China's Pet Population vs. Birth Rates
Goldman Sachs predicts that by 2030, China's pet population will almost double that of young children due to declining birth rates and increasing preference for pets over starting families.
Key Points
- China's urban pet population set to exceed 70 million by 2030
- Birth rates in China projected to fall at an average rate of 4.2% until 2030
- Young Chinese adults increasingly opting for pets over having children
- China's pet food market expected to reach $12 billion by 2030
Pros
- Growing pet ownership can boost the pet industry and economy
- Less pressure on resources as population growth slows
Cons
- Potential decline in traditional family structures
- Impact on workforce and aging population in the future