Reference News Network reported on September 30  According to the Financial Times citing a market report by Goldman Sachs on September 29, the Chinese pet market will face sharp growth in the next 10 years, and investors should be prepared. The report pointed out that with the rapid growth of single and elderly groups, China's pet market will undergo tremendous changes in the next 10 years. According to data from the Ministry of Civil Affairs, the number of people living alone in China is expected to reach 92 million in 2021. According to Goldman Sachs, more than one-third of the owners of pet dogs and pet cats in China are single people.

also reported that as Chinese incomes generally increase, pet keepers will spend more on their pets, including specialized pet food (rather than leftovers), more professional medical care, pet grooming, and even weight loss plans specially designed for pets. But the current pet care industry is still in its infancy. The report also pointed out that in 2020, 17.6% and 14.5% of households in China have dogs and cats, respectively, compared with 40% and 35% in the United States. As of 2020, the size of China's pet industry was US$30 billion, while the size of the United States was US$104 billion.

Goldman Sachs believes that in 2030, the annual expenditure of residents in China's first-tier cities will exceed the level of other major developed countries in 2020. By 2030, first-tier city residents will spend more on each dog per year than the UK and Japan levels, second only to the US.