The attractiveness of the market has even contributed to the emergence of a new word- "its economy". During the epidemic, the ownership of pet cages and other supplies has increased rapidly, which has also prompted the pet supplies market to become a cross -border blue ocean with unlimited potential. However, how to stand out in this fiercely competitive market and become a successful "breakout"?
The data shows that, according to the 6.1%compound annual growth rate, it is expected that by 2027, the pet cage market will reach 350 billion US dollars. In the next few years, pet care, the pet cage market will continue to grow and show a stable compound annual growth rate.
According to the latest data, in 2021, the pet industry continued to maintain a strong growth, with a total growth rate of 14%and a scale of $ 123 billion. Although it was affected by the epidemic in 2020, non -medical service industries such as beauty pet cages and boarding were impacted, but in 2021, it almost rebounded. This shows that pet owners still attach great importance to their pet care and care.
It is worth mentioning that the American pet market is still the world's largest pet consumer market, followed by Europe, China, Japan, and emerging markets, such as Vietnam in Southeast Asia. These markets are also gradually developing and growing, indicating that the prospects of the pet industry are bright.
Preferred market: the world's largest pet economy in the United States
Last year, the consumption scale of China's domestic pet market reached 206.5 billion yuan, an increase of 2% year-on-year, while the overseas pet market also showed a growth trend. According to statistics, the United States is currently the world's largest pet economy, accounting for 40% of the global pet economy.
It is understood that the total expenditure on pet consumption in the United States last year was as high as $99.1 billion, and it is expected to reach as high as $109.6 billion this year. In addition, 18% of pet product retail in the United States last year was concentrated in online channels, and it is expected to maintain a compound annual growth rate of 4.2%. Therefore, the United States is the preferred country to explore the pet market.
Post time: Mar-22-2023
