Pet care industry in Asia is now booming in spite of the threats of China and the United States' trade war. As more and more people are treating their pets as humans, businesses involving pets are now a multi-billion construction.
Designer clothes, gourmet food, and luxurious spas are just three of the most sought-after businesses that conquered the pet care industry in Asia. According to the South China Morning Post, although there is a struggle in the region's economic growth, the pet economy continuously grows.
The market research firm Euromonitor revealed the growing pet care industry in Asia would grow by 70 percent by 2022. Its costs, on the other hand, would hit US$21.1 billion. The growth of the pet economy was said to be fuelled by Asian economies like China, Hong Kong, and Singapore.
In China alone, pet owners are likely to spend 59.1 billion yuan or HK$68 billion on their pets by 2020. It shows a significant increase compared to the 20.2 billion yuan recorded in 2017.
As it continues, it means the pet market will expand at about 20 percent annual rate. It, too, is higher compared to economic growth with 6.9 percent growth in 2017. It also goes for Hong Kong and Singapore.
In Hong Kong, the pet expenditure climbed up to 40 percent over the last five years. It even reached HK$1.3 billion in 2017. The growth is expected to continue in the next five years with a 6 percent annual rate. It is even twice of the country's economy rate in recent years.
Xinhua reported Chinese people are now pushing to have a healthier and happy lifestyle, and they are willing to do the same to their pets. A Chinese pet food brand Pure & Natural general manager Zhao Haiming revealed domestic food makers in the country are now "catching up with the trend."
Zhao said their market research found out pet owners in China are now more well-informed about their pet's health. They, too, thoroughly checked the food's ingredients and nutritional facts before they buy it.
So Zhao disclosed Pure & Natural develops new products to keep up with the trend and give the consumers' needs.
In a research made by China Agriculture University, it revealed the pet industry rapidly grows when the country's GDP per capita is about US$3,000 to US$5,000. As China's GDP reached about US$8,800 in 2017, it was not a surprise the pet economy increased.
