China is experiencing a furbaby boom according to the China Pet Industry Association who states that in this fast-paced world, both young and old people are finding pleasure in pet companionship.
So why is this important for sellers? China is home to approximately 1.4 billion people and within that huge number are a lot of current and potential pet owners. The pet industry in China is experiencing huge growth and pets are becoming a huge part of everyday life for consumers in the country, meaning, there is huge potential for businesses to enter this market, and now is a better time than any.
It is predicted that this year there will be over 700 million pets in China and if we compare that to the 500 million in 2018 the growth is evident. There is also some clear development happening within China’s pet industry as the sale of live animals undergoes changes in how it is conducted.
The Chinese Silver-haired economy is an important factor in this growth because this is where the growth is happening. It could be blamed on the effects of the pandemic but elderly people are lonely and seeking pets for comfort. But that’s not all, as younger people in China revolutionize pet-keeping, their elders end up experiencing the comforts of pet-keeping second hand which could help push the industry even further.
The pet food industry
The pet food industry is another avenue within the sector that sellers can take advantage of. According to South China Morning Post, millennials love finding niche pet products through ecommerce channels and even hefty pricetags won’t stop them from treating their pets like royalty. Entrepreneurs could find great success in creating a business model based around this industry in China and the key festive periods such as the Lunar New Year provide fantastic growth opportunities.
