Marriage Numbers Halved... Number of Pets in China Twice That of Infants and Toddlers

The number of pets in China is expected to surpass the number of children under the age of 4 for the first time this year. While the number of marriages in China hit a record low of 3.43 million in the first half of this year, demand for pets has significantly increased.

On the 6th, Hong Kong's South China Morning Post (SCMP) reported this, citing Goldman Sachs. According to the report, in 2017, the population of children aged 0 to 4 in China was 90 million, and at that time, 40 million dogs and cats were kept as pets. This year, that number is expected to equal 58 million.

Chinese woman holding a pet cat
[Photo by AFP, Yonhap News Archive]

원본보기 아이콘

Goldman Sachs analyzed, "We expect strong growth in pet ownership due to relatively weak birth rate forecasts and an increase in pet ownership among the younger generation." It noted that in China, amid a decline in women of childbearing age, there is a growing trend of not wanting to have children.

Goldman Sachs estimated that by 2030, the number of pets will increase to 70 million, while the number of children under 4 years old will fall below 40 million.

The number of pets surpassing the number of young children in China is due to a significant decline in marriage and childbirth. According to China's Ministry of Civil Affairs, the number of marriage registrations in the first half of this year was 3.43 million, nearly 500,000 fewer than the same period last year.

Two women are walking past Tiananmen in Beijing, China, holding a baby.
[Photo by Reuters·Yonhap News]

원본보기 아이콘

This represents a 12.5% decrease from 3.92 million in the first half of last year. Considering that the number of marriages in the second half of the year is usually smaller than in the first half, the total number of marriages in China this year is expected to be around 6.6 million.

Surveys also show that young couples are pouring affection into pets as the number of children to care for decreases. Accordingly, the "pet economy" market, including pet food, toys, and healthcare, is expanding.

According to the "2023-2024 China Pet Industry Operation Status and Consumer Market Monitoring Report" published by Chinese market consulting firm iiMedia Research, the size of China's pet economy grew from 295.3 billion yuan (approximately 57 trillion KRW) in 2020 to 592.8 billion yuan last year. Goldman Sachs predicted that the pet food industry alone will grow at an average annual rate of 8%, reaching a market size of $12 billion (approximately 16.5 trillion KRW) by 2030.

Meanwhile, Japan currently has about 20 million pets, roughly four times the number of children under 4 years old, which is 5 million. According to a survey by Yano Research Institute released in February 2021, Japan's pet market size in 2019 was 1.5705 trillion yen (approximately 167 trillion KRW), showing growth every year since 2015.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.