The pet economy in China has seen an average growth rate of 48% since 2010 and became a 98 billion yuan (US$14 billion) market in 2015 according to Carat. At the end of 2015, the number of pets in China has reached 100 million in total.
Chinese consumers are willing to spend an average of over 400 yuan (US$58) monthly on their pets; the millennials (post-80s and post-90s) spend higher than the average and closer to 500 yuan (US$73) per month.
China is now ranked third in the world for dog ownership, behind the US (55.3 million) and Brazil (35.7 million), with a total of 27.4 million pet dogs according to The National Bureau of Statistics of China. China also ranks the second in the world for cat ownership.
64% of dog owners and 67% of cat owners feed their pets with pet food all the time to most of the time according to Carat.