China’s urban pet population will surpass the number of children under the age of four this year, according to Goldman Sachs, creating a $12bn market for pet food by the end of the decade.
The US investment bank’s estimate of China’s toddler-to-pet balance, which underpinned a research note published this week, forecasts the supremacy of pets continuing to rise in coming years as younger Chinese opt for cats and dogs over starting families.
By 2030, according to Goldman, China’s pets will be well on their way to outnumbering the nation’s human under-fours by a ratio of two to one.
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