China's pet economy surges to record highs

The number of Chinese households with pets hit 99.78 million in 2018, with the industry now worth over 172.2 billion yuan ($25.02 billion), more than three times the size of five years ago, according to a report on pet product consumption released by CBNData.

Women, rather than men, make for the majority of online pet product sales, accounting for 60 percent. Young people – born after the 1990 – contribute 40 percent of online sales.

People are increasingly raising less traditional pets, with turtles, rabbits and birds becoming popular. Snakes and lizards are also popular among young people.

The report predicts four key trends for the pet industry: customized pet food products will become more popular; the application of intelligent devices for raising animals will become more popular; veterinary services will improve; and owners will spend more on new services.

According to the report, nutritional food products for pet dogs and cats have the highest growth rate for online sales, which, in two consecutive years, has achieved a growth rate of over 50 percent. Customized pet food products have also become popular.

Consumers are increasingly looking to smart products to take care their pets. These products include environmental devices that regulate temperature and humidity, automatic feeding devices, animal health monitoring equipment and intelligent accessories.

Consumers have also demonstrated their willingness to pay for a diverse array of new services. In addition to basic services such as baths, beauty and veterinary needs, pet owners are increasingly paying for foster care, training, pet funerals, insurance, photography and entertainment.