Sales of pet supplies in Taiwan soar by 49% in 4 years
According to official figures, there are 8,335 pet-related businesses in the East Asian archipelago.
Taiwan’s Ministry of Finance revealed that the total number of pet-related businesses in the nation grew from 6,486 in 2018 to 8,335 in 2022, nearly 30% more.
The statistics, reported by Liberty Times, also showed that sales of pet supplies went from NT$26.6 billion (€817M/$864M) to NT$38.7 billion (€1.19B/$1.25B).
Nearly half the cat products available on the island are imported, while only 30% of dog foods are produced in a third country.
Pet registration data from the Council of Agriculture (COA) notes that the pet population hit 2.22 million in 2022, of which 1.4 million are dogs and 820,000 cats.
The COA recently reported that the country increased pet food exports by 44% in 2022. In 6 years, exports increased by 377%.
Premiumization
A Euromonitor report released in May 2022 states: “Premiumization of pet care continues to grow in line with the pet humanization trend in Taiwan, as many new pet owners treat their pets as family members or even substitutes for children.”
Along the same line, a report from Research and Markets stated that more Taiwanese pet parents are opting for specific foods tailored to their pets’ nutritional needs. “This has resulted in a higher demand for premium and super-premium pet food,” it said.
The nation’s pet population is, in fact, projected to surpass children in the next 4 years, according to the latest official data.