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Reference News reported on August 5 According to a report on the Financial Times website on August 3, a survey report released by Goldman Sachs of the United States showed that by 2030, China will create a pet food market worth more than US$10 billion.

"We expect pet ownership to continue to grow more strongly as pet ownership penetration increases among younger people," wrote Valerie Zhou, a consumer index analyst at Goldman Sachs.

It is estimated that the number of urban pets is expected to reach around 58 million this year, and by 2030, there will be more than 70 million urban pets in China.

"I think the growing popularity of pets is related to the atomization of society," said Laura Luo, 30, an educator in Chengdu. She has three cats and spends about 500 yuan a month on food. She also keeps a crested gecko and a hognose snake, whose main food is live crickets and frozen mice, respectively.

The report said that in Goldman Sachs' basic forecast, China's pet food market will grow from 51 billion yuan in 2023 to 63 billion yuan in 2030. In Goldman Sachs' optimistic forecast, as cat food consumption grows at twice the rate of dog food consumption, China's pet food market may more than double in size.

The report also predicts that China's pet food industry will enter a phase driven by mergers and acquisitions. The report also compares the current status of the industry in China with developed markets such as the United States and Japan. (Compiled by Hu Guanghe)