Xinhua Finance and Economics, Beijing, December 13 In the high-quality development with unlimited opportunities and continuous challenges, China’s pet industry is anchoring the new channel of transformation and upgrading, and is striving to sail forward and break the waves.
Xinhua News Agency, China Economic Information Service and Health Pet Science Research Institute recently jointly released the “China Pet Industry Development Index Report (2023)” (hereinafter referred to as the “Report”) shows that the industry potential sub-index of China’s pet industry development index will reach 143.45 points in 2022, with an average annual compound growth rate of 7.5% from 2017 to 2022, which is a rapid increase, indicating that China’s pet industry has full development potential.
The enthusiasm for entry into the pet industry continues unabated, and the market space is expected to expand. The “Report” shows that the market vitality index of China’s pet industry will be 130.68 points in 2022, with an average annual compound rate of 5.5% from 2017 to 2022. Especially in the past two years, the development of market vitality indicators has shown a high level, indicating that the pet market has huge potential. The pet consumption market continues to grow, and the “it economy” continues to be favored in the capital market. In 2022 alone, there have been 57 financing activities related to China’s pet industry, with a financing amount of more than 3.62 billion yuan. The number of new entrepreneurial players in the pet industry has also increased accordingly. The “Report” pointed out that the number of pet-related companies established each year from 2013 to 2022 has shown an exponential growth trend, with an average annual rate of 59.2%, indicating a burst of vitality among market entities.
Attention is fluctuating, and industry influence continues to increase. The “Report” shows that from 2017 to 2022, except for a slight decline in 2020 and 2021 due to the impact of COVID-19, the focus on the pet industry was at a relatively high level in other years. Especially in 2022, the attention index of China’s pet industry will reach 162.14 points, the highest in five years. The focus is mainly on pet food and pet supplies.
Looking to the future, my country’s pet industry has broad room for development. As the number of upstream, midstream and downstream enterprises in the pet industry gradually increases, the trend of integration, refinement and enrichment of China’s pet industry chain has become increasingly prominent. The gradual improvement of relevant legal policy systems and industry standards and regulations will further promote the development of my country’s pet industry.
