The Boom of China’s Pet IndustryOverview of China’s Pet Industry With the expansion of urban incomes and increase of Chinese choosing to raise pets especially in tier-1 cities, pet-related products and services in China are continuously evolving, resulting in a rapid expansion of the industry. In 2020, China’s pet industry reached a total value of 300 billion CNY. With the penetration rate of pets expected to further rise and related offerings continuing to mature, the Chinese pet industry is expected to grow with a CAGR of 14% and will reach 450 billion CNY in 2023. The pet industry consists of …