China's pet economy sparks billion-dollar market

The 26th Pet Fair Asia kicked off in Shanghai on Wednesday, and the fair lasts until Aug 25.

China's "pet economy" has shown huge potential for development, with the rapid growth of related industries and a trend with an upgrading of consumption concept.

Since the beginning of 2024, the newly registered enterprises related to the pet industry reached 945,000 in China, the Economic Information Daily reported.

The market size of pet consumption reached 279.3 billion yuan ($39.09 billion) in urban areas in 2023 and is expected to jump to 361.3 billion yuan by 2026.