Market Scale of the Pet Industry
The market scale was nearly 300 billion yuan in 2020 and will maintain steady growth in the next three years.
With the increase of income and pet owners, the products and services related to pet consumption are increasingly diversified. The scale of China’s pet industry is growing rapidly, reaching nearly 300 billion yuan in 2020. The CAGR from 2015 to 2020 was as high as 32.8%. As the industry is maturing, iResearch predicts that its compound growth rate in the next three years will be 14.2% and its scale will hit 445.6 billion yuan in 2023.
An Increasing Proportion of Pet-related Consumption Happens Online Because of the Pandemic
People spend more time with their pets during the outbreak of Covid-19, driving the rising pet-related consumption and growing attention paid to pets’ health.
The pandemic contributes to the expansion of Internet users who watch pets online, leading to many potential consumers. Also, influenced by the pandemic, an increasing proportion of consumers choose to buy pet-related products online instead of offline. The sales of e-commerce platforms are increasing quickly.