Published on : Jun 08, 2015
Bank employee Frances Chen uses a fifth of her monthly pay on caring for her pet poodle. She is millions of pet owners in China that are transforming the pet care industry into a highly lucrative and fastest developing market in the world.
Owning a pet was banned earlier by Chairman Mao Zedong the Communist leader in China as it was considered as a bourgeois hobby. Now it is seen as a sign of financial success in China and according to the Euromonitor forecast the market for pet care is estimated for a growth of 15.8 billion yuan ($2.6 billion) by 2019 that will surpass United States.
This growth factor is adding to the big market players’ anticipation. Companies such as Nestle S.A., Colgate-Palmolive Co., Mars Inc., and Procter & Gamble Co., are looking forward to gaining from the growth in the pet care industry in China, due to the overall slowdown in the retail market and prospects in the world’s second biggest economy, China.
Pet ownership has become a trend that is set off by the stress and loneliness of metro living. The industry boom has resulted in more than 30 million households to adopt dogs as pets. Dogs are the most favored pet animal and accounts for 7 % of the entire nations total among pets.
Pet food has a burgeoning market in China and sales manager at pet food importer and distributor for Chen Xiuqiang, Guangzhou Mudi Trading Co Ltd. agrees with this fact. Chinese are increasingly spending yuan for pedigree dog breeds along with pet supplies that match their top breed pet. This includes dog training courses, pet costumes, styling, and so on. Prospects for high-end pet services and supplies look promising in China.