Key regions: Russia, Spain, Philippines, United Kingdom, India
The Pet Food Market in China is facing subdued growth due to factors like changing consumer preferences and regulations, resulting in a market size of $10 billion in 2020. However, with increasing pet ownership and rising disposable income, the market is expected to experience significant growth in the coming years.
Customer preferences: In China, there is a growing trend of pet owners seeking premium and customized pet food options, reflecting the increasing importance placed on pets as family members. This is driven by a rise in disposable income and a desire for high-quality, nutritious food for their beloved pets. Additionally, there has been a surge in demand for organic and natural pet food, as consumers become more health-conscious and environmentally aware. This shift in preferences is also influenced by the rising pet ownership among younger generations who prioritize the well-being and happiness of their furry companions.
Trends in the market: In China, the Pet Food market is experiencing a shift towards natural and organic products, driven by increasing consumer awareness and concern for pet health. This trend is expected to continue as pet ownership and spending on pet care continue to rise. Additionally, there is a growing demand for premium and specialty pet foods, as well as a rise in e-commerce sales of pet food. These trends highlight the importance of product differentiation and innovation for industry players to stay competitive in the market. Furthermore, with the rise of e-commerce and digital platforms in China, there is a potential for online sales of pet food to continue to grow, offering new opportunities for industry stakeholders.
Local special circumstances: In China, the Pet Food Market is influenced by the country's rapid urbanization and the growing pet ownership trend among the middle class. The market is also heavily regulated, with strict laws on pet food safety and import regulations. Additionally, Chinese consumers have a preference for natural and organic pet food, driven by their increasing awareness of health and wellness. This has led to the emergence of premium pet food brands in the market catering to this demand.
Underlying macroeconomic factors: The Pet Food Market in China is heavily influenced by macroeconomic factors such as consumer spending, government policies, and economic growth. As the Chinese economy continues to grow, consumers are becoming more affluent and are spending more on premium pet food products. Government policies, such as the relaxation of the one-child policy and the rising popularity of pet ownership, have also contributed to the growth of the pet food market. Furthermore, the increasing urbanization and modernization of China have led to a shift in dietary preferences towards pet food as a convenient and healthy option for pets. These factors, coupled with the rising demand for pet food from the growing middle class, are expected to continue driving the growth of the Pet Food Market in China in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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