Cakes to couture, pampered pets a growing breed

As societies increasingly care about pets, the pet economy will grow even further and embrace more specialized and lavish products and services, Zhou said. Pet veterinary care, intelligent devices, social platforms, eco-friendly food supplies, and sustainable lifestyles catering to pets are also expected to fuel expansion.

However, even as the sector booms, some questions have been raised about the growing number of premium pet products on offer. Animal welfare advocates have voiced concerns that profits are being put ahead of safety issues and consideration of the pets' well-being.

Zhou said as living standards have improved, owners have become more conscious about their pets' health and welfare and are willing to spend on quality food, medical care, and pampering services. She added that the pet industry has developed full life cycle supply chains around a pet's eating, living, medical and other needs.

However, Zhou believes that regulatory oversight is still insufficient with legal frameworks incomplete. Other areas of concern in the pet industry include a shortage of quality standards, fragmented multiagency governance, unregulated breeding and sales of pets, and a lack of social responsibility about pet ownership.

Addressing these issues and others will require government regulation, industry self-discipline, and public education, she said.