Increase In Pet Adoption, Mostly By Nuclear Families

Increase In Pet Adoption, Mostly By Nuclear Families

DMI segments The China Companion Animal Health Market by Animals like Dogs, Cats, Horses, Others

2021-03-03

The popular nuclear family trend across the country has accelerated pet ownership and is expected to continue during the forecast period. The trend of imbuing pets with human characteristics has increased the health and safety concerns among pet owners. This increase is a result of the growing human-animal bond, which defines consumers’ willingness to spend more money on their pets. In China, a large proportion of people have a companion animal in their home in which a 25 percent people has a pet dog and 10 percent has a cat. Many pet owners in China own more than one companion animal. The dog population in China has increased from  55,447.5 thousands in 2013 to 84,595.0  thousands in 2017 while the cat population will have the largest growth, with an 18.5% CAGR, while the reptile population is forecasted to have the smallest growth, with a 0.3% CAGR. Due to the population boom, cats will go from having the fourth largest population in 2017 to the second largest in 2022. The pet industry in China is booming and the growth rates in the region are comparable to the other developed countries. Hence, the increase in pet adoption has helped in driving the companion health market.​ China has the highest average number of pet ownership between 2002 and 2016 worldwide, 273,474,190 pets in total. In 2017, a 34% market share the majority of pets in China were dogs, followed by cats with a share of 20%. With the increase in the number of companion animals, owners are becoming increasingly aware of their pet’s health and nutrition, and are also seeking veterinary services. This, in turn, is creating a growing demand for diversified forms of companion animal healthcare products. Furthermore, there are also increasing initiatives by the government and animal welfare association for creating awareness about the various diseases against companion animals which will augment the growth of the market as awareness can prevent various animal related diseases. These organizations are involved in issuing guidelines for promoting veterinary health, which is expected to contribute to China companion animal health market growth over the forecast period. For instance, OIE International Standards, a part of the WTO framework, issues standards to improve pet care and to promote international trade of veterinary products. ​In addition, the growing investments by key market players to develop advanced solutions for pet care is also one of the key contributors to the growth of the china companion animal health market.​

The World Health Organization (WHO) is involved in various cross-sectoral activities for addressing health threats at the human-animal-ecosystem interface. 

This factor is also projected to create market opportunities for the market over the forecast period in the country.

For instance, zoonoses are diseases which can be transmitted from dogs and cats to humans. Awareness of these often neglected diseases in all health communities is important for protecting pets and owners. To protect the owners and companions, a proper vaccination of animals should be done. Furthermore, China's pet insurance market has several opportunities amid growing rates of pet ownership across the country. In 2019, over 73 million households in Chinese cities were also home to a pet. The value of the Chinese pet market reached 170.8 billion yuan ($25.3 billion). The average annual cost of medicine is around 1,557 yuan (240 USD) for dog owners and 1,446 yuan (223 USD) for cat owners. However, those who bought medical insurance for their pets saved most of the expense, spending only around 300 to 500 yuan on pet insurance. There were around 5,000 pet insurance clients between 2015 and February 2018, but the customer base has risen to 160,000 in 2019, according to a China Pet company. Though China's pet insurance market is still in its early stages, however, over the forecast period, the market is expected to grow significantly and create various opportunities in the China market. Presently, various established companies are increasingly focusing on the development of healthcare products and services for companion animals. The companion animal healthcare business has witnessed several technological advances and scientific innovations over the past few years. It is observed that the animal healthcare industry in China is quite sensitive to changes in the overall economy. Animal healthcare is also impacted by the level of disposable income, pet ownership, and continued technological changes. Pet adoption for companionship among the elderly population has greatly surged in the past decade. This factor is also an opportunity for China's companion animal healthcare market. With companies increasing their collaborations for better biomarkers and diagnostics, in order to focus on cost regulations, there has been a significant number of opportunities for its applications in indications, like cancer, cardiovascular, and neurological disorders. Increase in obesity and various diseases in companion animals, in the country has fueled the need for new diagnostic options. In developed provinces such as the Qinghai, Jilin, Hubei, Guangdong, the provisional governments strongly emphasize on pet insurance. The concept of pet insurance is introduced in the country, it is mostly taken from the U.S and western European countries. The pet insurance will cover a certain treatment and medicines to the companion.

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