China: Pet Home Market’s Current Situation and Prospect Forecast
The economic market of pets in China will be increasingly mature, and the pet home will inevitable usher in the new consumption tide. Who can be the first to taste the first case of the pet home market in China?
Currently, there have been more than one hundred million pets in China, and the pets have continued to grow rapidly. In all the pet kinds, the dog accounts for the most, followed by the cat, and the dog and the cat account for 80%.
Under the role by the factors such as the consumption upgrading and relax limit of raising pets, the domestic pet industry has rapidly developed. In 2016, the industrial scale reached RMB 122 billion, with the compound growth rate of 43.45% in recent 6 years, and it is estimated that the market scale will reach RMB 243.4 billion in 2020.
In addition, with the deepening pet culture and urbanization promotion, the empty-nest young people have increased and their demands for raising pets have been increasingly great.
Thus, the economic market of pets in China will be increasingly mature, and the pet home will inevitable usher in the new consumption tide. Who can be the first to taste the first case of the pet home market in China?
In October 2017, IKEA was the first to introduce the new pet home supplies Lurvig series in 5 countries including Japan, the US, France, Canada and Portugal. The word Lurvig in Swedish means fluffy. In this series, 41 products were for the dogs and the other 34 products were for the cats.
IKEA remained relatively cautious when testing out the new market. Such 5 counties which the new series of products tried to be sold in for the first time were the markets with the more mature pet economy. Chinese consumers may have to wait to buy such commodities.
Two Japanese wood manufacturers of Hiromatsu Wood Work and Tateno Wood Art also introduced the furniture satisfying the cats successively.
Thus, as the number of pets increases and the pet acceptance improves, a complete industrial chain around the pets has been gradually formed and has been continuously extended to the fields of the manufacturing industry and service industry. The pet industry is expected to become one of the ten emerging industries earning the most money in China in the future. At that time, the pet home market in China will develop greatly.
How to determine the positioning and target consumer group of pet home and find the balance point in the pet home function and design will be the inevitable challenge to open the pet home market in China.
(Source:JJGLE.COM)
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