What is the future development direction of pet economy?

According to the research data from Beijing, the consumption market of urban pets (dogs and cats) in China reached 249 billion yuan in 20021year, up by 20.6% year-on-year. In terms of pet consumption expenditure, pet food is 5 1.5%, pet medical care is 20.2%, pet products 12.8%, pet grooming is 4.4%, pet training is 0.8%, pet foster care is 0.6%, and pet insurance is 0.6%.

In the next few years, the scale of China's pet economy industry will reach 493.6 billion yuan, a year-on-year increase of 25.2%. It is estimated that the scale of pet food industry will reach 267 billion yuan in 2022, and the market scale of pet products in China will reach 36.9 billion yuan in 2022.

In the future, consumers will pay more attention to pet medical products, and the demand for pet medical products will increase, which will put forward higher requirements for medical services. At the same time, there are about 300 million pet owners in China. With the continuous increase of pet population, it is estimated that China will maintain a compound growth rate of about 6% in the next few years (2023-2025).