According to authoritative data, of the global pet consumption market size of USD159billion in 2020, the North American region currently accounts for 44%, while the Asia-Pacific region only accounts for 11%. With the rapid development of China’s economy and the continuous changes in the demographic structure, the pet market in China is ushering in excellent investment opportunities.
General Situation of Global Pet Market
According to Eur Economic data, it can be seen that the European and American markets with the largest market size are the core part of the pet industry in the global market. North America region accounts for the highest proportion of the global pet market, at about 37%, while the lowest proportion in Australia, only 3%. Although the Asia-Pacific region accounts for only about 24%, it is determined that there is a greater growth space in the future due to the advantages in the population size and economic level in the Asia-Pacific region which is dominated by the Chinese market.
In 2019, the global pet food market expanded to USD 94.677 billion. The United States is the world’s largest consumer of pet food. The sales of pet food in the United States reached USD 34.345 billion, accounting for 36.28% of the global sales, followed by USD 5.151 billion in the Chinese market, USD 3.899 billion in the Japanese market, and USD 1.022 billion in the Korean market. Divided by region, the sales in Western Europe, Asia Pacific, and Latin America in 2019…
