On August 17, 2023, a dog was groomed at a pet show in Shanghai.
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Goldman Sachs said in a recent report that by 2030, the number of pets in China will be nearly twice the number of young children, as young people in China remain reluctant to start new families.
Research by Goldman Sachs, citing data from the National Bureau of Statistics, shows that by the end of this century, the number of pets in Chinese cities will exceed 70 million, while the number of children aged four and under will drop to less than 40 million.
In 2017, the opposite was true – there were 90 million children aged four and under, while the number of urban pets was approximately 40 million.
Valerie Zhou, an equity analyst at the investment bank, wrote: “With the relatively weak birth rate outlook and the increasing penetration of household pets among the younger generation, we expect pet ownership momentum to be stronger.”
The country’s birth rate is expected to drop by an average of 4.2% by 2030, mainly due to a decline in the number of women aged 20 to 35 and a lower desire to have children among the younger generation, the report said.
On December 13, 2020, in Jilin, China, people took photos of New Year pictures with their pets.
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As of 2023, people aged 23 to 33 will account for almost half of China’s pet owners, According to the China Pet Industry White Paper.
The bank expects China’s pet food market to boom, reaching $12 billion by 2030, as young adults in China choose fur babies over real babies. Dogs are raised as cats tend to need less space.
Globally, birth rates are falling as women choose to have fewer children, World population will peak this century Some of the world’s largest countries face declining birth rates.
China’s population will drop to 1.41 billion for the second consecutive year in 2023, a decrease of 2.08 million from the previous year. government statistics show. While newly married in China Up 12.4% in 2023 Compared with the previous year, more than half of the population aged 25 to 29 are unmarried, Late marriage has become increasingly common in recent years.
The report also cited data from the Japan Pet Food Association and Euromonitor International, which show that as of 2022, the number of pets in Japan will be approximately 20 million, almost four times the number of children aged four and under.