become popular in recent years.

Relevant statistical data shows that the pet ownership rate in American households is 62%, with an annual sales scale of 55 billion US dollars; the pet ownership rate in Japanese households is 45%, with an annual sales scale of 15 billion US dollars. In contrast, currently, the pet ownership rate in first-tier cities in China is still less than 15%, with an annual sales scale of about 7 billion US dollars. In another ten years, when the new generation becomes the main force in society and the current main social force has more leisure time, China's pet industry will truly become popular and experience an outbreak, with the market size reaching hundreds of billions of yuan.

Nowadays, in parks and on the squares of communities, many pet dogs can often be seen, and their owners show great care and love for their pets. "I need to bathe my dog, trim its fur, buy dog food, and also some nutritional supplements every week. These expenses are quite a lot. If the dog gets sick, the medical expenses will be even higher," Ms. Huang, the owner of a small Teddy dog, told a reporter from China Industrial Economy News.

Just as Ms. Huang said, pets have become one of the members of a family. In order to ensure that their pets enjoy a good quality of life, owners are very willing to spend money on their pets. It is precisely this kind of mentality that has made the pet supplies market increasingly prosperous in recent years. Not only are the prices quite high, but also the variety and styles of products are becoming more and more diverse.

Recently, the reporter saw at a pet supplies exhibition that there is a wide variety of pet supplies, and there are even many imported products. From what pets eat, wear, live in, to what they use, everything is available. There are also quite a few people coming to purchase pet supplies. However, in the reporter's random interviews, it was learned that many people know very little about how to choose pet supplies. For example, even for dog food, the prices can vary greatly. And for the same type of product, people don't know how to choose due to different materials. An industry insider said that the quality of pet supplies nowadays is uneven, and some products even exaggerate their effectiveness. This market needs to be better managed and regulated. When choosing pet supplies, consumers should not simply assume that the more expensive the product is, the better it is. They should choose carefully according to their own needs.