Pets to outnumber children by more than double
According to investment bank Goldman Sachs, by 2030, the number of pets in China will be twice as high as the number of children, because the young generation of Chinese still does not want to start a family.
The number of urban pets is expected to reach more than 70 million by the end of the decade, while the number of children under 4 years old will fall below 40 million.
China's pet market is showing promising growth. Photo: CNA
Changing demographics, as well as changing attitudes towards pets in China, are driving the emergence of this new sub-sector.
At the Pet Fair Asia trade show in Shanghai, the focus was on pets and meeting their needs. "Many indicators show that the industry is growing at 8-15%," said Edwin Tan, CEO of event management company Globus Events, which organizes Pet Fair Asia.
"The late 2000s, early 2010s is when the pet population in China really started to increase. (It) almost skyrocketed," said Dr. Angie Schultz, a veterinarian at Heal Petcare Rehabilitation and Wellness Medical Center.
“Many of these pets are quite old now, so services for them are being developed,” added Dr Schultz, who works at a facility that provides services for senior pets.
There has been a “significant increase in the number of pets being kept” over the years, said Joey Yeo, co-founder and CEO of animal care services company Heal Management Group.
“We are looking at double-digit growth,” he added. “If we break it down into dog and cat numbers, we are seeing 4% annual growth in dog numbers, close to 20% in cat numbers.”
He noted that there are a growing number of young, childless couples and young, single people with jobs becoming pet owners. “We’re talking about 40 to 50 million pets. There’s a lot of potential in terms of opportunity for the pet industry,” he said.
According to investment bank Goldman Sachs, by 2030, the number of pets in China will be twice as high as the number of children. Photo: CNA
No intention of having children
Liu Yinghui and her husband are typical of China's growing group of pet owners. The couple got married three years ago, but they only have a pair of cats and have no plans to have children.
For years, China's birth rate has hovered around 1 birth per woman, far below the 2.1 births needed to maintain a stable population. In cities like Shanghai, the birth rate is even lower, hovering around 0.6 births per woman.
"Our generation doesn't want to have children, and pets are really companions. They also fulfill part of the function that children do," said Ms. Liu.
"Raising cats is like raising children. You will see things you want to buy for them without thinking about the price. As long as they are good, I will buy them."
Hoai Phuong (according to CNA)
Source: https://www.congluan.vn/xu-huong-gioi-tre-trung-quoc-muon-nuoi-thu-cung-thay-vi-sinh-con-post309473.html
Comment (0)