Posted on 27th Oct, 2014: As per research firm Euromonitor, pet care market in China currently stands at a whopping $1.5 Bn making it the latest growth industry for the world’s second largest economy. Euromonitor further expects it expand to $2.2 Bn over next 5 years. This eye popping market size for an industry which is considered highly niche has been attributed to a burgeoning middle class in China, a country which has one of the world’s lowest birth rate, where couples are increasingly opting for pets rather than having kids. It is estimated that about 7% of households in China now have a dog, and 2% have a cat. Importantly as the numbers suggest the growth explosion in the pat care market is not only about quantity - these pets are highly pampered where their parents are not shying away from spending top dollars to provide best products and services for their pets, reports CNN money. And the companies such as Purina are also taking cue from this growth and following up with new products and offerings. In fact, recently, state insurer PICC started offering pet insurance policies that cost as much as $550 a year.
This growth provides encouraging sign for pet care industry in India which is currently pegged at a miniscule USD 130 Mn to USD 150 Mn but has been growing at 20%+ CAGR rate over the last 5 years as similar trends are also being observed at home.
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