Since the beginning of 2024, the number of newly registered enterprises related to the pet industry in China has reached 945,000. According to statistics from the Tianyancha commercial investigation platform, pet-related enterprises have grown rapidly in the past decade. There are now more than 4 million enterprises related to the pet economy.

According to the 2023-2024 China Pet Industry Consumption Report released by pet market observation company Petdata, the urban pet consumption market size reached 279.3 billion yuan (about 39.1 billion USD) in 2023 and is expected to reach 361.3 billion yuan (51.5 billion USD) in 2026.

With the explosion in the number of pet-owning households, unprecedented growth opportunities are opening up for travel companies, airlines and other segments of the pet industry.

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Pet prosthetics are on display at the 2nd Asia Pet Fair held in Shanghai, August 22-25.

In addition to pet travel needs, other related consumer needs such as food, necessities, beauty, health check-ups, medical care and photography have also increased significantly, bringing more business opportunities.

Currently, many stores providing food, clothing, health care and beauty services for pets are recruiting, and at the same time, people working in pet-related professions such as trainers and photographers are increasingly "in demand".

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Workers produce pet products at a factory in Huzhou city, Zhejiang province.

China has rapidly risen to become the world's second-largest pet market. In 2023, Chinese households owned 51.75 million pet dogs and 69.8 million pet cats, up 1.1% and 6.8% year-on-year, respectively.

In recent years, the pet industry chain in China has seen an increase in the number of related enterprises and strong momentum of listed companies. Investors are accelerating the allocation of capital to the pet economy in the country.

China isn’t the only country seeing a booming pet economy. According to a report from Bloomberg Intelligence, the industry will grow from $320 billion today to nearly $500 billion globally by 2030.

(According to Chinadaily)