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Research Report on the development trend of pet economy in 2021 From Suning Financial Research Institute

The following is the Research Report on the development trend of pet economy in 2021 From Suning Financial Research Institute recommended by recordtrend.com. And this article belongs to the classification: Life data, research report.

“The more urbanized human beings are and the farther away they are from nature, the more important pets are in human life.”

Nowadays, “sucking cats and dogs” has become an indispensable part of many people’s daily life. Many cats and dogs eat well and use well, which makes netizens sigh that “people are inferior to dogs”. On the major video and social platforms, owners frequently share their pet’s funny videos and daily life. These relaxed and happy contents have created many popular online pets, attracted the pursuit of netizens, and spawned a lot of economic activities, such as offering rewards, bringing goods, pursuing the same model, etc.

Behind the phenomenon is the rise of pet economy.

From the data point of view, from 2010 to 2019, the scale of China’s pet consumption market will increase from 14 billion yuan to 220.4 billion yuan, and it is expected to reach 231 billion yuan in 2020, with an average annual compound growth rate of 32% in 10 years, which is significantly higher than that of the traditional retail industry; among them, pet food, pet medical and other segments are booming.

It is worth noting that, compared with the double-digit penetration rate of mature countries in North America and Europe, the penetration rate of China’s pet market is only 6%. With the popularity of pet concept, China’s pet economy has great potential in the future, and the market is generally expected to be “an unimaginable 100 billion level market”, with unlimited future.

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