China's pet industry purrs with potential as owners of 'furry friends' to exceed 100 million

Описание: China's pet industry is seeing explosive growth with owners splurging on products for their beloved animal friends largely from domestic brands.

According to a report by Chinese consultancy firm iMedia Research, China's pet industry has quadrupled since 2017 totaling about 56 billion U.S. dollars. And by the end of this year, that number is expected to hit 70 billion.

Food, clothes, toys, medicines, and other essential pet items were top sellers during this year’s Double 11 shopping festival that concluded on November 11th.

Chinese brands are raking in the profits, meanwhile, as a lion’s share of the pet products sold were made domestically.

According to Alibaba's e-commerce platform Tmall.com, 15 of the top 20 pet brands that saw the most sales the Double 11 festival are from China.
That’s great news for local pet food factories, many of which say they’re adding production facilities to keep up with mounting orders.

Globally speaking, China’s pet market is relatively new, but that’s likely to change.

According to a white paper from Chinese media group ThePaper, the number of households raising pets in China is expected to exceed 100 million this year.

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