Taiwanese pet parents splurge $900 on pets annually
Most of their budget goes to food, medication and grooming services.
According to a new survey by the Taiwan Institute of Economic Research (TIER), Taiwanese pet parents spend an average of NT$28,081 ($891/€813.53) per year on their pets.
Pet food accounts for the largest chunk of their expenses (41%), accounting for a total of NT$8 billion ($254M/€231.9M). Medical treatments and checkups (16%) and pet grooming (10%) followed.
According to the data, of the NT$8 billion ($254M/€231.9M) the nation spent on pet food last year, health food represented NT$600 million ($19M/€17.35M).
The research, commissioned by the Ministry of Agriculture, predicts the number of pets in Taiwan will exceed the number of dependent children by 2027.
Figures from 2022 estimate Taiwan’s pet population to be around 1.4 million dogs and 820,000 cats. A survey from 2021 found that most owners were women (71%), a little over half (52%) were single or without children, and 4 out of 10 had been pet owners for 10 years or more.
A rising industry
It is estimated that between 2018 and 2022, the number of pet-related businesses in the East Asian self-ruling island democracy rose from 6,486 to 8,335, representing a 30% growth.
According to official figures, sales during this period shot up from NT$26.6 billion ($844.4M/€770.87M) to NT$38.7 billion ($1.2B/€1.1B).
According to the latest reported figures from the Taiwanese Department of Animal Industry, the value of the local pet industry has exceeded NT$50 billion ($1.5B/€1.37B).
The country’s Council of Agriculture anticipates growth in the pet insurance and pet memorial service sectors.
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