1. The overall growth rate of the pet industry market in China and the United States is relatively fast.
① The growth rate of the domestic pet industry is high, generally higher than other industries, and higher than the GDP growth rate. From the perspective of the pet industry consumer market size, China's pet industry consumer market size has grown steadily over the past thirteen years, and the growth rate has gradually slowed down. In 2022, the market size reached 270.6 billion yuan. From 2010 to 2022, the growth rate in 13 years reached 1832.86%, and the compound growth rate reached 25.59%. See Figure 8
According to data released by iiMedia Research, the scale latvia mobile database of China's pet economy is expected to reach 592.8 billion yuan in 2023, a year-on-year increase of 20.1%. Although this growth rate has slowed down compared with the previous year, after three years of the epidemic, China's pet industry has entered a relatively stable development state.
Figure 8: Changes in the size and growth rate of China's pet market from 2010 to 2022
Data source: China Pet Industry White Paper, Statista, Chongqing Western Pet Life Science Research Institute.