How big is the Chinese market and what are the developments?
With the increase of pet owners in China, China’s pet economy will also further expand. According to data from the Elephant Research Institute, China’s pet market reached 221.2 billion yuan in 2019 and reached 295.3 billion yuan in 2020. (1000 yuan = €130 or $155)
The market size has doubled in five years from 2015 to 2019, with a compound annual growth rate of 20%.
Pet food sales channels
E-commerce is the biggest sales channel for pet food, followed by pet stores:
Medical care
In terms of turnover, 80.9% of veterinary hospitals have an annual turnover of less than 3 million yuan. At present, pet hospitals in China are still dominated by small and medium-sized individual enterprises, and the market concentration needs to be improved.
Future
In the future, with the improvement of urbanization, the increase of residents’ disposable income, and the aging of the population, China’s pet industry will continue to expand.
For more details into the Chinese market, click here
Source: CIPS
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