China's multi-billion-dollar pet food industry, currently the world's second-largest after the U.S., is just getting started. This according to business analysts who anticipate more explosive growth in the coming years as local products try to catch up with foreign labels to become China's first US$1 billion pet food brand.
Since 2016, China's pet food market has been registering about 25% growth annually and was worth US$8 billion by 2021, data from the China Import Pet Food Market White Paper 2023 showed (see Figure 1). Published by Chinese multinational technology company Alibaba Group and private equity firm C2 Capital Partners, the white paper, which used key findings from management consultancy Bain & Co., also projected China's pet food market to double in size at about US$15 billion by 2025.
